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HomeMy WebLinkAboutContract 28584 05-06-03A09 : 17 Rcvo CITY SECRETARY gSV �4 STATE OF TEXAS CONTRACT NO. COUNTY OF TARRANT CITY OF FORT WORTH AND TARRANT REGIONAL WATER DISTRICT AGREEMENT TO PARTICIPATE IN THE TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH,TEXAS This Agreement is made and entered into by and between City of Fort Worth, Texas ("City"), a Texas home-rule municipality, and Tarrant Regional Water District ("Taxing Unit"). WITNESSETH: WHEREAS, on November 25, 1997, the City of Fort Worth City Council approved Ordinance No. 13259, establishing Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas ("TIF District"), in accordance with the Tax Increment Financing Act, as amended (V.T.C.A., Tax Code, Chapter 311) (the "Act'), to promote development and redevelopment in the medical district area of the City of Fort Worth through the use of tax increment financing; and WHEREAS, the Act provides that each taxing unit levying taxes on real property in a reinvestment zone is not required to pay into the tax increment fund any of its tax increment produced from property located in the TIF District unless such taxing unit enters into an agreement to do so with the governing body of the municipality that created the TIF District; and WHEREAS, a tax increment agreement under the Act may be entered into any time before or after the zone is created, and such agreement may include any conditions for payment of the tax increment into the fund and must specify the portion of the tax increment to be paid into the tax increment fund and the years for which that tax increment is to be paid into the tax increment fund; and WHEREAS, City and Taxing Unit wish to enter into an agreement defining the terms and conditions under which Taxing Unit will contribute a portion of its tax increment to the TIF District Tax Increment Fund; NOW THEREFORE, City and Taxing Unit, in consideration of the terms and conditions and covenants contained herein, hereby agree as follows: ARTICLE I. DEFINITIONS Terms not defined herein shall be construed as defined in the Act hereinafter defined, or through normal usage if not defined in the Act. The following terms shall have the following meanings when used in this Agreement: Act shall mean V.T.C.A., Tax Code, Chapter 311, the Tax Increment Fin oi'm 'lA � amended. , j J-K�g7���ER�, �y "Captured Appraised Value" shall mean the total net taxable appraised value of the real property located within the TIF District for the year less the Tax Increment Base of the TIF Taxing Units. "Project Plan and Reinvestment Zone Financing Plan" shall mean the project and financing plan for the development or redevelopment of the TIF District. "TIF District" shall mean Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas, established by the City Council Ordinance 13259, on November 25, 1997, a copy of which ordinance is attached hereto and marked Exhibit"A". "TIF Taxing Units" shall mean those political subdivisions of the State of Texas authorized to impose ad valorem taxes on property located within the TIF District. "Tax Increment" shall mean, for any given year, the amount of real property taxes levied and collected by a TIF Unit for the year on the Captured Appraised Value of taxable property located in the TIF District. "Tax Increment Base" shall mean the total appraised value of all real property taxable by the TIF Taxing Units and located in the TIF District on January 1, 1997, the year in which the TIF District was established. "Tax Increment Fund" shall mean a fund consisting of all the Tax Increment deposits, all revenues from the sale of tax increment bonds or notes, revenues from the sale of any property acquired as part of the Project Plan and Reinvestment Zone Financing Plan, and other revenues to be used in the development or redevelopment of the TIF District. "Total Tax Increment" shall mean the cumulative total amount of Tax Increment to be paid into the Tax Increment Fund by the Taxing Unit during the term of this Agreement, which amount shall not exceed that amount set forth in Article III. ARTICLE IL AGREEMENT TO PARTICIPATE AND PAY TAX INCREMENT INTO THE TAX INCREMENT FUND Plir.gj duty ado the Taxing Unit agrees to participate in funding of the TIF District and annually shall deposit into the Tax Increment Fund an amount equal to one hundred percent (100%) of its Tax Increment as defined in Article I, not to exceed the Total Tax Increment, or until the Term of this agreement is reached, except the following: a. Any funds which were levied by Taxing Unit but were not collected; b. Any fund equal to tax refunds repaid by Taxing Unit to taxpayers owning real property in the TIF District; c. Any funds which represent penalty, interest or attorney's fees on any delinquent tax payments made to the Taxing Unit by taxpayers owning real property in the TIF District; 1�,,�;��1 d. Any taxes uncollected by the Taxing Unit due to agricultur �QIag , I valorem tax exemptions. CITY , R ` '0�TKI, �'�� , ARTICLE III. LIMITATIONS ON TAX INCREMENT DEPOSITS The maximum