HomeMy WebLinkAboutOrdinance 25709-09-2022 ORDINANCE NO. 25709-09-2022
AN ORDINANCE EXTENDING THE TERM OF TAX INCREMENT
REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH,
TEXAS (TRINITY RIVER VISION TIF); APPROVING AMENDED
AND UPDATED PROJECT AND FINANCING PLANS FOR THE
TRINITY RIVER VISION TIF; AND CONTAINING OTHER
RELATED MATTERS.
WHEREAS, on December 16, 2003, the City Council of the City of Fort Worth, Texas
("City") created Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas
(Trinity River Vision TIF) ("Zone") pursuant to Ordinance No. 15797, as subsequently amended
by Ordinance Nos. 16005 and 16808-2-2006;
WHEREAS, in accordance with Section 311.011(a) of the Texas Tax Code ("Code"), on
September 15, 2005 the board of directors of the Zone ("Board") adopted a project plan and
financing plan for the Zone, which, as required by Section 311.011(d) of the Code, were approved
by the City Council pursuant to Ordinance No. 16768-01-2006;
WHEREAS, Section 311.01l(e) of the Code allows the Board to adopt an amended project
plan for the Zone so long as the amendment is consistent with the requirements and limitations of
Chapter 311 of the Code and is approved by the governing body of the municipality that created
the zone;
WHEREAS, Section 311.017(a)(1) of the Code allows a municipality to reduce or extend
the term of an existing tax increment reinvestment zone by ordinance adopted subsequent to the
ordinance that originally created the zone;
WHEREAS, on December 15, 2009, the City Council adopted Ordinance No. 18975-12-
2009, (i) updating the project plan and financing plan (collectively, "Plans"); (ii) expanding the
boundaries; and(iii) extending the term of the Zone to expire on the earlier of December 31, 2044
or the date on which all project costs, tax increment bonds, and interest on those bonds have been
paid in full;
WHEREAS, on August 3, 2022, the Board adopted a Resolution further amending the Plans
("Updated Plans"), which Updated Plans are attached hereto as Exhibit "A" and made a part of
this Ordinance for all purposes;
WHEREAS, for the projects set forth in the Plans and Updated Plans to be implemented and
financed in their entirety, it is necessary for the term of the Zone to be extended;
WHEREAS, the City wishes to further extend the term of the Zone so that the projects set
forth in the Plans and Updated Plans may be fully implemented and funded;
Page 1
Ordinance Extending Term and Approving Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Nine,City of Fort Worth,Texas(Trinity River Vision TIF)
WHEREAS, in accordance with the procedural requirements of Section 311.003(c) and (d),
on August 23, 2022, the City Council held a public hearing regarding the Updated Plans and the
extension of the Zone's term, and the anticipated benefits that will accrue to the City and to
property in the Zone as a result of such actions, and afforded a reasonable opportunity for all
interested persons to speak for or against the approval of the Updated Plans and the extension of
the Zone's term,the concept of the Zone and tax increment financing generally;
WHEREAS, notice of the public hearing was published in a newspaper of general
circulation not later than seven(7) days prior to the date of the hearing; and
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH,TEXAS:
SECTION 1.
FINDINGS
After conducting a public hearing regarding the Updated Plans, the extension of the Zone's
term, and the anticipated benefits to the City and to property in the Zone as a result of such
actions, and affording a reasonable opportunity for all interested persons to speak for or against
the approval of the Updated Plans, the extension of the Zone's term, and the concept of tax
increment financing generally,the City Council hereby makes the following findings of fact:
1.1. The statements, facts, terms and conditions set forth in the recitals of this Ordinance are true
and correct.
1.2. The Plans and the Updated Plans include all information required by the Code.
1.3. The Plans and the Updated Plans are feasible and the projects set forth therein conform to the
City's comprehensive plan.
1.4. By extending the term of the Zone to December 31, 2054, the City Council believes that
sufficient tax increment will be generated in order for the projects set forth in the Plans and
Updated Plans to be implemented and financed in their entirety
SECTION 2.
TAX INCREMENT AGREEMENTS
Pursuant to the Code, the City Manager or any Assistant City Manager is authorized to
execute and deliver, for and on behalf of the City, agreements with taxing units that levy real
property taxes in the Zone pursuant to which tax increment of such taxing units will be deposited
into the respective TIF fund.
SECTION 3.
TERM OF ZONE
Page 2
Ordinance Extending Term and Approving Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Nine,City of Fort Worth,Texas(Trinity River Vision TIF)
Pursuant to the Code, the termination date of the Zone is hereby extended to be the earlier of
(i) December 31, 2054 or(ii) the date on which all project costs, tax increment bonds and interest
on those bonds,and other obligations have been paid in full.
SECTION 4.
APPROVAL OF UPDATED PLANS
The Updated Plans are hereby approved. The Plans, as previously approved by the City
Council pursuant to Ordinance Nos. 16768-01-2006 and 18975-12-2009, continue in effect except
to the extent specifically amended or revised by the Updated Plans.
SECTION 5.
DELIVERY OF UPDATED PLANS TO TAXING ENTITIES
The City Manager is directed to provide a copy of the Updated Plans to the governing body
of each taxing unit that taxes real property located in the Zone.
SECTION 6.
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 not in any
way be impaired or affected by such decision, opinion or judgment.
SECTION 7.
CUMULATIVE.
This Ordinance is cumulative of all ordinances of the City, except where the provisions of this
Ordinance are in direct conflict with the provisions of any such other ordinances, in which case
the conflicting provisions of such other ordinances are repealed.
SECTION 8.
SAVINGS.
All rights and remedies of the City are expressly saved as to any and all violations of the Code of
the City, or any other ordinances of the City, that have accrued at the time of the effective date of
this ordinance; and, as to such accrued violations and all pending litigation, both civil and
criminal,whether pending in court or not under such ordinances, same will not be affected by this
Ordinance but may be prosecuted until final disposition by the courts.
Page 3
Ordinance Extending Term and Approving Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Nine,City of Fort Worth,Texas(Trinity River Vision TIF)
SECTION 9.
EFFECTIVE DATE
That this Ordinance takes effect and be in full force and effect from and after its adoption.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM AND LEGALITY:
y Yannal-fe,S. Goodall
Jannette S.Goodall(Sep 19,202210,30 CDT)
Tyler F.Wallach Jannette S. Goodall
Assistant City Attorney City Secretary
ADOPTED AND EFFECTIVE: September 13, 2022
�4 OF F���
M&C:22-0681 .
