HomeMy WebLinkAboutOrdinance 17832-10-2007ORDINANCE NO. 17832-10-2007
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER SIXTY-FOUR, CITY OF
FORT WORTH, TEXAS"; ADOPTING A PROJECT PLAN FOR
THE ZONE; PROVIDING THE EFFECTIVE AND EXPIRATION
DATES FOR THE ZONE AND A MECHANISM FOR RENEWAL
OF THE ZONE; AND CONTAINING OTIIER MATTERS
RELATED TO THE ZONE.
WFIEREAS, pursuant to the City Council's adoption on June 13, 2006 of
Resolution No. 3363-06-20062 (M&C G-15213) (the "Tax Abatement Policy"), the
City of Fort Worth, Texas (the "City") has elected to be eligible to participate in tax
abatement and has established guidelines and criteria governing tax abatement
agreements entered into between the City and various third parties, as authorized by and
in accordance with the Property Redevelopment and Tax Abatement Act, codified in
Chapter 312 of the Texas Tax Code (the "Code"); and
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described in Exhibit "A" of this Ordinance (the "Zone"),
which Exhibit "A" is attached hereto and hereby made a part of this Ordinance for all
purposes, through the creation of a reinvestment zone pursuant to and in accordance with
Chapter 312 of the Code; and
WHEREAS, Trademark Property Company, a Texas corporation ("Company"),
intends to purchase real property in the Zone and wishes to construct amixed-use
development within the Zone consisting of (i) approximately 80,000 square feet of retail
space, plus (ii) approximately 100,000 square feet of commercial office space, plus (iii) a
hotel with approximately 50,000 square feet, plus (iv) potentially fifty (50) residential
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
condominiums or apartments, as well as the infrastructure necessary to support such
development (collectively, the "Improvements"); and
WIiEREAS, on October 9, 2007 the City Council held a public hearing regarding
the creation of the Zone, received information concerning the Improvements proposed for
the Zone and afforded a reasonable opportunity for all interested persons to speak and
present evidence for or against the creation of the Zone ("Public l:Iearing"), as required
by Section 312.201(4) of the Code; and
WIIEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on October 1, 2007, which satisfies the requirement of
Section 312.201(4)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing; and
WI3EREAS, in accordance with Sections 312.201(4)(2) and (e), notice of the
Public Hearing was delivered in writing not later than the seventh day before the date of
the public hearing to the presiding officer of the governing body of each taxing unit that
includes in its boundaries real properly that is to be included in the proposed Zone;
NOW, TI3EREFORE, BE IT ORI9AINEI) BY TI3E CITY COiTNCII. OF
TFIE CITY OF FORT WORTI=I, TEXAS:
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
all interested persons to speak and present evidence for or against the creation of the
Zone, the City Council hereby makes the following findings of fact:
l.l. The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
1.2. The property comprising the Zone substantially impairs the sound growth of the
City due to obsolete infrastructure within the Zone and a street layout that is
insufficient to provide adequate ingress to and egress from parcels within the
Zone, both of which retard the usefulness of the property in the Zone.
1.3. The Improvements proposed for the Zone, as more specifically outlined in the
Public Hearing, are feasible and practical and, once completed, will benefit the
land included in the Zone as well as the City for a period in excess of ten (10)
years.
1.4. As a result of designation as a reinvestment zone, the area within the Zone is
reasonably likely to contribute to the expansion of primary employment and to
attract major investment in the Zone that will be a benefit to property in the Zone
and will contribute to the economic development of the City.
Section 2.
DESIGNA'T'ION OF ZONE.
That the City Council hereby designates the Zone as a reinvestment zone pursuant
to and in accordance with Chapter 312 of the Code. This Zone shall be known as "Tax
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
Abatement Reinvestment Zone Number Sixty-four, City of Fort Worth, Texas." Property
located within the Zone shall be eligible to receive a residential tax abatement or a
commerciaUindustrial tax abatement if specifically granted by the City Council
subsequent to designation of the Zone and provided that a redevelopment project for such
property qualifies for abatement under the Tax Abatement Policy. Property in the Zone
on which the Improvements are constructed is eligible to receive acommercial/industrial
tax abatement pursuant to Section 4.1 of the Tax Abatement Policy or a mixed-use tax
abatement pursuant to Section 5.2 of the Tax Abatement Policy.
Section 3.
AD®PTI®N ®F PIT®,TECT PLAN.
That the redevelopment plan attached hereto as Exhibit "B", which Exhibit "B"
is hereby made a part of this Ordinance for all purposes, reflects the manner in which the
City desires the Zone to be redeveloped and is hereby adopted as the project plan for the
Zone (the "Project Plan"). Property in the Zone that is owned by the City may be sold
pursuant to and in accordance with Section 272.001(b)(6) of the Texas Local
Government Code if the City determines that such sale will cause that property to be
redeveloped in accordance with the Project Plan.
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
Section 4.
TERM ®F Z®NE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Section 5.
SEVERABII~IT~'.
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.
Section 6.
IMMEDIATE EFFECT.
That this Ordinance shall take effect upon its adoption.
AND IT IS S® ®RDAINED.