amount of "project costs" (as defined in Section 311.002 of the Act) that may be paid through Tax Increment deposits directly and/or through development agreements or other obligations of the City secured by Tax Increment deposits is $60,000,000.00. ARTICLE IV. FINAL ACCOUNTING OF TIF FUNDS After all project costs have been paid or at the time of the termination of this Agreement, the City shall prepare and provide the Taxing Unit with a final accounting of the funds deposited to and disbursed from the Tax Increment Fund. Any funds remaining in the Tax Increment Fund following the final accounting by the City shall be paid to the Taxing Units in proportion to each taxing unit's share of the total amount of Tax Increment paid into the Fund. I ARTICLE V. RESPONSIBILITY FOR ACTS City and Taxing Unit shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and Taxing Unit, responsibility, if any, shall be apportioned comparatively in accordance with laws of the State of Texas, without however, waiving any governmental immunity available to City and Taxing Unit under Texas law and without waiving any defenses of the parties under Texas law. ARTICLE VI. ADMINISTRATION OF AGREEMENT This Agreement shall be administered on behalf of the City by the City Manager's Office of the City, or the designee thereof. ARTICLE VII. DELIVERY ADDRESS Whenever this Agreement requires or permits any consent, approval notice, request, proposal, or demand from one party to the other, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the parry intended to receive it at that party's address shown below: If intended for City, to: Economic Development Director City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 If intended for Taxing Unit, to: Board of Directors Tarrant Regional Water District _ P.O. Box 4508 ;, N I Fort Worth, Texas 76164-0508 '� �`'��� �'`��' or to such other address as either party may request, in writing, from time to ti ��1� TARRAN'T REGIONAL WATER : By: , Charles B. Campbell,J . Geor W. Shannon Secretary Presi ent, Board of Directors Exhibit"A" ORDINANCE NO . 13259 AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMENT ZONE, AND OTHER MATTERS RELATED THERETO. WHEREAS, the City Council of the City of Fort Worth, Texas ("City") , desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon' s Texas Codes Annotated (the "Act") ; and WHEREAS, in compliance with the Act, the City called aLpublic hearing to hear public comments on the creation of the proposed reinvestment zone and its benefits to the City and to the property in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, notice of such public hearing was published in the Fort Worth Star-Telegram, a daily paper of general circulation in the City, such publication date being November 17, 1997, a date not later than seven (7) days prior to the date of the public hearing; and WHEREAS, ---in. compliance with the Act, notice of such .public hearing, in required form and substance, was provided in writing not later than sixty (60) days before the date of said public hearing to the governing body of each taxing unit that levies real property taxes in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, the City made a formal presentation, in required substance and form, to the governing body of each entity that levies real property taxes in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, a preliminary reinvestment zone financing plan was prepared and a copy of the plan was sent to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, the public hearing was convened at the time and place mentioned in the published notice, to wit, on the 25th day of November, 1997, at 10 : 00 a.m. , at the Council Chamber in the City Hall of the City of Fort Worth, Texas, which hearing was then closed; and WHEREAS, the City at such hearing, invited all owners of property located within the proposed reinvestment zone, representatives of all other taxing units, and any other interested persons and/or their attorneys to appear and contend for or against (1) the creation of the reinvestment zone, (2) the boundaries of the proposed reinvestment zone as described in the boundary description and depicted in the map, both of which together are attached hereto as Exhibit "A" , (3) the concept of tax increment financing, and (4) the appointment of a board of directors for the proposed reinvestment zone; and WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the reinvestment zone, and opponents, if any, of the reinvestment zone appeared to . contest matters relating to the creation of the reinvestment zone; NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS : Section 1 : That the facts and recitations contained in the preamble --of--_-this Ordinance are hereby found and declared to be true and correct . Section 2 : That the City Council, after conducting such hearing and having heard such evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it : (a) That the public hearing on adoption of the reinvestment zone has been properly called, held, and conducted and that notice of such hearing has been