S�
Page 4
Ordinance Extending Term and Approving Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Nine,City of Fort Worth,Texas(Trinity River Vision TIF)
EXHIBIT "A"
UPDATED PLANS
Ordinance Expanding Boundary,Extending Term and Approving Amended Project and Financing Plans for
Tax Increment Reinvestment Zone Number Nine,City of Fort Worth,Texas(Trinity River Vision TIF)
Project and Financing Plan Update
City of Fort Worth
Trinity River Vision TIF
Tax Increment Reinvestment Zone #9
EB
a
TdMq It wi Vision(TIF NA)
N i IAIrs Tdnity Rlwr Vlsion(TIF 06)
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tov,-q co«r. oKw�+wmo
August 2022
FOR T
Table of Contents
Contents
TIFHistory.................................................................................................. 3
BoundaryDescription.............................................................................. 4
TIF#9A................................................................................................... 4
TIF#9B.................................................................................................. 11
ProjectDescription................................................................................... 20
EconomicImpact...................................................................................... 21
Tax Increment Projections....................................................................... 24
Public Infrastructure Costs and Financing Plan Summary............... 29
Terms and Conditions.............................................................................. 31
2 FORT WORTH
TIF History
The Trinity River Vision Tax Increment Financing District(TIF #9) was established in 2003 with a
boundary that centered around the proposed bypass channel, a project cost estimate of$435
million, and a term of 25 years. Thereafter, an updated US Army Corps of Engineers' Supplemental
Environmental Impact Statement determined that it was necessary to utilize Gateway Park for flood
protection associated with the bypass channel flood control project. Flood protection, environmental
restoration,and recreational improvements in Gateway and Riverside Parks were added to the
project scope, and the original TIF Agreement and Project and Financing plan were amended
accordingly. In particular, the TIF boundary and project description were revised to include an area
east of the original boundary, including Gateway and Riverside Parks, project cost estimates were
updated to $909 million, and the term of the TIF was extended by 16 years for a total term of 40
yea rs.
Since inception,there has been over$579.1 million worth of new construction activity within the
district, and approximately$55.4 million tax increment has been generated. During the same
period,significant progress has been made on the project, particularly those portions funded locally.
Namely, 97% of required property has been attained, 95% of environmental cleanup has been
completed, 30% of utilities have been relocated from the future bypass channel and valley storage
sites, and the three signature Trinity River Bridges have been opened to traffic. In early 2022, the
project was awarded an additional $403 million in federal funds, which will be utilized by the USACE
for design-completion and construction of the bypass channel, as well as other related
improvements.
In 2017, in advance of the $403 million allocation of federal funds, project cost estimates were
again updated for remaining portions of the project, reflecting revised federal design requirements
and more advanced design, an updated schedule and associated inflation estimates, and
incorporating select infrastructure improvements on Panther Island. The result was a $258 million
increase from the 2009 project cost estimate,for a total estimated project cost of$1.168 billion. As
a result of the overall project increase, the local share of the project cost increased by$160 million,
from $422 to $582 million. In order to raise the additional funds needed to advance the local share
of the project on the USACE's schedule,the Tarrant Regional Water District (TRWD) held a
successful bond election in May of 2018. However, in order to repay TRWD the $250 million in
authorized bond funds, corresponding interest expense estimated at $250 million, as well as the
outstanding TRWD project-loan amount estimated at $200 million, revenues in excess of what the
TIF is expected to generate during its current term are needed. The generation of revenues
sufficient to support the bond issuances require the length of the TIF term to be extended by another
10 years,for a total term of 50 years from inception.
This updated Project and Financing Plan incorporates minor revisions to the project description,
updates to the economic impact study and tax increment projections for the remainder of the 50-
year term, and an updated Infrastructure Costs and Financing Plan Summary that includes TRWD
bond-program funding.
3 Fox, H
Boundary Description TIF 9 (TR1n
Tax Increment Reinvestment Zone#9A
North ROW line East ROW line
of 2P St of Samuels Ave Centerline of
Trinity River
Went ROW lint of
$NSF Railroad
West Rf7W line __ _ f,
ofFW&WRailroad _ S ROW�lintof
9 ..r.-. Northaide
North ROW line East ROW fine
of Northside Dr ofSamuds Ave
Naft Pat West ROW line i '' ,�( p.� 9shwas
taiRn�
of North Main StrY�
f-, N.6pactU.M.CO.
North ROW line ' prw11wEk 9 Lot RC
of Grand fh&%*te Add"
Q Norsk prop Fo Blk I Ld AIR
North ROW line ti 1
Fnbwir*Add4w
ofTen=c "-�� �, eark weartr.sas
rft t ��. 9rtP
West ROW line i
ofUniversirvDr fi lN""
i [fuel Add.,SouY prop
` It.Bk t La 1
\ N bw
� p AI�o0.S�'hs3w
South ROW of f ,` � r Ro �tFh a
Shamrock , — ` ' 3 the PEA ROW of tranttNAw i
West ROW line i i \ South ROW lino
of VXCkr St i r of NewhSt
� I.51 1.
itt ROW tune of Whitt
Vow
of rsu
VPite SettlemeN Rd g CI 1 81mk 124,tAt 9A
LS1 ww#t�JJ
Was ROW lino - ROW Ew
ef sM6 hopweY br.
