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HomeMy WebLinkAbout(0113) TA_Reinvestment_Zone_102_(Ordinance)ORDINANCE NO. AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE CITY OF FORT WORTH AS "TAX ABATEMENT REINVESTMENT ZONE NUMBER ONE HUNDRED AND TWO, CITY OF FORT WORTH, TEXAS"; PROVIDING THE EFFECTIVE AND EXPIRATION DATES FOR THE ZONE AND A MECHANISM FOR RENEWAL OF THE ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to the City of Fort Worth's ("City") Tax Abatement Policy, which was adopted by the City Council to be effective on January 29, 2021 by way of Resolution No. 5342-02-2021 ("Tax Abatement Policy"), 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 ("Code"); WHEREAS, the City Council desires to promote the development of the area in the City more specifically described in Exhibit "A" of this Ordinance ("Zone") through the creation of a reinvestment zone for the purpose of supporting new business investment or expansion, as authorized by and in accordance with Chapter 312 of the Code; WHEREAS, RSI North America, Inc., or an Affiliate, ("Company") wishes to expend or cause to be expended at least $2.5 million in real property improvements for the development of Company's manufacturing operations and corporate office to be located in the Zone, and Company intends to install new taxable tangible business personal property at the facility worth at least $52.5 million that will ultimately result in a combined real and personal property investment of at least $55 million (collectively, the "Improvements"); WHEREAS, Company has applied for real and business personal property tax abatements from the City in return for the installation of the Improvements in the Zone and compliance with certain other employment and spending requirements; WHEREAS, to foster economic development in the Zone, and the City, in general, it is anticipated that the City will enter a tax abatement agreement(s) for one or more Improvements within the Zone; WHEREAS, on November 30, 2021, 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 Hearing"), as required by Section 312.201(d) of the Code; Page 1 Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and One, City of Fort Worth, Texas WHEREAS, notice of the Public Hearing was published in a newspaper of general circulation in the City at least seven (7) days prior to the Public Hearing, which satisfies the requirement of Section 312.201(d)(1) of the Code; and WHEREAS, in accordance with Sections 312.201(d)(2) and (e) of the Code, notice of the Public Hearing was also delivered, in writing, to the presiding officer of the governing body of each taxing unit that includes in its boundaries real property that is to be included in the proposed Zone not later than the seventh day before the date of the public hearing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, 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 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: 1.1. 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 the Zone under Chapter 312 of the Code. 1.2. 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 of more than ten (10) years, which is the statutory maximum term of any tax abatement agreement entered into under the Chapter 312 of the Code. 1.3. 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. DESIGNATION OF ZONE That the City Council designates the Zone described in the boundary description attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes as a reinvestment zone for purposes permitting tax abatement as may be found desirable by the City or any other eligible taxing units for purposes authorized by and in accordance with Chapter 312 of the Code. This Zone will be known as "Tax Abatement Reinvestment Zone Number One Hundred and Two, City of Fort Worth, Texas." This project is eligible Page 2 Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and One, City of Fort Worth, Texas for commercial/industrial tax abatements per Section 4 of the Tax Abatement Policy because it concerns a Target Industry (Corporate and Regional Headquarters). SECTION 3. TERM OF ZONE The Zone takes effect upon the effective date of this Ordinance and expires five (5) years thereafter. The Zone may be renewed by the City Council for one or more subsequent terms not to exceed five years, unless otherwise allowed by law. SECTION 4. SEVERABILITY 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 will remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion, or judgment. SECTION 5. IMMEDIATE EFFECT. That this Ordinance takes effect upon its adoption. ADOPTED AND EFFECTIVE: APPROVED AS TO FORM AND LEGALITY: M&C: ATTESTED BY: Tyler F Wallach Ronald P. Gonzales Senior Assistant City Attorney Acting City Secretary Page 3 Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and One, City of Fort Worth, Texas EXHIBIT "A" BOUNDARY DESCRIPTION OF ZONE BEING Lot 1, Block A, Carter Distribution, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Instrument Number D219111864, Plat Records of Tarrant County, Texas.