published as required by law. (b) That all taxing units levying real property taxes within the reinvestment zone properly received notice of the City' s intention to create the reinvestment zone and of the public hearing as required by the Act . -2- (c) That all taxing units levying real property taxes within the reinvestment zone timely received a preliminary reinvestment zone financing plan from the City as required by the Act . (d) That the City made formal presentation to all taxing units levying real property taxes within the reinvestment zone as required by the Act . (e) That creation of the proposed reinvestment zone and improvements made therein will significantly enhance the value of all of the taxable real property in the reinvestment zone and will be of general benefit for the City. (f) That the reinvestment zone, as described in Exhibit "A" , meets the criteria for the creation of a reinvestment zone as set forth in the Act, including Section 311. 005 thereof, in that : (1) It is a contiguous geographic area located wholly within the corporate limits of the City; and (2) The area is found to substantially arrest or impair the sound growth of the municipality and retard the provision of housing accommodations . (g) Thar-the total appraised value of all taxable real property in the reinvestment zone according to the most recent appraisal roll of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City, according to the most recent appraisal roll of the City, does not exceed fifteen percent (15%) of the current total appraised value of taxable real property in the City and in the industrial districts created by the City, if any. (h) That the reinvestment zone does not contain more than fifteen percent (15%) of the total appraised value of real property taxable by Tarrant County or any school district. -3- (i) That the development or redevelopment of the property in the reinvestment zone will not occur solely through private investment in the reasonably foreseeable future. Section 3 : That the City hereby creates a reinvestment zone containing the area described in the boundary description and as depicted in the map, both of which are together attached hereto as Exhibit "A" , and such reinvestment zone shall hereafter be identified as Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (the "Zone" or "Reinvestment Zone" ) . Section 4 : That there is hereby established a board of directors for the Zone, which shall be appointed in accordance with the Section 311 . 009 of the Act and pursuant to agreements with the other taxing units . Section 5 : That the Zone shall take effect on January 1, 1998, and that the termination of the Zone shall occur on December 31, 2022, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines - that the Zone should be terminated due to insufficient private investment, accelerated private investment or other good cause, or at such time as all project costs and Tax Increment obligations, if any, and the interest thereon, have been paid in full . Section -6 That the Tax Increment Base for the Zone, which. is the total appraised value of all taxable real property located in the Zone, is to be determined as of January 1, 1997, the year in which the Zone was designated a reinvestment zone . Section 7 : That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such accounts and sub-accounts as may be authorized by subsequent resolution or ordinance, into which all Tax Increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. The Tax Increment Fund and any accounts and sub-accounts are to be maintained in an account at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities . In addition, all revenues from the sale of any obligations hereafter issued by the City secured in whole or in part from the Tax Increments, revenues from the sale of any property acquired as part of the Tax Increment Financing Plan, and other revenues to be dedicated -4- to and used in the Zone shall be deposited into such fund, account or sub-account from which money will be disbursed to pay project costs for the Zone or to satisfy the claims for holders of such obligations issued for the Zone. Section 8 : That the Zone is designated under Section 311 . 005 (a) (1) of the Act . Section 9 : That the City Manager and City Attorney are hereby authorized to execute and deliver for and on behalf of the City, tax increment agreements with the Fort Worth Independent School District, Tarrant County, Tarrant County Hospital District, Tarrant County Junior College and Tarrant Regional Water District, pursuant to the provisions of Sections 311 . 008 and 311 . 