of FW&W Railroad Ni _.. '6.rt koM ti.. ( IN.*1.Lot$A °r
Ritat ROW tine 2 � L afCaalep
arwodwy� ► i , C tApatoo ep�trt:»ef
7 La 1�
be&Addition Em as - rytt�
%44 proplitr Rk I Lot Y Y NdAPtup"V time orLas
t1f$s d4Addyt
c_ [luenp�Add�w�
South RSIiFi�Farst J �' North ROW of EastRUW lint of C'cntcrlinc of
_ -- Forest Park
Summit Ave Trinity River
CastRCpWlineol'Fodt6l. 4 lnehnAddtwnSouth 1 Nnml ROW line
prop Kne Hlk t Lot 4 i M'S;St North ROW line
SotditROW line Orwesthorford
Seventh 9tteet Shtirnt South
South ROW line of7®St
prop sae Ulk 1 1.01 1 1 of t,sum3ter 1) Revision A
2) Revision B
4 FORT
Boundary Description TIF 9(TRV)
Beginning at a point of the intersection of a projection of the west ROW line of FW&W Railroad and
the north ROW line of 23rd St., THENCE
Easterly alongthe north ROW line of 23rd St.to a point where said line intersects with the east
ROW line of Samuels Ave., THENCE
Southerly along the east ROW line of Samuels Ave.to a point where said line intersects with the
centerline of the Trinity River, THENCE
Easterly along the centerline of the Trinity River to a point where said line intersects with the west
ROW line of BNSF Railroad, THENCE
Southerly along the west ROW line of BNSF Railroad to a point where said line intersects with the
south ROW line of Northside Dr, THENCE
Southwesterly along the south ROW line of Northside Dr.to a point where said line intersects with the
east ROW line of Samuels Ave., THENCE
Southerly along the east ROW line of Samuels Ave.to a point where said line intersects with the
south property line of North Park Business Center Blk 9 Lot RC, THENCE
Westerly along the property line of North Park Business Center Blk 9 Lot RC to a point where said line
intersects with the south property line of North Park Business Center Blk 9 Lot RD, THENCE
Westerly along the south property line of North Park Business Center Blk 9 Lot RD to a point where
said line intersects with the south property line of Fruhwirth Addition Blk 1 Lot AIR, THENCE
Westerly along the south property line of Fruhwirth Addition Blk 1 Lot AIR to a point where said line
intersects with the south property line of Fruhwirth Addition Trs 5 &6E
Westerly along the south property line of Fruhwirth Addition Trs 5 &6E to a point where said line
intersects with the centerline of the Trinity River, THENCE
Southwesterly along the centerline of the Trinity River to a point where said line intersects with the
south property line of Samuels Ave. Baptist Church Addition Blk 1 Lot 1, THENCE
Easterly alongthe south property line of Samuels Ave. Baptist Church Addition Blk 1 Lot 1 to a point
where said line intersects the east ROW line of Samuels Ave., THENCE
Northerly along the east ROW line of Samuels Ave.to a point where said line intersects the north
property line of Mulliken Felix G Survey A1045 Tr 33, THENCE
5 FORT WORTH
Boundary Description TIF 9 (TRV)
Easterly along the north property line of Mulliken Felix G Survey A1045 Tr 33 to a point where said
line intersects the west ROW line of BNSF Railroad, THENCE
Southward along the west ROW line of BNSF Railroad to a point where said line intersects the south
ROW line of Peach St., THENCE
Southwesterly along the south ROW line of Peach St.to a point where said line intersects the
intersection of the east ROW property line of Cummings Blk 124, Lot 9A of the Fort Worth Original
Town Addition, THENCE
Northerly from the east property line of Cummings Blk 124, Lot 9A of the Fort Worth Original Town
Addition to a point where said line intersects the north ROW line of Peach St.and the east ROW line
of Samuels Ave., THENCE
Westerly from the east ROW line of Samuels Ave.to a point where said line intersects the southeast
property line of Block 1, Lot 513 of the Cummings-Boaz Addition, THENCE
Westerly along the south property line of Block 1, Lot 5R of the Cummings-Boaz Addition to a point
where said line intersects the east property line of Lot 18B of the Cummings Addition, THENCE
Northerly along the east property line of Lot 18B of the Cummings Addition to a point where said line
intersects the north property line of Lot 18B of the Cummings Addition, THENCE
Westerly along the north property line of Lot 18B of the Cummings Addition to a point where said line
intersects the east property line of Lot 4A of the Cummings Addition, THENCE
Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said line
intersects the north property line of Lot 4A of the Cummings Addition, THENCE
Westerly along the north property line of Lot 4A of the Cummings Addition to a point where said line
intersects the east ROW line of Cummings Ave., THENCE'
Northwesterly along the east ROW of Cummings Ave.to a point where said line intersects the north
ROW line of Cummings Ave., THENCE
Westerly along the north ROW line of Cummings Ave.to a point where said line intersects the
centerline of the Trinity River, THENCE
Southwesterly along the centerline of the Trinity River to a point where said line intersects with the
north ROW line of 5th St., THENCE
Easterly along the north ROW line of 5th St.to a point where said line intersects the north ROW
line of Forest Park Blvd., THENCE
' Revision A
6 FoR_ T1 x
Boundary Description TIF 9 (TRV)
Northward along the north ROW line of Forest Park Blvd.to a point where said line intersects the
north ROW line of Weatherford St., THENCE
Northeasterly along the north ROW line of Weatherford St.to a point where said line intersects the
east ROW line of Summit Ave., THENCE
Southerly along the east ROW line Summit Ave.to a point where said line intersects the south ROW
line of 7th St., THENCE
Westerly along the south ROW line of 7th St.to a point where said line intersects the north ROW line
of Forest Park Blvd., THENCE
Southerly along the north ROW line of Forest Park Blvd.to a point where said line intersects the south
ROW line of Lancaster Ave., THENCE
Westerly along the south ROW line of Lancaster Ave.to a point where said line intersects the east
ROW line of Foch St., THENCE
Northward along the east ROW line of Foch St.to a point where said line intersects the south ROW
property line of 7th St.Justin Addition Blk 1, Lot 3, THENCE
Easterly along the south ROW property line of 7th St.Justin Addition Blk 1, Lot 3 to a point where
said line intersects the west ROW east property line of FW&W Railroad Justin Addition Blk 1, Lot 3,
THENCE
Northward along the east property line of FW&W Railroad Justin Addition Blk 1, Lot 3 to a point where
said line intersects the south property line of Justin Addition Blk 1, Lot 4, THENCE
Easterly along the south property line of Justin Addition Blk 1, Lot 4 to a point where said line
intersects the south property line of Seventh Street Station Blk 1, Lot I, THENCE
Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said line
intersects the west ROW line of Woolery St., THENCE
Northward along the west ROW line of Woolery St.to a point where said line intersects the west ROW
line for the FW&W Railroad, THENCE
Northward along the west ROW line of FW&W Railroad to a point where said line intersects the north
ROW line of White Settlement Rd., THENCE
Easterly along the north ROW line of White Settlement Rd.to a point where said line intersects the
west ROW line of Vacek St., THENCE
2 Revision B
7 FoR1 x
Boundary Description TIF 9(TRV)
Northward along the west ROW line of Vacek St.to a point where said line intersects the south
ROW line of Shamrock Ave., THENCE
Westerly along the south ROW line of Shamrock Ave.to a point where said line intersects the west
ROW line of University Dr., THENCE
Northward along the west ROW line of University Dr.to a point where said line intersects the north
ROW line of Terrace Ave., THENCE
Northward along the north ROW line of Terrace Ave.to a point where said line intersects the north
ROW line of Grand Ave., THENCE
Northward along the north ROW line of Grand Ave.to a point where said line intersects the west ROW
line of North Main St., THENCE
Northward along the west ROW North Main St.to a point where said line intersects the north ROW
line of Northside Dr., THENCE
Westward along the north ROW line of Northside Dr.to a point where said line intersects the west
ROW line of BNSF Railroad, THENCE
Northward along the west ROW line of BNSF Railroad to a point where said line intersects with the
north ROW line of 23rd St.,which is the point of beginning.
