HomeMy WebLinkAbout2020/11/10-Attachments-191218_RESOLUTION 7-2019-3-Amending Resolution 2016-02.pdfResolution: 7-2019-3
Date: December 18, 2019
RESOLUTION
Board of Directors
Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas
(North Tarrant Parkway TIF)
AMENDMENING RESOLUTION2016-02, AS PREVIOUSLYAMENDED, PERTAINING TO TAX
INCREMENT FINANCING (TIF) DEVELOPMENT AGREEMENT BETWEEN THE BOARD OF
DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUMBER SEVENAND HILL WOOD
ALLIANCE SERVICES, LLC, OR ANAFFILIATE, FOR LANDSCAPE IMPROVEMENTS ONNORTH
RIVERSIDE DRIVE BETWEEN GOLDEN TRIANGLE AND SHIVER ROAD TO (1) EXPAND THE
SCOPE OF THE PROJECT; (2) EXTEND THE COMPLETIONDEADLINE TO NO LATER THAN
DECEMBER 31, 2 02 0; AND (3)PR0VIDE FOR THE ONGOING MAINTENANCE OF THE
LANDSCAPING
WHEREAS, the Board of Directors ("Board") of Tax Increment Reinvestment Zone Number Seven, City of Fort
Worth, Texas ("TIF District") desires to promote the development and redevelopment of the North Tarrant Parkway
area as authorized by the Fort Worth City Council and state law;
WHEREAS, on February 3, 2005 the Board adopted a Project and Financing Plan ("Plan") for the North Tarrant
Parkway TIF, which Plan was approved by the City Council by ordinances and in accordance with Section 311.011
of the Texas Tax Code;
WHEREAS, in accordance with Section 311.010 of the Texas Tax Code, the Board may use TIF revenue only for
the types and kinds of projects set forth in the Plan;
WHEREAS, the Plan identifies public improvements that promote regional mobility and increased economic
stability of the TIF district as an eligible expense;
WHEREAS, on February 10, 2016, the Board adopted Resolution No. 2016-02 ("Resolution"), authorizing a Tax
Increment Financing Development Agreement ("Agreement") with Hillwood Alliance Services, LLC, or an
Affiliate ("Developer"), to, among other things, install landscape improvements on North Riverside Drive between
Golden Triangle and Shiver Road ("Project"),
WHEREAS, on April 20, 2016, the Board amended the Resolution, to increase the funding for the Project to an
amount not to exceed $400,000.00, with said document being recorded as Resolution No. 2016-02A;
WHEREAS, on September 5, 2018, the Board further amended the Resolution to extend the completion deadline
for the Project to January 31, 2019 and require the execution of an agreement between the Developer and the City
of Fort Worth to maintain the landscape improvements for period of ten years;
WHEREAS, the scope of the Project has expanded to include both the installation of sidewalks and stonework;
WHEREAS, the Board now desires to expand the scope of the Project, extend the completion deadline for the
Project from January 31, 2019 to December 31, 2020, and ensure that the Developer provides for the ongoing
maintenance of the landscaping for a period of 10 years either directly through an agreement with the City of Fort
("City") Worth or by ensuring that another entity contracts with the City for the same; and
Resolution: 7-2019-3
Date: December 18, 2019
WHEREAS, by prior Resolution No. 2016-03 (April 20, 2016), the Board authorized the use of tax increment to
fund or reimburse the costs associated with the project in that resolution up to the amount of all funds collected or
due to be collected by the TIF District up to its termination on December 31, 2019; and
WHEREAS, to the extent that any TIF funds remain from this Project, those funds will be placed into the TIF fund
and used to pay for the project that is associated with Board Resolution No. 2016-03, as amended.
NOW THEREFORE, BE IT RESOLVED:
Section 1. That the Board hereby amends the Resolution, as previously amended, to (1) expand the scope of the
Project to include the installation of sidewalks and stonework; (2) extend the completion deadline for the Project
from January 31, 2019 to no later than December 31, 2020; and, (3) as a condition to reimbursement, ensure that
the Developer provides for the ongoing maintenance of the landscaping for a period of 10 years either directly
through an agreement with the City or by ensuring that another entity contracts with the City for the same.
Section 2. To the extent that any TIF funds remain from this Project, those funds will be placed into the TIF fund
and used to pay for the project that is associated with Board Resolution No. 2016-03 (April 20, 2016), as amended.
Section 4. That the Chairperson of the Board is authorized to sign this Resolution on the Board's behalf and execute
all necessary agreements and related documents in accordance with this resolution.
Section 5. That this Resolution shall take effect immediately from and after its passage.
Approved:
Cary Moon, Chair