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HomeMy WebLinkAboutOrdinance 16808-02-2006ORDINANCE NO. 1.6808-2-2006 AN ORDINANCE REDUCING THE I30UNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CTTY OF FORT WORTH, TEXAS {TRINITY RIVER VISION TIF); AND CONTAINING OTIIER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance No. 15797, adopted by the City Council of the City of Dort Worth, Texas (the "City") on December 16, 2003, the City created Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision T1F} (the "Zo~xe"); and WIIEREAS, Section 311.007 of the Texas Tax Code (the "Cade") allows the City Council to reduce or enlarge the boundaries of an existing reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311.006 of the Code; and WHEREAS, the City wishes to reduce the Zone by removing the property depicted and described in Exhibit "A" and Exhlbxt "B" of this Ordinance (collectively, the "I'~operty"), which Exhibits are attached hereto and hereby made a part of this Ordinance for all purposes; and WHEREAS, by operation of Sections 311.006 and 311.007 of the Code, a municipality may change the boundaries of an existing reinvestment pane so long as (i) less than ten percent (10%) of the property within the amended boundaries of the reinvestment gone, excluding any property dedicated to public use, is used for residential purposes, as defined in Section 311.006(d) of the Cade; (ii) the anr>-ended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts Page I ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City ofi'ort Worth, Texas (Trinity Raver Vision TIP) created by the municipality; and (iii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent {15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, an February '~, 2006 the City Council held a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the removal of the Property from the Zone and the concept of tax increment financing; and WIIEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on January 26, 2006, which date was not later than seven {7) days prior to the date of the hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to remove the Property from the Zone and of the public hearing. NOW, THEREFORE, BE IT ®RDAINED BY TH[E CITY COUNCIL OF TIIE CITY OF FORT WORTH[, TEXAS: Section ~ . FI10iDINGS. That oiler reviewing all information before it regarding the removal of the Property from the Zone and after conducting a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons to speak for or against the removal of the Page 2 Ordinance Reducing Boundary of Talc Increment Reinvestment Znne Number Nine, City of Port Worth, Texas (Trinity River Vision TIF) Property from the Zone and the concept of tax increment financing, the City Council hereby makes the fallowing findings of fact: 1.1. The statements, facts, terms and conditions set forth in the recitals of this Ordinance are true and correct. 1.2. Removal of the Property from the Zone will not adversely affect development in the Zone or adversely affect either the Zone or the City in general. 1.3. The Property is subject to removal from the Zone pursuant to Section 311.007{a) of the Code. 1.4. With the removal of the Property from the Zone, less than ten percent (10%) of the property within. the Zone, excluding any property dedicated to public use, will be used for residential purposes, as defined in Section 311.006{d) of the Code. 1.5. With the removal of the Property from the Zone, the Zone will not contain more than fifteen percent {15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. 