013 of the Act . Section 10 : That if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. Section 11 : That this Ordinance shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Fort Worth and it is accordingly so ordained. CITY OF FORT WORTH ov, Kenneth Barr Mayor ATTEST: Alice Church City Secretary -5- APPROVED AS TO FORM AND LEGALITY: Assistant City At rney ADOPTED: EFFECTIVE: /IDS 9 7 -6- Boundary Description Fort Worth South Reinvestment Zone Being a tract of land in the City of Fort Worth, Tarrant County, Texas,which tract is more particularly described as follows: Beginning at the southwest corner of Lot 25, Block 20, Fairmount Addition, being in the easterly line of an alley and in the northerly line of West Arlington Avenue; Thence westerly along the northerly line of said West Arlington Street to the easterly line of the Fort Worth & Western Railroad main track right-of-way; Thence with said Railroad to it's intersection with the south line of Park Place; Thence with the south line of Park Place to it's intersection with the west line of Berkley Street; Thence with the west line of Berkley Street northerly to the south line of Edwin Avenue; Thence easterly crossing Berkley Street and along the north line of Blocks 7 of Edwin Avenue crossing the afore mentioned Fort Worth &Western Railroad to the east line of said Railroad; Thence northerly along the east line of said railroad to its intersection with the north line of All Saints Episcopal Hospital Block 2; Thence easterly with the north line of said Block 2 to its intersection with the western line of Fort Worth &Western Railroad right-of-way; Thence northerly along the west line of said railroad to the southerly line of Mistletoe Boulevard; Thence westerly along the south line of said Mistletoe Boulevard to the easterly line of the Fort Worth &Western Railroad right-of-way. Thence northerly along the east line of said Railroad to the southerly line of West Rosedale Street; Thence westerly along the south line of said West Rosedale Street to the easterly line of Forest Park Boulevard; Thence northerly along the east line of said Forest Park Boulevard to the southerly line of line of the Union Pacific Railroad; Thence northeasterly along the southerly line of said Union Pacific Railroad to the north line of West Vickery Boulevard; Thence easterly along the north line of said West Vickery Boulevard to the southerly right-of-way line of new Interstate Highway 30; Thence easterly along the southerly right-of-way line of said new U.S. Highway 30, crossing Interstate Highway 35W to the east line of Kentucky Street; Thence southerly along the east line of said Kentucky Street to it's intersection with the south line of Terrell Street; Thence westerly with the southerly line of said Terrell Street to the northeast corner of Lot 1, Block 2 McNulty and Nesbit Subdivision; 1 Thence southerly along the easterly line of said Lot 1 and Lot 30 of said McNulty and Nesbit Addition to the northerly line of Humbolt Street; Thence easterly along the northerly line of said Humbolt Street to a point on the northerly extension of the last line of lots 32 and 32A, Block 2 of said McNulty and Nesbit Addition; Thence southerly crossing said Humbolt Street and along the east line of said lots 32 and 32A and continuing on said line to the southeast corner of Lot 4, Graves and McDaniel Subdivision and being in the north line of Maddox Avenue, (this line to run generally along the east line of the first tier of lots on the east side of Evans Avenue from Humbolt to Maddox); Thence westerly along the northerly line of said Maddox to a point on the northerly extension of Lot 553, Block 22, Hyde Park Addition; Thence southerly crossing said Maddox Street along the easterly line of lots 553 and 580 of said Hyde Park Addition to the southerly line of said East Allen Avenue; Thence westerly along the southerly line of said East Allen Avenue to a point on the southerly extension of the westerly line of South Main Street; The northerly crossing said East Allen Street and along the westerly line of said South Main Street to the southerly line of Feliks Gwozdz Place; Thence westerly along the'southerly line of said Feliks Gwozdz Place to a point on the southerly extension of the east line of Lot 2, Block D, of the Hendricks Subdivision of Fields-Welsh Addition; Thence northerly crossing said Feliks Gwozdz Place and along the east line of said Lot 2 to the northerly line of Ingram Street; Thence easterly along the north line of said Ingram Street to the westerly line of Travis Street; Thence northerly along the west line of said Travis Street to the southerly line of West Morphy Street; Thence westerly along the south line of said West Morphy Street to the northwest corner of Lot 8, Block D, of said Hendricks Subdivision; Thence southerly along the west line of said Lot 8 to the north line of an alley which divides said Block D, Hendricks Subdivision; Thence westerly along the north line of said alley to the east line of Lipscomb Street; Thence southerly along the east line of said Lipscomb Street to a point on an easterly extension of the south line of Lot 12, Block C of Armstrong Subdivision of Fields-Welsh Addition; Thence westerly along said line and along the south line of Lot 12 and Lot 4 of Block C, said Armstrong Subdivision to the easterly line of Alston Street; Thence southerly along the east line of said Alston Street to the southerly line of Maddox Street; Thence westerly along the southerly line of Maddox Street to the westerly line of College Street; Thence northerly along