HomeMy WebLinkAbout(0018) M&C 21-0332City of Fort Worth, Texas
Mayor and Council Communication
DATE: 05/11/21 M&C FILE NUMBER: M&C 21-0332
LOG NAME: 21 WAIVER OF FEES FOR REPLATTING OF TEXAS MOTOR SPEEDWAY
SUBJECT
(CD 7) Authorize Waiver of Fees for the Replat of Approximately 1,348.87 Acres of Land Located North of West Highway 114 and West of
Interstate Highway 35 West for the Texas Motor Speedway
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the waiver of appoximately $34,146.75 of application fees for the replatting of approximately 1,348.87 acres of land located north
of West Highway 114 and west of Interstate Highway 35 West for the Texas Motor Speedway furthering the goals of the Economic
Development Strategic Plan; and
2. Find that the waiver of such fees serves to carry out the public purpose of improving the development of the area surrounding Texas Motor
Speedway and that adequate controls are in place to carry out such public purpose.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to request a waiver of the application fees for the above -referenced plat so the
FW Sports Authority, Inc. (FWSA) may proceed with replatting the current, original platted boundary lines of Texas Motor Speedway (TMS). FWSA
is a public, non-profit corporation created by the City pursuant to the Industrial Development Corporation Act to aid, assist, and act on behalf of the
City in the performance of its governmental functions. FWSA currently owns TMS, which consists of a parcel that totals 1,348.87 acres located at
3545 Lone Star Circle.
About a year ago, City staff was made aware of an overlapping property line boundary issue, in that the current platted property line boundaries for
TMS overlapped an approximate 1.09 acre strip of land belonging to certain adjacent property owners along the northern boundary. In order to
clear any issues concerning ownership, the FWSA executed a deed without warranty in favor of the property owners and executed a settlement
agreement, agreeing to replat the TMS property on or before May 31, 2021.
The above -stated replat of TMS will satisfy the FWSA's obligation under the Settlement Agreement and ensure that the platted property line
boundaries are true and correct.
By approving this M&C, the City Council finds that the waiver of the application fees associated with this replat serve a public purpose by furthering
the goals of the Economic Development Strategic Plan by ensuring that the property owned by an entity created by, and acting on behalf of, the
City is platted correctly and eliminating any title issues for TMS and adjoining properties. As an Industrial Development Corporation that was
created by the City to act on behalf of the City, there will be sufficient controls in place through the corporate structure of the FWSA to ensure that
the public purpose is carried out, along with a contract between the City and FWSA concerning the replat.
This request is located in COUNCIL DISTRICT 7.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that approval of these recommendations will have no material effect on City funds.
Submitted for City Manager's Office by: Dana Burghdoff 8018
Originating Business Unit Head: Steve Cooke 5134
Additional Information Contact: Burt Gonzales 2311
Ricardo Salazar 8379