1.6. With the removal of the Property from the Zane, the Zane will not contain mare than fifteen percent (15%} of the total appraised value of real property taxable by any county or school district. Seed®n 2. REMOVAL OF PROPER`T`Y FROM ZONE. That the City Council hereby reduces the boundaries of the Zone by removing the Properly from the Zone. The Zone, as reduced, has been designated under Section 311.005{a){1) of the Code and shall continue to be known as "Tax lncrement T'a~e 3 Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas ('T'rinity River Vision TIF) Reinvestrraent Zone Number Nine, Crty of Fort Worth, Texas." With removal of the Property from the Zone, the Zone shall comprise the property depicted in Exlhibit "C", which is attached hereto and hereby made a part of this Ordinance for all purposes. Section 3. ZONE DOARD OF I-IIRECT(ARS. That the board of directors far the Zone shall remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Section 4, TERiVd ®F Z®NE. That the removal of the Property frown the Zone shall take effect upon the adoption of this Ordinance. The Zone, as reduced, shall terminate in accordance with Section 5 of Ordinance No. 15797. Section S. DETERIViINATi®N ®F T~ IINCREMENT RASE. That the tax increment base of the Zone, as defined by Sectian 31 l A l 2{c) of the Code, shall be reduced by the taxable appraised value of the Property for the year 2003, which is the year iz~ which the Property was designated as part of the Zone pursuant to Ordinance No. 15797. The tax increment base for property remaining in the Zone shall remain unchanged. Page 4 Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City of Port Wortk, Texas (Trinity River Vision TIP) Seed©n 6. TAX INCREMENT FUND. That beginning with the 2005 tax year, each taxing unit which levies real property taxes on the Property shall be relieved of any obligation to deposit the percentage of any tax increment (as defined by Sectian 311.012(a) of the Code) produced by the Property that the taxing entity elected to dedicate to the Tax Tncrernent Fund (created and established for the lone pursuant to Section 6 of Ordinance No. 157'97) under a participation agreement with the City, as authorized by Sectian 311.013(f) of the Code. Section 7, SEVERAI~ILITY. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative ar 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 nat in any way be impaired or affected by such decision, opinion or judgment. Sectian ~. That this Ordinance shall take effect and be in full force and effect from and afl:er its adoption. AND IT IS SO ORDAINED. Page s Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas {Trinity River Vision TIF} ADOPTED AND EFFECTIVE: February 7, 2006 AFPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney Date: 2 ~- D ~ M&C: Cr-[5d7D Page 6 Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TiF) EXHIBIT "A" TRACT ~ PROPERTY TO BE REMOVED FROM EAST BOUNDARY OF ZONE Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Nuz~ber Nine, City of Fort Worth, Texas (Trinity River Vision TTF} TRACT l< {Boandary description of property to be removed from the East boundary): Beginning at a point of the intersection of a the east ROW line of Cummings St. and south ROW line of Peach St, thence Easterly along the south ROW line of Peach St to a paint where said line intersects with the east property line of Block 124, Lot 9A of the Fort Worth Original Addition, thence Northerly from the east property line of Block 124, 9A of the Fort worth Original Addition to a paint where said line intersects the north ROW line of Peach St and the east ROW line of Samules Ave, thence Westerly from the east ROW line of Samuels Avenue to a paint where said line intersects the southeast property line of Block 1, Lot SR of the Cummings-Boaz Addition, thence Westerly along the south property line of Block 1, Lot 5R of the Cummings-Boaz Addition to a point where said line intersects the east property line of Lot 18B of the Cummings Addition, thence Northerly along the cast property line of Lot 1$B of the Cummings Addition to a point where said line intersects the north properly line of Lot 18B of the Cummings Addition, thence Westerly along the north property line of Lot 1$B to a point where said line intersects the east property line of Lot 4A of the Cummings Addition, thence Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said line intersects the north property line of Lot 4A of the Cummings Addition, thence Westerly along the north property line of Lot 4A to a point where said line intersects the east ROW line of Cummings Ave, thence Southerly along the east ROW line of Cummings Ave to a point where said line intersects with south ROW line of Peach St, whichrs the paint of beginning. i ti ~ ', _ - West12E)W hoe .