8 FoR_ T�TN
Boundary Description TIF 9 (TRV)
Revision A
Beginning at a point of the intersection of the east ROW line of Cummings St. and south ROW line of
Peach St., THENCE
Easterly along the south ROW line of Peach St..to a point where said line intersects with the east
property line of Block 124, Lot 9A of the Fort Worth Original Addition, THENCE
Northerlyfrom the east property line of Block 124, Lot 9A of the Fort Worth Original Addition to a
point where said line intersects the north ROW line of Peach St.and the east ROW line of Samuels
Ave., THENCE
Westerly from the east ROW line of Samuels Ave.to a point where said line intersects the southeast
property line of Block 1, Lot 5R of the Cummings-Boaz Addition, THENCE
Westerly along the south property line of Block 1, Lot 513 of the Cummings-Boaz Addition to a point
where said line intersects the east property line of Lot 18B of the Cummings-Boaz Addition, THENCE
Northerly along the east property line of Lot 18B of the Cummings-Boaz Addition to a point where
said line intersects the north property line of Lot 18B of the Cummings-Boaz Addition, THENCE
Westerly along the north property line of Lot 18B of the Cummings-Boaz Addition to a point where
said line intersects the east property line of Lot 4A of the Cummings-Boaz Addition, THENCE
Northerly along the east property line of Lot 4A of the Cummings-Boaz Addition to a point where said
line intersects the north property line of Lot 4A of the Cummings-Boaz Addition, THENCE
Westerly along the north property line of Lot 4A of the Cummings-Boaz Addition to a point where said
line intersects the east ROW line of Cummings Ave., THENCE
Southerly along the east ROW line of Cummings Ave.to a point where said line intersects with south
ROW line of Peach St.,which is the point of beginning.
.,.-wa ROW ine
/bast lYolxnp lioc of=.
' lol lWi
ROW
dt.&Md
[2ilW{inr uYFMu3t rod
f/ the E.vt ROW.1,*_VW6Me
r'
__\1 '..cN'ROW UM
.�ui ltraeh SI ..._
lauwxtkn of th Pxst�
{Fan ROW Io; —.� _........._--j� Hlt"127,It 9A
i�Cumnl6tp,>t 'SMIh PmP�y line�9'..I -
19,vk 1,Lot SR
M. hSi ywo,finenfl.wa
I Sfi.J JA+d the
Ctnnmhy I AbSM
9 Fotz_ T�x
Boundary Description TIF 9 (TRV)
Revision B
Beginning at a point of the intersection of the east ROW line of Foch St. and south ROW line of
Lancaster Ave., THENCE
Northward along the east ROW line of Foch St.to a point where said line intersects the south property
line of Justin Addition Blk 1, Lot 3, THENCE
Easterly along the south property line of Justin Addition Blk 1, Lot 3 to a point where said line
intersects the east property line of Justin Addition Blk 1, Lot 3, THENCE
Northward along the east property line of Justin Addition Blk 1, Lot 3 to a point where said line
intersects the south property line of Justin Addition Blk 1, Lot 4, THENCE
Easterly along the south property line of Justin Addition Blk 1, Lot 4 to a point where said line
intersects the south property line of Seventh Street Station Blk 1, Lot I, THENCE
Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said line
intersects the west ROW line of Woolery St., THENCE
Northward along the west ROW line of Woolery St.to a point where said line intersect the south ROW
line of 7th St., THENCE
Westerly along the south ROW line of 7th St.to a point where said line intersects the west ROW line
of Foch St., THENCE
Southerly along the west ROW line of Foch St.to a point where said line intersects the south ROW line
of Lancaster Ave., THENCE
Easterly along the south ROW line of Lancaster Ave.to a point where said line intersects with east
ROW line of Foch St.,which is the point of beginning.
sitar aow liao of MA W Reihond`
W"Ro)w line
Jupm 9d"im taut m,A
&wth Prup lin:flhc
East ROW line of Hoch St !
Justin Addtxm South
prop line Slk I IA At 4 South ROW line
------
--_---._ offanorer
Soventh Strut stati"I
prop line BIk I latl I
10 FORT T�H
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T/ L
Boundary Description TIF 9 (TRV)
BEING a tract of land situated in the City of Fort Worth,Tarrant County,Texas, depicted on the map on
page eleven and being more particular described as follows:
BEGINNING at a point at the intersection of a projection of the west ROW line of BNSF Railroad and
also being the intersection of 23rd St. ,Samuels Ave.and Decatur Ave., THENCE;
Northeasterly along the centerline of Decatur Ave.to a point in the centerline of the Union Pacific
Railroad Track, THENCE;
Northeasterly to a point in the northwest corner of Block 1, Lot 1, Brennan Avenue Service Center
Addition, THENCE;
Northeasterly along the north property line of said Block 1, Lot 1, to a point where said line intersects
the most northeasterly corner of said Block 1 Lot 1, THENCE;
Southwesterly along the east property line of said Block 1, Lot 1,to a point where said line intersects
the northeast corner of Block 1, Lot 2, Brennan Avenue Service Center Addition, THENCE;
Southwesterly along the east property line of said Block 1, Lot 2,to a point,where said line intersects
the north ROW line of Northside Dr., THENCE;
Southeasterlyto a point in the centerline of said Northside Dr., THENCE;
Easterly along the centerline of Northside Dr.to a point where said centerline intersects with the
centerline of Oakhurst Scenic Dr., THENCE;
Southeasterly along the centerline of Oakhurst Scenic Dr.to a point where a projection of said
centerline intersects with the south ROW line of Belknap St., THENCE;
Northeasterly along the south ROW line of Belknap St.to a point where said ROW line intersects the
northeast corner of Block 1, Lot 1,Trinity River Addition, THENCE;
Southeasterly along the east property line of said Block 1, Lot 1,to a point where said line intersects
the north ROW line of Hwy 121 Airport Frwy., THENCE;
Southeasterly along a projected line of the east property line of said Block 1, Lot 1,to a point where
said line intersects the south ROW line of Hwy 121 Airport Frwy, THENCE;
Southwesterly along the south ROW line of Hwy 121 Airport Frwy to a point where said line intersects
the northeast corner of Tract 53 situated in the John Little Survey,Abstract No.958, according to the
records of the Tarrant Appraisal District("TAD"), THENCE;
12 FoR_ T_, oOTx
Boundary Description TIF 9 (TRV)
Southeasterly along the east property line of said Tract 53 to a point where said line intersects the
southeast corner of said Tract 53 and also being a point in the west property line of Lot 3R, F.A.
