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HomeMy WebLinkAboutContract 54277 D CITY SECRETARY C-0;`JT1i =N�, 5 a� cif4� TAX INCREMENT FINANCING CO ARY FUNDING AGREEMENT Street Pole Painting This TAX INCREMENT FINANCING FUNDING AGREEMENT("Agreement")is entered into by and between the BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN, CITY OF FORT WORTH, TEXAS ("Board"), an administrative body appointed in accordance with Chapter 311 of the Texas Tax Code ("TIF Act') to oversee the administration of Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas, a reinvestment zone designated by ordinance of the City of Fort Worth ("City") in accordance with the TIF Act, and the CITY OF FORT WORTH ("City"), a Texas home-rule municipality. The Board and City hereby agree that the following statements are true and correct and constitute the basis upon which the Board and City have entered into this Agreement: A. On November 27, 2007, the City Council adopted Ordinance No. 17889-11-2007, establishing Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas (the "TIF District"), and establishing the tax increment fund of the TIF District (the "TIF Fund"). B. On May 29, 2008, the Board adopted a project and financing plan for the TIF District (the "TIF Project Plan"). The TIF Project Plan was approved by the City Council on June 27, 2008, pursuant to Ordinance No. 18146-06-2008, and amended on October 20, 2015, pursuant to Ordinance No. 21949-10-2015. C. The TIF Project Plan identifies public improvements that benefit the general public and facilitate the development of the TIF District, especially gateway enhancements, as an eligible expense; D. City has proposed to paint three (3) street light poles along 6001 and 5755 Bridge Street and at the intersection of Bridgewood and Boca Raton("Project'). E. The Project is located entirely within the TIF District or otherwise directly benefits the TIF District. City has requested that the Board reimburse it for the costs of the Project. F. The TIF Project Plan specifically authorizes the Board to enter into agreements dedicating revenue from the TIF fund for public improvements within the TIF District. Accordingly, the costs of the Project qualify as lawful "project costs," as that term is defined in Section 311.002(1) of the TIF Act("Project Cost'). Accordingly, the Board is willing to reimburse City for the Project Costs solely in accordance with and pursuant to this Agreement. Agreement fDr Street Pole Painting � '�+A.r� TIF Funding Agreement Cpyyl SECRETARY between TIF District Woodhaven TIF and City offort Worth Pagel o176 7K v20150617 � la NOW,THEREFORE,the Board and Developer, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. CITY'S OBLIGATIONS. City will oversee and be responsible for all aspects of the Project in accordance with this Agreement, the Plans, and all Legal Requirements. 2. FUNDING BY THE BOARD 2.1 Amount of Funding. Provided that the City pursues the Project, and the City has complied with all terms and conditions of this Agreement, the Board will provide funding for the Project in an amount up to Four Thousand Dollars and No Cents ($4,000.00) ("Funds") in accordance with this Agreement; provided, however, that if there are not sufficient revenues in the TIF Fund at such time, the financial obligations of the Board to City under this Agreement will be carried forward without interest to the next fiscal year of the TIF District in which there are sufficient revenues in the TIF Fund to satisfy such obligations. In no event will the Board pay City any portion of the Funding in excess of Funds. 2.2 Reimbursement. All costs incurred pursuant to the Project will be advanced and paid for by City and will not, in any event, be paid by the Board except as a reimbursement to City in accordance with this Agreement. 2.3 TIF Fund Contributions. The Board acknowledges and consents to the transfer from the TIF Fund of up to the total amount of the Funds, in whole or in part, to the funds or accounts of the City that will be used to pay for the costs of the Project. 2.4 Limited to Available TIF Funds. Notwithstanding anything to the contrary herein, City understands and agrees that the Board will be required to pay the Funds only from available revenues in the TIF Fund that are attributable solely to tax increment (as defined in Section 311.012 of the Texas Tax Code) generated annually from property located in the TIF District and deposited into the TIF Fund in accordance with the TIF Act. Agreement for Street Pole Painting TIF Funding Agreement between TIF District Woodhaven TIF and City ofFort Worth Page 2 of6 v20150617 2.5 Priority of Payment. Notwithstanding anything to the contrary herein, City understands and agrees that any obligation of the Board to pay all or any portion of the Reimbursement Amount is subject and subordinate to the Board's right to retain reserves in the TIF Fund in any fiscal year to meet all existing contractual obligations of the Board. Specifically and without limiting the generality of the foregoing, the following payments, as obligated by the following existing contractual obligations, shall have priority over payment by the Board of all or any portion of the Funds: L Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Texas Blossoms, Inc. approved by the Board on October 16, 2019 (Tree Planting Improvements). 3. TERM. The term of this Agreement is effective as of October 16, 2019 ("Effective Date")and expires upon the earlier of(i) the complete performance of all obligations and conditions precedent by the Board and City; or (u) termination by either the Board or City as permitted by this Agreement. 4. SUCCESSORS AND ASSIGNS. City may not assign its rights or obligations under this Agreement to any other party without the advance written approval of the Board, which may be withheld at the Board's discretion. This Agreement is binding on and inures to the benefit of the parties, their respective successors and assigns. 