- of 13NSF 12ailraad -~ ,. ` }3ast T'raperty line of ~ ~ L,ot I SB ~.~ ~ ,. \' Wlnterseetian of tlx4 North Rt7W line of leach and ~~ v ~ - the last RC3W of Samuels Ave ~ ~~~ ti ti ~` ~' ~ South aPROW line S' j ' ~~ ~~ of Peach St i Lnters~tianoPtht:ldast _ property line of East R©W lme `" Sa of Cummings 131 '`. ~'• North Property lint: of Lo ] sly a~3d 4A of tl~c ~`T Cumntingg Addition utl7l'raperty line of Block i 2~, Lot 9A ack I, l.ot 512 '. ts ~, F EXHIBIT "B" TRACT II I~ROI'ERTY'I`U BE REMOVED FROM'VVEST BOUNDARY OF ZOIOTE ©rdinance Reducing Boundary of Tax Increment Reinvestment lone Number Nine, Gity of Fort Worth, Texas (Trinity River Vision TIF) TRACT II (Boundary description of property to be removed from the West boundary): Beginning at a point of Ehe intersection of a the east ROW line of Foch St. and south ROW Eine of Lancaster Ave, thence Northward along the east ROW line of Foch Street to a point where said line intersects the south property line of Justin Addition Blk 1, Lot 3, thence Easterly along the south property line of Justin Addition Blk 1, Lot 3 to a paint where said line intersects the east property line of Justin Addition Slk 1, Lot 3, thence Northward along the east property line of Justin Addition Blk i, Lot 3 to a point where said line intersects the south property line of Justin Addition Blk 1, Lat 4, thence Easterly along the south property line of Justin Addition Blk 1, Lat 4 to a paint where said line intersects the south property line of Seventh Street Station Blk 1, Lot 1, thence Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said line intersects the west ROW line of Waolery Street, thence Northward clang the west ROW line of Woolery Street to a point where said line intersect the south ROW line of 7~' Street, thence Westerly along the south ROW line of 7'h Street to a paint where said line intersects the west ROW line of Foch St, thence Southerly along the west ROW line of Foch St, to a point where said line intersects the south ROW line of Lancaster Ave, thence Easterly along the south ROW line of Lancaster Ave to a paint where said line intersects with east ROW line of Foch Street, which is the point of beginning. EViT7D7'i'` GG!"~9f DESCRIPTION AND DEPICTION OF ZONE FOLLOWING REMOVAL OF THE PROPERTY Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine, City of Fort Wortb, Texas {Trinity River Vision TII~') North ROW line East ROW line """"""" ra of23 St ofSalxaueisAve Centerline of ~ ~ Trinity River ; ; ~ rt , lif r ~., ; , - sr ~ ;';_ ,E r , ~ ,; _,11 1 ~ '. ~i ~-. E, j~l 1 ~,~ i': 6i~ ~ ~ F '-._ WCStROW line of ~' ,.. , ~ ~; '~ _.. BNSF Railroad WestRDW sine .~~ ~ ` I I i ___ • . _..;' 3 _.. . . of FW&W Railroad ~`"" ~. r if .' _ .. :~^ ? l~ . South ROW tine of N h id [7 I _ I North ROW line ~' i ~ I ~r f~% ~` ' / f~ ~ ort r s e East ROW line o~Northside Dr ...~. . . I ~ ... .. , ..... ,. ,, ..~ 1s ~ ; ;, ofsamuels Ave t ,. ,,. ... ~~' ~ ~~ North Park Business Center South West ROW line '~ t ~ prop line BSk 9 Loi RD of North Main St `''^~-.;, ~ ` ~` „ ~ ~~ a;~`~-~:~" - ~ ~ ~''~; \ ~ . North Park Business Center South ' ;~ \ prop line 81k 9 Lot RC North ROW line ~_ ~- ~; `, ~ of Grand ~_ ~, u ~. ;; \ FnthwirthAddition ~~ ~ South prop line Blk I L,ot AIR ` North ROW line ~.; ~~,;,~- of Terrace Fruhwirttr Adaitian - _ --- South prop line afTrs 5 & 6E ~~/ll i~ ~r~,,... -_ _ West ROW line ~„_-~-"~: Centerline of Of UnIVt3r51ty Dr ~ ~: , Trinity River / ~ ! >J^~~~ SamulesAveBaptist ' ~ ; s ~ Church Add., South prop \~ ~ ~ IineBlk ILot 1 ( ~ ~.1 . _ ...