the west line of said College Street to the northerly line of West Morphy Street; Thence easterly along the north line of said West Morphy Street to the westerly line of said Lipscomb Street; Thence northerly along the westerly line of said Lipscomb Street to the northeast corner of Lot 3B, Block A, of Martin & Moodie Subdivision of Fields-Welsh Addition; 2 Thence westerly to the northwest corner of said Lot 3B; Thence southerly to the southwest corner of Lot 3B; Thence westerly along the southerly line of Lot 3A of said Block A, extending to the westerly line of said Alston Street; Thence northerly along the westerly line of said Alston Street to the northeast corner of Lot 4, Block 1, Brooks and Bailey Subdivision; Thence westerly along the northerly line of said Lot 4 extending to the west line of an alley; Thence southerly along the west line of said alley to the northerly line of an intersecting alley; Thence westerly along the northerly line of said alley to the westerly line of said College Street; Thence northerly along the westerly line of said College Street to the northeast corner of Lot 3, Block 2, of said Brooks and Bailey Subdivision; Thence westerly along the northerly line of said Lot 3, Block 2 extending to the westerly line of an alley; Thence southerly along said westerly line to the northerly line of an intersecting alley; _ Thence westerly along said northerly line to the westerly line of Washington Street; Thence northerly along said westerly line to the northeast corner of Lot 1 E of D.S. Ross Subdivision; Thence westerly along the northerly line of said Lot 1 E extending to the westerly line of an alley; Thence southerly along said westerly line to the southeast corner of Lot 1 A, said D.S. Ross Subdivision; Thence westerly along the southerly line of said Lot 1A extending to the westerly line of Adams Street; Thence northerly along said westerly line to the northeast corner of Lot 8D, said D.S. Ross Addition; Thence westerly to the northwest corner of said Lot 8D; Thence southerly along the westerly line of said Lot 8D to the northeast corner of Lot 8C, said D.S. Ross Addition; Thence westerly along the northerly line of said Lot 8C extending to the westerly line of Henderson Street; Thence southerly along said westerly line to the southeast corner of Lot 4R, Block A, King's Subdivision of Fields- Welsh Addition; Thence westerly along the southerly line of Lots 4R and 13R, Block A extending to the westerly line of Fifth Avenue; Thence northerly along said westerly line to the northeast corner of Lot 4, Block B of said King's Subdivision; Thence westerly along the northerly line of said Lot 4 and Lot 13 extending to the westerly line of Lake Street; Thence southerly along said westerly line to the northeast corner of Lot 5, Block 1, Johnson Subdivision of Fields- Welsh Addition; Thence westerly along the northerly line of said Lot 5 to the northeast corner of Lot 28 said Block 1; 3 Thence southerly to the southeast corner of said Lot 28; Thence westerly along the southerly line of said lot 28 extending to the westerly line of Sixth Avenue; Thence northerly along said westerly line to the northeast corner of Lot 5, Block 2, of said Johnson Subdivision; Thence westerly along the north line of said Lot 5 to the southeast corner of Lot 29, said Block 2; Thence northerly to the northeast corner of Lot 30, said Block 2; Thence westerly along the northerly line of said Lot 30 extending to the westerly line of Fairmount Street; Thence northerly along the west line of said Fairmount Street to the southerly line of Magnolia Street; Thence westerly along said southerly line to the westerly line of an alley which divides Block C of McNulty and Nye Subdivision; Thence southerly along the westerly line of said alley to the southeast corner of Lot 4, Block C of said McNulty and Nye Subdivision; Thence westerly along the southerly line of said Lot 4 extending to the westerly line of Seventh Avenue; Thence southerly along said westerly line to the southeast corner of Lot 27, Block B of said McNulty and Nye Subdivision; Thence westerly along the southerly line of said Lot 27 extending to the westerly line of an alley; Thence northerly along said westerly line to the southerly line of said Magnolia Street; Thence westerly along said southerly line to the easterly line of Hurley Street; Thence southerly along said easterly line to the southerly line of said West Morphy Street; Thence westerly along said southerly line to the northeast corner of Lot F7, Block F, of said McNulty and Nye Subdivision; Thence southerly along the easterly line of said Lot F7 and F3 and F2 and F4 and extending to the southerly line of Myrtle Street; Thence easterly to the easterly line of an alley which divides Block 9 of Loyd's Addition and Block 1 of Stewart's Addition; Thence southerly along the easterly line of said alley to the southerly line of said West Allen Avenue; Thence easterly along said southerly line to the northeast corner of Lot 32, Block 10, Fairmount Addition; Thence southerly to the southeast corner of Lot 23, said Block 10; Thence