Hightower Subdivision, THENCE;
Southeasterly along the west property line of said Lot 313 to a point where said line intersects the
southwest corner of said Lot 311 and the northwest property corner of Lot 1B,Shaffer-Billingsley
Addition,TAD, THENCE;
Southeasterly along the west property line of said Lot 1B to a point where said line intersects the
southwest corner of said Lot 1B and the northwest property corner of Lot 7A,Shaffer-Billingsley
Addition,TAD, THENCE;
Southeasterly along the west property line of said Lot 7A to a point where said line intersects the
southwest corner of said Lot 7A and also being a point located in the north ROW line of 4th St.,
THENCE;
Southerly alongthe east ROW line of the Trinity River Fort Worth Floodway System through Block 4,
Lots 1 through 6, Bassett Addition to a point where said line intersects the north ROW line of Galvez
Ave.and also being the southwest corner of Lot 6, Bassett Addition and a point where the east ROW
line of the Trinity River Fort Worth Floodway System intersects the southern property line of said Lot
6, THENCE;
Southerly to a point in the south ROW line of Galvez Ave.to a point where said line intersects the
northwest property corner of Block 3, Lot 3, Bassett Addition, THENCE;
Southerly along the west property line of said Block 3, Lot 3 to a point where said line intersects the
southwest corner of said Block 3, Lot 3 and the northwest corner of Block 3, Lot 2, Bassett Addition
and a point where the east ROW line of the Trinity River Fort Worth Floodway System intersects the
northern property line of said Block 3, Lot 2, THENCE;
Southerly along the west property line of said Block 3, Lot 2,to a point where said line intersects the
southwest corner of said Block 3, Lot 2 and the northwest corner of Block 3, Lot 1, Bassett Addition
and a point where the east ROW line of the Trinity River Fort Worth Floodway System intersects the
northern property line of said Block 3, Lot 1, THENCE;
Southerly along the west property line of said Block 3, Lot 1 to a point where said line intersects the
southwest corner of said Block 3, Lot 1 and a point where the east ROW line of the Trinity River Fort
Worth Floodway System intersects the southern property line of said Block 3, Lot 1, THENCE;
Easterly along the south property line of said Block 3, Lot Ito a point where said line intersects the
northeast property corner of Block 1, Lot 18,J.W. Burton Addition, THENCE;
13 FOR_ T�WIO�RTH
Boundary Description TIF 9 (TRV)
Southerly along the east property line of said Block 1, Lot 18 to a point where said line intersects the
southeast corner of said Block 1, Lot 18 and also being the north ROW line and the dead end of
Lawnwood Ave., THENCE;
Southeasterlyto a point in the south ROW line of Lawnwood Ave.to a point where said line intersects
the northeast corner of Block 2, Lot 18,J.W. Burton Addition, THENCE;
Southerly along the east property line of Block 2, Lots 18 and 19,J.W. Burton Addition to a point
where said line intersects the southeast corner of said Lot 19 and also being a point located in the
north ROW line of Fisher Ave., THENCE;
Southeasterlyto a point in the south ROW line of Fisher Ave.and also being a point where said line
intersects the northeast property corner of Block 3, Lot 16,J.W. Burton Addition, THENCE;
Southerly along the east property line of said Block 3, Lot 16 to a point where said line intersects the
southeast property corner of said Block 3, Lot 16, THENCE;
Westerly along the south property line of said Block 3, Lot 16 to a point where said line intersects the
northwest corner of Lot 1R,Tarrant Printing Addition,TAD, THENCE;
Southeasterly along the west property line of said Lot 1R to a point where said line intersects the south
west corner of said Lot 1R and also being a point in the north ROW line of the City of Fort Worth and
Dallas Railroad (Trinity Railway Express), THENCE;
Southeasterly to a point in the south ROW line of the Fort Worth and Dallas Railroad and also being
the northwest corner of Block 6, Lot 2R, Martindale Addition,TAD, THENCE;
Southeasterly along the west property line of said Block 6, Lot 2R to a point where said line intersects
the north ROW line of LaSalle St.and also being the southwest corner of said Block 6, Lot 2R,
THENCE;
Southeasterlyto a point in the south ROW line of LaSalle St. and also being the northwest corner of
Block 5, Lot 4R, Martindale Addition,TAD, THENCE;
Southwesterly along the west property line of said Block 5, Lot 4R to a point where said line
intersects the southwest corner of said Block 5, Lot 4R and also being the northwest corner of Lot
5A,Sylvania Addition 2nd Filing,TAD, THENCE;
Southwesterly along the east ROW line of the Trinity River Fort Worth Floodway System through Lots 4
through 14, Sylvania Addition 2nd Filing,to a point where said line intersects the north property line
of said Lot 14, THENCE;
Easterly along the north property line of said Lot 14,to a point where said line intersects the
northeast corner of said Lot 14,TAD, THENCE;
14 FORT H
Boundary Description TIF 9 (TRV)
Southerly along the east property line of said Lot 14,to a point where said line intersects the
northeast corner of Lot 15,Sylvania Addition 2nd Filing,TAD, THENCE;
Southerly alongthe east property line of said Lot 15,to a point where said line intersects the
southeast corner of said Lot 15,TAD, THENCE;
Westerly along the south property line of said lot 15,to a point where said line intersects the east
ROW line of the Trinity River Fort Worth Floodway System, THENCE;
Southeasterly along the east ROW line of the Trinity River Fort Worth Floodway System through Lots
16 through 22 Sylvania Addition 2nd Filing, THENCE;
Southeasterly along the northeast ROW line of the Trinity River Fort Worth Floodway System through
Lots 22 through 27, Sylvania Addition 2nd Filing to a point where said line intersects the east
property line of said Lot 27 and also being a point in the west ROW line of Sylvania Ave. THENCE;
Southeasterly to a point in the east ROW line of Sylvania Ave. and also being a point where said line
intersects the west property line of Lot 42, Sylvania Addition 2nd Filing, THENCE;
Southeasterly through the southern property line of Lots 42, 41, 40, 78, 79, 80 and the eastern
property line of lots 39 and 81, Sylvania Addition 2nd Filing and also being the northeast ROW line
of the Trinity River Fort Worth Floodway System,to a point in the east property line of said Lot 81 and
also being a point in the west ROW line of Baurline St.where Baurline St.where said west ROW line
intersects the northwest ROW line of the Trinity River Fort Worth Floodway System, THENCE;
Southeasterlyto a point in the east ROW line of Baurline St.and also being a point where said line
intersects the southwest corner of Block 1, Lot 1, ED Max Addition, THENCE;
Northeasterly along the south property line of said Block 1, Lot 1 and also being the northeasterly
ROW line of the Trinity River Fort Worth Floodway System to a point where said line intersects the
southeast corner of said Block 1, Lot 1 and also being a point in the west ROW line of Riverside Dr.,
THENCE;
Northeasterly along a projected line to a point in the center line of Riverside Drive, THENCE;
Northeasterly along the centerline of Riverside Dr.to a point where said line intersects the centerline
of Lawnwood Ave., THENCE;