- - - ` - ; `i MullikenFdixG ~. ~ i Survey. N` prop line ;, •.-` At045Tr33 _.. ... ~ ', ~ WestROW line _ ,_„_. ,, ofLiNSFRailroad r\': , South ROW of ' ~ .a i ` ' , Intersection of the North Shamrock Row line of Peauh and ? i F ~ the East ROW of Samuels Ave West ROW line ': .~~ t i ~ : -. - ,,. South of ROW line of Vacek St ~ ~ • , . _ of Peach St ~,~ I ~: . ,,, North ROW line of I ' ' I ~:: %~ TntersecfionoffheEas t White Settlemettt Rd r.~ ~ i` ~ ~~l "f- Prnpeny line of c l24 A Blo k Lot 9 WESt ROW line - ..- Nonit POw lint ~ ~ ~ \ ~` `~V ` of PW &W Railroad i~~f Cummings ~ i ` ~. South Property lint of ~ ~' I ' Block 1, Lot 5R _., .., ~:. ~,_,..~, ; ~ i i ' t ~[ FastROWline 1',- =: , .. West ROW line ~ ? ofCummings ' of Wonlery St `:' ~ k_„... __ _, ` , ~ ;" ` '' East Property line of _ __ ~ Lot 18B 3ustin Addition East ana I ~ ' `' South Prop lint Btk I Lot 3 ~ ~ North property line of Lots x / i tBBand4Aofthe _~,~. ~ / ,. ,. ,~ Cumtings Addition _ North ROW of ~.: Forest Park East ROW line of - Centerline of ~~~ ~~ t ;' ~ it , ~ .,~ ~: ,,, -~ ? Summlt Ave Trinity River ': /~ ~"'s , Tustin Addtian South ' North ROW hne _ ~ ~~ _ _ .' ~_ . -.._` East ROW line of Foch St tt . prep line [31k 1 Lot 4 of S ' St North. ROW line South ROW trine pf Weatherford of 7th St Seventh Sireet Station SnuEh South ROW line prop line 131k 1 Lot 1 of LanCaSter r][`.A,.X II~T~R.E.l~E~T :R.E~N~ST'l~El~T Z®1®TE # 9 Mayor and Council Communication COUNCIL ACTION: Approved on 217IZ006 - Ordinance No= 168013-2-2p~6 CONTINUED FRAM A PREVIOUS WEEK DATE: Tuesday, January 24, 200& LOG NAME: 17PH -TIF 9 REFERENCE NO.: G-15U70 SUBJECT: Adopt Ordinance Reducing Boundaries of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, (Trinity River Vision Ti F) ~~ _ REC®MMEN®ATION: It is recommended that the City Council: 1. Hold a public hearing concerning the reduction of the boundary of Tax Increment Reinvestment Zone Number Nine, City of Fnrt Worth, Texas (Trinity River Vision TIF) as specifically provided in the attached Ordinance; and 2. Adopt the attached Ordinance that reduces the boundary of the Trinity River Vision TIF, as specifically provided in the Ordinance and makes related findings of fact in support of such reduction. DISCUSSI®N: The attached Ordinance modifies the boundaries of Tax increment Reinvestment Zone Number Nine (Trinity River Vision TIF) by reducing its overall size. The modification of the Tli^ boundary is required in order to address technical and administrative issues. A modification is being made on the western boundary in the West 7th Street area to reflect the original intent of City Council when establishing the TIF District to include the South of Seventh development only and not the adjacent properties. An additional modification amends the TIF boundary in the Trinity Bluff area so that it aligns with the boundary line of a platted property. The current TIF boundary splits a parcel in two, which creates a technical issue related to property valuation and the TIF District. These changes to the TIF boundary will not have a financial impact to the T1F District; nr the project and finance plan adopted ,tanuary 19, 2006. Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this meeting. TIF 9 is located in COUNCIL DISTRICTS 2 and 9. FISCAl. INF®RMATI®NICERTIFICATION; The Finance Director certifies that this action will have na material effect an City funds. Logname: 17PH -TTF 9 Page 1 of 2 TO Fund/AccountlCenters FROM Fund/Accaunt/Centers Submitted far City Manager's Office by._ Dale Fisseler (6140} Originating Department Head: Tom Higgins (6192} Additional tnfarmation Contact: Keisha Ward {tj~76) ~: Logname: 17PH -TiF 9 Page 2 of 2