HomeMy WebLinkAbout7. EDA Phase II Heritage Fort Worth Stockyards ProjectStockyards Western Sports Facilities
and Parking Garages
Economic Development Department
May 11, 2021
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Site Located in Fort Worth Stockyards Along Stockyards Boulevard
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Existing Conditions
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Proposed Project
•Fort Worth Heritage Development
•$52.5 million private investment for development of:
•Two 25,000 sq. ft., 750 seat western sports arenas
•One 25,000 sq. ft. open-air and covered warm-up arena
•Two parking garages with combined 1,300 parking stalls
•Development subject to all design standards and Form-based
Code
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Proposed Project Overview
•Min. $52.5 million private investment
•Min. $40 million in Hard Construction costs
•Min. 15% Hard and Soft Construction costs to Certified MBEs
•Two min. 25,000 sq. ft., 750 seat western sports arenas
•One min. 25,000 sq. ft. open-air and covered warm-up arena
•Min. investment of $25 million for development of Two parking garages
•Complete the rehabilitation of the historic Armour Wall and Stairs
•Required Completion Deadline of 12/31/2023
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Developer Commitments
1)TIF Economic Development Program Agreement:
•Up to $25,000,000 reimbursement of parking garages
•Up to $1,000,000 reimbursement of costs for rehabilitation of Armour-Swift
stairs and wall
-Rehabilitation of stairs coordinated with City of Fort Worth Historic Preservation Officer
2)City and Developer will enter into Option Agreement for purchase of Parking
Garages by City for purchase of Arenas
•Amendment of Cowtown Coliseum License Agreement to incorporate Arenas and Garages
-Facilities will be operated by Fort Worth Heritage Development
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Proposed Agreements
•Enter into an Option Agreement with Fort Worth Heritage
Development
•Amend Cowtown Coliseum License Agreement
•TIF Board Meeting May 12th
•M&C for City Council consideration to approve agreements on
May 18th
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Recommendation/Next Steps
Thank you