ADOPTED AND EFFECTIVE: October 9, 2007
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky
Assistant City Attorney
M&C: rs'-l5~lZ~f 10-~-0~'
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
EXHIBIT "A"
BOUNDARY OF ZONE
Beginning at a point of the intersection of the east ROW line of Old University Drive and the north
property line of River Plaza Complex block 1 lot 3A4R1 thence
Easterly along the north property line of River Plaza Complex block 1 lot 3A4R1 to a point where said line
intersects with the west ROW line of River Run Road thence
Northward along the west ROW line of River Run Road to a point where said line intersects with the
projection of the north property line of River Plaza Complex block 1 lot 3A1 thence
Eastward along the north property line of River Plaza Complex block 1 lot 3A1 to a point where said
property line intersects with the north property'line of River Plaza Complex block 1 lot 3AlA thence
Eastward along the projection of the north property line of River Plaza Complex block 1 lot 3AlA to a
point where said property line intersects with the east property line of River Plaza Complex block 1 lot
3AlA thence
Southward along the east property line of River Plaza Complex block 1 lot 3AlA to a point where said
property line intersects with the east property line of River Plaza Complex block 1 lot 3A1 thence
Southward along the east property line of River Plaza Complex block 1 lot 3A1 to a point where said
property line intersects with the east property line of River Plaza Complex block 1 lot 3A2 thence
Southward along the east property line of River Plaza Complex block 1 lot 3A2 to a point where said
property intersects with the south property line of River Plaza Complex block 1 lot 3A2 thence
North Westerly along the south property line of River Plaza Complex block 1 lot 3A2 to a point where said
properly line intersects with the south property line of River Plaza Complex block 1 lot 3A4R1 thence
Westward along the south property line of River Plaza Complex block 1 lot 3A4R1 to a point where said
property line intersects with the east ROW line of University Drive thence
North along the east ROW line of University Drive to a point where said line intersects the east ROW line
of Old University Drive thence
North easterly along the east ROW line of Old University Drive to a point where said line intersects with
the north property line of River Plaza Complex block 1 lot 3A4R1, which is the starting point.
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
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EX~IIBIT "B"
PROJECT PLAN FOR Z®NE
Project Description:
Construction of a mixed-use development consisting of new retail, commercial office, hotel and
residential uses within the Zone.
Trademark Property Company intends to construct or cause construction of the following;
• Approximately 80,000 square feet of Retail Space
• Approximately 100,000 square feet of Commercial Office Space
• Approximately 50,000 square feet of Hotel
• Potentially SO residential condominium units
The project is an urban redevelopment project that requires the assembly of multiple parcels and
the relocation of existing water, sewer, and other utilities throughout the development property.
The development necessitates the acquisition of the City property for reconfiguring access to and
egress from the project, including the construction of a new traffic signal and intersection, the
demolition of existing structures and the need to construct a parking garage in order to increase
the density of the development. A site plan and rendering of the project is attached hereto.
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
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PRELIMINARY LEASING PLAN August 03, 2007
A2.0
Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-four,
City of Fort Worth, Texas
IE[IST.OEtICF; /
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 10/9/2007 -Ordinance No. 17832-10-2007
DATE: Tuesday, October 09, 2007
LOG NAME: 17RVRPLZRIZ REFERENCE NO.: G-15924
SUBJECT:
Adopt Ordinance Designating Block 1, Lot 3A1, Block 1, Lot 3A1A, Block 1, Lot 3A4C, Block 1, Lot
3A2 and Lot 1 Block 3A4R1 of the River Plaza Complex Addition in the Vicinity of University Drive
and River Run as Tax Abatement Reinvestment Zone No. 64, City of Fort Worth, Texas, and
Adoption of Related Project Plan
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 64, City of
Fort Worth, Texas;
2. Make findings and adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No.
64, City of Fort Worth, Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code; and
3. Adopt the redevelopment plan attached to the ordinance as the project plan for the Zone.
DISCUSSION:
The proposed Tax Abatement Reinvestment Zone No. 64, City of Fort Worth, Texas (Zone) is in west Fort
Worth in the River Plaza Complex Addition. The exact boundaries of the proposed zone are described in
Exhibit A of the attached ordinance. Trademark Property Group (Trademark or Developer) is considering
redeveloping the property into amixed-use development in accordance with the attached project plan.
On July 10, 2007, City Council authorized the City Manager to enter into an Economic Development
Program Agreement (M&C C-22239) under Chapter 380 of the Texas Local Government Code with
Trademark. A key piece of the project is the sale of City property located in the Zone to
Trademark. Designation of the zone will facilitate the direct negotiated sale of the property under Section
272.001 of the Texas Local Government Code. That transaction will be brought to the City Council for
consideration at a later date.
Trademark's project is an urban redevelopment project that requires the assembly of multiple parcels and
the relocation of existing water, sewer, and other utilities throughout the development property. The
development necessitates the acquisition of the City property for reconfiguring access to and egress from
the project, including the construction of a new traffic signal and intersection, the demolition of existing
structures and the need to construct a parking garage in order to increase the density of the development.
As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the
creation of the Zone. Notice of this hearing was (1) delivered to the governing body of each affected taxing
unit, and (2) published in a newspaper of general circulation at least seven days prior to this hearing.
Logname: 17RVRPLZRIZ Page 1 of 2
The area encompassing the proposed Zone meets the statutory criteria for designation as a reinvestment
zone set forth in Chapter 312 of the Texas Tax Code in that, among other things, the area is reasonably
likely, as a result of the designation, to contribute to the retention or expansion of primary employment or to
attract major investment in the Zone that would be a benefit to the property and that would contribute to the
economic development of the City. Further, the improvements sought in the Zone are feasible, practical
and would be a benefit to the land to be included in the Zone and to the City.
The term of the proposed Zone will be five years from the date of adoption of the attached ordinance and
may be renewed for periods not to exceed five years each.
This reinvestment zone is located in COUNCIL DISTRICT 9.
FISCAL. INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will have no material effect on the City funds.
TO Fund/AccountlCenters FROM Fund/Account/Centers
Submitted for City Manager's Office b~ Dale Fisseler (6140)
Originating Department Head: Tom Higgins (6192)
Additional Information Contact: Jay Chapa (5804)
Mark Folden (8634)
Logname: 17RVRPLZRIZ Page 2 of 2