westerly along the southerly line of said Lot 23 to the easterly line of an alley; Thence southerly along the easterly line of said alley to the southwest corner of Lot 25, Block 20, Fairmount Addition and THE POINT OF BEGINNING. SAVE & EXCEPT THE FOLLOWING TRACTS OF LAND: 4 Lot 313, Block N, Rosedale Addition (Newkirk Wallerich Building); Lots 5, 6, 7, and 7 feet of Lot 4 Block I, Rosedale Addition (Fresnel); Lots 1, 2, 3, 4A, 5B, 6A, &6B, Block 34, Tucker's Addition (Fire Station); Lots 1, 2, 3, 5, 6, 7, & 8, Block Land 700, Smith, Jones & Daggett Addition (Recreation Building); Lots Al B and A2, Block 2, Field's-Welch Addition (Parker Commons); Lots 1 A, 1 B,1 C, 1 D, 2, and 3, Block 3, Martin and Moodie Subdivision of Field's-Welch Addition (Modern Drug); Lots 7R and 8R, Block 3, McLellan Subdivision of Field's-Welch Addition (Mehl Building); and those tracts of land being more particularly described as follows: Beginning at the intersection of the northerly line of Terrell.Street with the easterly line of Seventh Street; Thence northerly along the easterly line of said Seventy Street to the northwest corner of Lot 1, Block 2, Grandview Addition; Thence easterly along the northerly line of Lots 1 through 8, said Block 2 and extending to the easterly line of West Sixth Avenue; Thence northerly along the easterly line of said Sixth Avenue to the southerly line of Pennsylvania Avenue; Thence easterly along the southerly line of said Pennsylvania Avenue to the westerly line of said Henderson Street; Thence along the westerly line of said Henderson Street to the northerly line of said Terrell Street; Thence westerly along the northerly line of said Terrell Drive to THE POINT OF BEGINNING (Cook's Children's and Harris Methodist Hospitals) ; and Beginning at the intersection of the northerly line of Petersmith Street with the easterly line of Jennings Avenue; Thence northerly along the easterly line of said Jennings Avenue to the southerly line of Broadway Street; Thence easterly along the southerly line of said Broadway Street to the westerly line of Galveston Street; Thence southerly along the western line of Galveston to the northerly line of Petersmith Street; Thence westerly along the northerly line of said Petersmith Street to THE POINT OF BEGINNING (Broadway Baptist Church and Temple Beth EI). 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I�lnnl.nli It:.,,�. i�� _/►�� •- BE 31 MR BE BE NOR � -__ur - �--L Ill I►!'= '.�� ► � == a�gym_Q._.■�c;: �:�uilnm/i City of Fort Worth, Texas "Agar And council COMI"U"icatio" DATE REFERENCE NUMBER LOG NAME PAGE 10/15/02 **C-19290 17TAX 1 of 1 SUBJECT AUTHORIZE EXECUTION OF INTERLOCAL AGREEMENTS WITH TARRANT COUNTY, TARRANT COUNTY HOSPITAL DISTRICT, TARRANT COUNTY COLLEGE DISTRICT, AND TARRANT REGIONAL WATER DISTRICT REGARDING TAX INCREMENT CONTRIBUTIONS TO TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS SOUTHSIDE TIF RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute the attached Interlocal Agreements with Tarrant County, Tarrant County Hospital District, Tarrant County College District, and Tarrant Regional Water District defining the terms and conditions under which those entities will contribute the tax increment produced by property located in Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (the Southside TIF) to the Southside TIF fund. DISCUSSION: On November 25, 1997 (M&C G-12075), the City Council authorized Tax Increment Reinvestment Zone Number Four, City of Fort Worth Texas (the Southside TIF), which includes the area generally described as the Fort Worth Southside Development District. State law provides for taxing entities other than the City to elect to participate in tax increment reinvestment zones, or TIFs, by contributing tax increment to a fund established for the TIF. On August 31, 1999 (M&C G-12649), the City Council adopted the project plan and the financing plan for the Southside TIF and authorized a participation agreement with the Fort Worth Independent School District. Recently, the governing bodies of Tarrant County, Tarrant County Hospital District, Tarrant County College District, and Tarrant Regional Water District, approved the attached Interlocal Agreements committing tax increment contributions to the Southside TIF fund. Approval of this Mayor and Council Communication will allow final execution of these agreements. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that this action will have no material effect on City funds. RR:k Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) Reid Rector 6140 Originating Department Head: Tom Higgins 6192 (from) APPROVED 10/15/02 Additional Information Contact: City of Fort Worth, Texas "Agor And Council Communication DATE REFERENCE NUMBER LOG NAME PAGE 10/15/02 **C-19290 17TAX 2 of 1 SUBJECT AUTHORIZE EXECUTION OF INTERLOCAL AGREEMENTS WITH TARRANT COUNTY, TARRANT COUNTY HOSPITAL DISTRICT, TARRANT COUNTY COLLEGE DISTRICT, AND TARRANT REGIONAL WATER DISTRICT REGARDING TAX INCREMENT CONTRIBUTIONS TO TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS SOUTHSIDE TIF Ardina Washington 8003