Easterly along the centerline of Lawnwood Ave.to a point where said line intersects the centerline of
Beach Street, THENCE;
15 FOR-- T,�O�R,TH
Boundary Description TIF 9 (TRV)
Northerly along the centerline of Beach St.to a point where said line intersects the centerline of 1st
St., THENCE;
East along the centerline of 1st St.to a point where said line intersects the centerline of Haltom Rd.,
THENCE;
Northeasterly along the centerline of Haltom Rd.to a point where said line intersects a projected line
of the north property line of Tract 61A situated in the Lewis G.Tinsley Survey,Abstract No. 1523,TAD,
THENCE;
Easterly along said projected line to a point where said line intersects the northwest corner of said
Tract 61A, THENCE;
Easterly along the north property line of said Tract 61A to a point where said line intersects the
northeast corner of Tract 1A, situated in the James F. Redding Survey, Abstract No. 1304, TAD„
THENCE;
Easterly along the north property line of said Tract 1A to a point where said line intersects the
northeast property corner of said Tract 1A and also being a point located along the west bank of the
Trinity River, THENCE;
Southeasterly to a point in the center line of the Trinity River and also being a point where said line
intersects the northwest property corner of Tract 2A situated in the Alex C. Warren Survey,Abstract
No. 1686,TAD, THENCE;
Northeasterly along the centerline of the Trinity River to a point where said line intersects a projected
line of the east property line of Tract 1A situated in the Sanders Elliott Survey,Abstract No. 476, TAD,
THENCE;
Southerly along said projected line to a point where said line intersects the northeast corner of said
Tract 1A, THENCE;
Southerly along the east property line of said Tract 1A to a point where said line intersects the east
property line of Tract 2A situated in the Alex C.Warren Survey,Abstract No. 1686,TAD, THENCE;
Southerly along the east property line of said Tract 2A to a point where said line intersects the north
ROW line of Randol Mill Rd., THENCE;
Southwesterly along the north ROW line of Randol Mill Rd.to a point where said line intersects the
southeast corner of Block 1, Lot 1A,Arc Park Addition,TAD, THENCE;
Southerly along a projected line to a point where said line intersects the center line of the intersection
of Randol Mill Rd.and the centerline of Oakland Blvd., THENCE;
16 FORT WORTH
Boundary Description TIF 9 (TRv)
Southwesterly along the centerline of Oakland Blvd.to a point where said line intersects the
centerline of Interstate 30 (Tom Landry Hwy.), THENCE;
Southwesterly along the centerline of Interstate 30 (Tom Landry Hwy.)to a point where said line
intersects the centerline of Exit 15B of the North-South Frwy.Access Rd.and Hwy. 287, THENCE;
Northwesterly along the centerline of the North-South Frwy.Access Rd.and Hwy.287 to a point
where said centerline veers north of said centerline of Hwy 287, THENCE;
Northwesterly along said centerline to a point where said centerline intersects a projected line of the
south ROW line of Heathcoat St., THENCE;
Northeasterly along the south ROW line of Heathcoat St.to a point where said line intersects the east
ROW line of Clover St., THENCE;
Northwesterly along the east ROW line of Clover St.to a point where said line intersects the
northwest corner of Block 2, Lot 1A,Trinity Bend Addition,TAD,and also being a point in the south
ROW line of 4th St., THENCE;
Northeasterly along the north property line of said Block 2, Lot 1A,to a point where said line
intersects the northeast corner of said Block 2, Lot 1A and also being a point in the south ROW line
of 4th St., THENCE;
Northerly along a projected line of the east property line of said Block 2, Lot 1A to a point where said
line intersects the centerline of 4th St., THENCE;
Northeasterly along the center line of 4th St.to a point where said line intersects a projected line of
the east property line of Block 1, Lot 1,Trinity Bend Addition, THENCE;
North along said projected line to a point where said line intersects the southeast corner of said
Block 1, Lot 1, THENCE;
Northwesterly along the east property line of said Block 1, Lot 1, and also being the west ROW line
of the Trinity River Fort Worth Floodway System to a point where said line intersects the northeast
corner of said Block 1, Lot 1 and also being a point in the south ROW line of Hwy. 121 Airport Frwy.,
THENCE;
Northwesterly along a projected line of the east property line of said Block 1, Lot 1 to a point where
said line intersects the north ROW line of Belknap St. and also being a point in the south property line
of Tract 55B situated in the John Little Survey,Abstract No.958,TAD, THENCE;
Westerly along the southwest property line of said Tract 55B to a point where said line intersects the
north ROW line of Pharr St., THENCE;
17 FOR,�ORTH
Boundary Description TIF 9 (TRV)
Northeasterly along the north ROW line of Pharr St. and also being the north property line of said
Tract 55B to a point where said line intersects the southwest corner of Tract 54AO2 situated in the
John Little Survey,Abstract No.958, and the W.H. Little Survey,Abstract No.945,TAD, THENCE;
Northwesterly along the west property line of said Tract 54AO2,said property line also being the west
ROW line of the Trinity River Fort Worth Floodway System,to a point where said line intersects the
northwest corner of said Tract 54AO2 and also being the southwest corner of Tract 5F situated in the
W.H. Little Survey,Abstract No. 945, TAD, THENCE;
Northwesterly along the southwest property line of said Tract 5F to a point where said line intersects
the southwest corner of Block 2, Lot 713, Greenway Place East Addition,TAD,said property line also
being the west ROW line of the Trinity River Fort Worth Floodway System, THENCE;
Northwesterly along the southwest property line of said Block 2, Lot 7B and along the south property
line of Block 2, Lot 6, Greenway Place East Addition,TAD,said property line also being the west ROW
line of the Trinity River Fort Worth Floodway System,to a point where said line intersects the east
ROW line of Interstate 35, THENCE;
Northwesterly along the East ROW line of Interstate 35 to a point where said east ROW line forms a
ninety degree(900) degree angle with a projected line running perpendicular across the Interstate 35
ROW from the southeast corner of Block 5, Lot 13R, Greenway Place East Addition ,TAD, THENCE;
Southwesterly along said projected line to a point where said line intersects the southeast corner of
said Block 5, Lot 13R, THENCE;
Northwesterly along the east and north property lines of said Block 5, Lot 13R to a point where said
line intersects the east ROW line of Nixon St. and also being the intersection of Nixon St. and Delga
St., THENCE;
Westerly to a point where said line intersects the north ROW line of Delga St. and the west ROW line
of Nixon St., THENCE;
Southwest along the north ROW line of Delga St.to a point where said ROW line intersects the east
property line of Block 1, Lot 2, Hudson Addition, THENCE;
Northeasterly along the east property line of said Block 1, Lot 2 to a point where said line intersects
the southeast property line of Block 1, Lot 1, Hudson Addition, THENCE;
Northeasterly along the southeast property line of said Block 1, Lot 1 to a point where said line
intersects the most easterly corner of said Block 1, Lot 1 and also being the west ROW line of the
Trinity River Fort Worth Floodway System, THENCE;