5. 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 designates in writing, by certified mail, postage prepaid, or by hand delivery: Board: City: City of Fort Worth City of Fort Worth Attn: Director, Economic Development Attn: Assistant City Manager 1150 South Freeway 200 Texas Street Fort Worth, Texas 76104 Fort Worth, TX 76102 6. VENUE AND CHOICE OF LAW. Agreement for Street Pole Painting T IF Funding Agreement between TIF District Woodhaven TIF and City ofFort Worth Page 3 of6 v20150617 This Agreement will be construed in accordance with the laws of the State of Texas and applicable ordinances, rules, regulations or policies of the City. Venue for any action under this Agreement lies in the State District Court of Tarrant County, Texas or the United States District Court for the Northern District of Texas, Fort Worth Division. This Agreement is performable in Tarrant County, Texas. 7. COMPLIANCE WITH LEGAL REQUIREMENTS. This Agreement is subject to all applicable federal, state and local laws, ordinances, rules and regulations, including, but not limited to, all provisions of the City's Charter and ordinances, as amended, and violation of the same shall constitute a default under this Agreement. In undertaking any work in accordance with this Agreement, City, its officers, agents, servants, employees, contractors and subcontractors shall comply with all federal, state and local laws and all ordinances, rules and regulations of the City, as such laws, ordinances, rules and regulations exist or may hereafter be amended or adopted (collectively, "Legal Requirements"). 8. SEVERABILITY. If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired. 9. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. 10. CAPTIONS. The captions to the various clauses of this Agreement are for informational purposes only and shall not alter the substance of the terms and conditions of this Agreement. 11. NO WAIVER. The failure of either party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that parry's right to insist upon appropriate performance or to assert any such right on any future occasion. 12. GOVERNMENTAL POWERS. It is understood that by execution of this Agreement, neither the Board nor the City waives or surrenders any of their governmental powers or immunities. 13. FORCE MAJEURE. Agreement for Street Pole Painting TIF Funding Agreement between TIF District Woodhaven TIT and City ofFort Worth Page 4 of v20150617 It is expressly understood and agreed by the parties to this Agreement that if the performance of any obligations hereunder is delayed by reason of war, civil commotion, acts of God, inclement weather, governmental restrictions, regulations, or interferences, unreasonable delays by the City in issuing any permits or certificates of occupancy or conducting any inspections of or with respect to the Project(based on the amount of time that the City customarily requires in undertaking such activities and based on the then-current workload of the City department(s) responsible for undertaking such activities), or delays caused by unforeseen construction or site issues, fire or other casualty, court injunction, necessary condemnation proceedings, acts of the other party, its affiliates/related entities and/or their contractors, or any actions or inactions of third parties or other circumstances which are reasonably beyond the control of the party obligated or permitted under the terms of this Agreement to do or perform the same,regardless of whether any such circumstance is similar to any of those enumerated or not, the party so obligated or permitted shall be excused from doing or performing the same during such period of delay, so that the time period applicable to such design or construction requirement shall be extended for a period of time equal to the period such party was delayed. 14. BOARD REPRESENTATIVE. City understands and agrees that the Board, in its sole discretion, may also appoint certain City staff members, a City department or another entity to serve as its representative in carrying out any or all of the responsibilities of the Board hereunder, and that references to "the Board" in this Agreement mean the Board in its entirety or any such designated representative. 15. NO THIRD PARTY RIGHTS. This Agreement is solely for the benefit of the parties hereto and is not intended to create or grant any rights, contractual or otherwise, to any other person or entity. 16. 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 Board and the City, their assigns and successors in interest, as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. This Agreement shall not be amended unless executed in writing by both parties and approved by the Board in an open meeting held in accordance with Chapter 551 of the Texas Government Code. IN WITNESS WHEREOF,the undersigned have caused this Agreement to be executed effective as of the Effective Date: BOARD OF DIRECTORS OF TAX CITY OF FORT WORTH INCREMENT REINVESTMENT ZONE NUMBER TIF THIRTEEN, Agreement for Street Pole Painting TIF Funding Agreement between TIF District Woodhaven TIF and City ofFort Worth Page 5 of v20150617 CITY OF FORT WORTH, TEXAS: By: By: Cary Moon Jay Chapa Chairman Deputy City Manager APPROVED AS TO FORM ATTEST: � �., AND LEGALITY: 0 R -- . By: By: Tyler Mary _ er Senior Assistant City Attorney City Sercrekzry Resolution No. 13-2019-7 (October 16, 2019) Contract Compliance Manager: By signing, I acknowledge that I am the person responsible for the monitoring and administration of this contract,including ensuring all performance and reporting requirements. Name: Title: / 7>7j C45MdlWaT&L C Dr,9AL, G;tECGRrLD Agreement fDr Street Pole Painting K^�V 5.V.CCU E TARy TIF Funding Agreementa �Jc between TIF District Woodhaven TIF and City offort Worth Page 6 of6 - v20150617