18 FOR--- T�H
Boundary Description TIF 9 (TRV)
Northwesterly along the ROW line of the Trinity River Fort Worth Floodway System to a point where
said ROW line intersects the east ROW line of the Union Pacific Railroad, THENCE;
Southwesterly along the east ROW line of Union Pacific Railroad to a point where said line intersects
the southeast corner of Tract 27 situated in the Edmund Little Survey,Abstract No. 954,TAD,
THENCE;
Easterly along the south property line of said Tract 27 to a point where said line intersects the
southwest corner of said Tract 27 and also being the west ROW line of the Union Pacific Railroad and
a point in the east property line of Tract 2E01 situated in the Edmund Little Survey,Abstract No.954,
TAD, THENCE;
Southwesterly along the east property line of said Tract 2E01 to a point where said line intersects the
southeast corner of said Tract 2E01 and also being a point in the east ROW line of Cold Springs Rd.,
THENCE;
Easterly along a projected line to a point where said line intersects the centerline of Cold Springs Rd.,
THENCE;
Northwesterly along the centerline of Cold Springs Rd.to a point where said line intersects the
centerline of Northside Dr., THENCE;
Southwesterly along the centerline of Northside Dr.to a point where said line intersects the west
ROW line of the BNSF Railroad, THENCE;
Northwesterly along the west ROW line of the BNSF Railroad to a point where said line intersects the
centerline of the Trinity River, THENCE;
Westerly along the centerline of the Trinity River to a point where said line intersects the east ROW
line of Samuels Ave., THENCE;
Northwesterly along the east ROW line of Samuels Ave.to a point where said line intersects the
intersection of 23rd St.,Samuels Ave. and Decatur Ave. and also being a point in a projected ROW
line of the BNSF Railroad,which is the POINT OF BEGINNING.
19 FOR, TOOTH
Project Description
Project Purpose
The primary purpose of the Trinity River Vision - Central City Project is to provide Fort Worth with
needed flood protection. By constructing a bypass channel that will re-route a portion of the Trinity
River, as well as multiple flood storage sites throughout the project boundary,the project will
provide flood protection to more than 2,400 acres of established neighborhoods. Additionally,
through the use of flood gates and dams to control water elevation, environmental remediation, and
the installation of select utility upgrades,the previously industrial, currently under-developed area
due north of Downtown known as Panther Island will be readied for redevelopment as a waterfront,
mixed-use district, including twelve miles of publicly accessible waterfront, an urban lake, and a
water-linkage between downtown and the Fort Worth Stockyards. The development of a high-
quality,higher-density, mixed-use, infill development linking and supporting existing districts
(Stockyards and near northside neighborhoods, Downtown, and the Cultural District) is supported by
the Fort Worth Comprehensive Plan as well as Fort Worth's Economic Development Strategic Plan.
In support of local and federal aims to address flood concerns for the area and consistent with the
City of Fort Worth's Comprehensive Plan and Economic Development Strategic Plan,the goals for
the TIF are as follows below.
Project Goals
• Flood control
• Environmental remediation and ecosystem restoration
• Enhanced open space and trail connectivity
• Improved public access to the Trinity River
• Improved water quality
• Support of community-requested recreational improvements, including creation of a
1,000-acre urban programmed park
• Increased density of people living, working, and playing in the Central City
• To complement and link existing districts
GATEWAY PARK
MASTER PLAN - !
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20 FOR--
Economic Impact TIF 9 (TRV)
Historic Growth in the Trinity River Vision TIF(2003 to 2021)
During the 18 years of the TIF (2003 to 2021), over$579.1 million in new construction activity has
occurred. On average, $32.2 million in new taxable real property value was added to the tax base
each year. The combination of new construction activity and tax base appreciation has generated
approximately$55.4 million in total TIF 9 tax revenue.
TIF 9 property tax calculations must be adjusted each year to account for tax exempt properties as
well as projects receiving property tax abatements. While TIF 9 has added new taxable projects, not
all projects translate into TIF tax revenue.The following projects illustrate some of the adjustments
that have been made:
• The City of Fort Worth granted the Chesapeake Plaza property a 100 percent property tax
abatement that ended in 2026. In January 2021,the City bought this property to use as a new
City Hall. Going forward,this property should be fully tax exempt for the duration of the TIF.
• It has been assumed there would be no new developments built within Gateway Park segment
(#913). However,the Shelby at Northside was built during 2019 and 2020. Going forward, an
appreciation only model will be used for the Gateway Park area.
• A City of Fort Worth Chapter 380 Economic Development Program Agreement supporting the
Trinity Bluffs master development leads to a full or partial deduction of City tax revenue from
the property for the 20-year term of the agreement(2009 to 2028).Actual deductions resulting
from the agreement are based on project performance across several commitments by the
property owner.
• In tax year 2014,Tarrant County Senior Living Center, Inc. (The Stayton at Museum Way) was
able to qualify as a charitable organization.The net effect is that the property is no longer taxed
by local jurisdictions. It is assumed that this property will continue to be tax exempt going
forward.The decline in total taxable value between 2013 and 2014 is attributable to The
Stayton at Museum Way.
• Embedded in the annual TIF 9 reports from the appraisal district are the effects of public sector
purchases or sale of property. Given the tax-exempt status of public sector entities,these real
estate transactions impact the taxable value of the TIF. Once the federal flood project has been
developed, some property owned by the Tarrant Regional Water District can be sold (becoming
taxable) while other property must be retained.
"Economic Impact Source:TXP(revised for clarity and applicability;Full TXP report available upon request)
21 FORT To-
Economic Impact TIF 9 (TRV)
Figure 1 - Annual New Taxable Construction Activity in the Trinity River Vision TIF
Se0,000,000
$70,000,000
$60,0o0,000
$50,000,000
S40,000,000
$30,000,000
$20,000,000
$10,0W,000
so
Source:Tarrant Appraisal District,TXP
Figure 2 - Trinity River Vision TIF 9 Total Tax Revenue for all Jurisdictions by Year
$8,0o0,000
57,000,000
$6,0oo,000
$5,000,000
$4,0o0,000
$3,000,000
$2,000,000
51,000,000
so
R ' RR9R99R9RRRR
Source:Tarrant Appraisal District,TXP
22 FORT�Wo�>z„rH
Economic Impact TIF 9 (TRV)
Tax Revenue Forecast Attributable to Existing Properties within TIF 9
TIF 9 is comprised of two parts:TIF#9A (1,380 acres) and TIF 9 (TRV) (2,600 acres). Because the
two sections have different base years,the Tarrant Appraisal District differentiates these two areas
in their annual calculations.To simplify the information for ease of understanding, the data
presented represent the combined TIF district as a whole except where otherwise distinguished.
Tax revenue forecasts reflect updated values for land appreciation and development within TIF 9 that
have occurred since its inception. Forecasts of future tax revenue assume land and property tax
appreciation at 2.5 percent annually for the duration of the TIF.
For forecasting purposes only, it is assumed that existing property tax rates of the TIF's participating
governmental entities will remain constant at 2021 levels. If the taxing rates do move up or down,
this could have a material impact(positive or negative) on forecasted revenue. In aggregate,the total
tax rate for the TIF has declined over the past 15 years.
Table 1:Property Tax Rates for Applicable Local Jurisdictions(2021)
luradWm3n Rate per$100 Participation% Tax Ratefor TRV
City of Fort Worth $0.732500 80% $0.586000
Hospital District $0.224429 90% $0.179543
TCC $0.130170 80%, $0.104136
Tarrant County $0.229000 80% $0.183200
TRWD $0.028700 80°k, $1.022960
80% $1.075839
After accounting for all existing tax abatements (and using a 2.5 percent appreciation rate -the updated 40-
year TIF 9 forecast in tax revenue based on existing property/land values is approximately$306.4 million,
$5.0 million less than the 2019 estimate.
23 FORT H
Tax Increment Projections TIF 9 (fRV)
Table 2: Estimated Annual Appreciation of Trinity River Vision TIF 9
Ckyof
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2004 5278,056 $142.665 $420,721 Actual Collections
2005 $166,803 $301,209 S468,012 Actual Collections
2006 $385,943 5462.111 S848 054 Actual Collections
2007 $424,913 $693,329 $1,118,242 Actual Collections,
2008 $649,433 $912,245 $1,461,679 Actual Collections
2009 $838,029 5815.569 S1.653,598 Actual Collections
2010 1 $2.001,795 $1,072.882 S2.074.667 Actual Collections
2011 $1,973,143 Si 183052 S2,256195 Actual Collections
2012 $1,368,262 $1421,633 52,789,796 Actual Collections
2013 S1,558,536 S1.573.450 $3,131,986 Actual Collections
2014 S1,682,009 S2,577,993 $3.260.002 Actual Collections
2015 Detailed data not available S2,402,969 Actual Collections
2016 Detailed data not available S3,528,738 Actual Collections
2017 $2,759,535 $2,084,578 $3,844,113 ActualColiections
2018 $2,418,524 $2,563,065 $4,981,589 Actual Collections
2019 $3.211,523 $3,369,619 $6.581,141 Actual Collections
410 $3.502.211 $3,589.413 $7.191,624 Actual Collections
2021 $30846,730 $3,547,999 $7,394,729 Forecast based on appreciation
2022 $3 937,997 $3.652.733 57,590,731 forecast based on appreciation
2023 54A57,445 $3,760,086 $7,817,531 Forecast based on appreciation
2024 $4.179,917 $3.870,122 S8,050,039 Forecast based on aWredation
2025 $4305,487 S3,982,909 S8,288,397 Forecast based on Appreciation
426 $4,434.236 S4A98,516 S8,532.752 Forecast based on appredation
2027 $4,566,242 $4.217,013 $8,783,255 Forecast based on appredation
2028 $4,701,588 $4,338,473 S9,040,061 Forecast based on appreciation
2029 $4,MW 358 $4.462,%9 $9,303,327 Forecast based on appreciation
2030 $5,414,780 $4,590,577 510,005,358 Foremt based on appredation
2031 $5,S69,304 $4.721.376 $301290,680 Forecast based on appreciation
I03I $5,727,691 $4455,445 5101583.135 Forecast based on appreciation
2033 $5.890Ad7 $4.992.865 SIOA 2.902 Forecast based on appredation
2034 $6056,442 $5,133,721 $11,190:163 Forecast based on appreciation
2035 $6,227,007 $5,278.098 $21,505,105 Forecast based on appreciation
2036 $6,401.836 $5,426014 SlIA27,921 Forecast based on appreciation
2037 $6,58106 $5,577,771 $12.158.fW Forecast based on appreciation
2039 $6.764.716 $5.733.249 512,497,955 Forecast based on appreciation
2039 S6.952 988 5SA92,615 $12,845415W Forecast based on appreciation
2040 $7.145,967 $6455,964 $13,20031 Forecast based on appreciation
2041 $7,343.770 $6,223,397 S31567,167 Forecast based on appreciation
2042 $7.546,518 $6,395,017 $13,941,535 Forecast based on appreciation
2043 $7,754,335 $6,570,926 S14.325,261 Forecast based on appreciation
20" S7,967,348 $6,751,Z34 $14,718,581 Forecast based on appreciation
24 FOR— T�WORT_H
Tax Increment Projections TIF 9 (TRV)
2021 Tax Revenue Forecast Scenarios for TIF 9
To support long-term financial planning and tax revenue forecasts for the TIF, the Tarrant
Regional Water District (TRWD) engaged consulting firm TXP whose analysis is featured in this
updated Project and Financing Plan. Long-term tax revenue forecasts are significantly dependent
on the U.S. Army Corps of Engineers flood control infrastructure improvements, City of Fort Worth
utility improvements outlined in the TRV master plan, and improvements by other local public
entities being constructed in the TIF. Uncertainty about the timing of related funding combined
with prolonged impacts from the COVID-19 pandemic create new uncertainty and risk over the
next 20 years. Looking towards the future, past performance within the TIF is a reasonable
indicator for the type of development the market can support. TXP created the following four tax
revenue forecast scenarios:
1) Baseline Appreciation (No Infrastructure): A number of external variables will impact the
successful implementation of the TRV Project.The key driver for the long-term outcome of
the area is the financial resources required to put in both flood control and City of Fort
Worth utility infrastructure in place. Under this scenario, TXP has assumed the bulk of the
plan is not implemented. Even with only limited additional infrastructure, it is reasonable to
assume that properties along Main Street or the Tarrant County College parcels would
redevelop.This would be considered the most conservative or worst-case scenario in that
no additional development is projected including the known projects in the pipeline.
2) Historic TRV Construction: Since TIF 9 was established, approximately$32.2 million in new
construction activity occurs each year(residential and commercial). Over the past 10 years,
the average new annual construction value was$36.6 million. For this scenario,TXP has
used the 10-year average because the area has become more well known within the region
and it reflects more recent trends in construction costs.This would be considered the
second most conservative scenario and does not fully take into consideration new
development potential created by TRWD flood control and utility infrastructure investment,
the realignment of the Trinity River, and less floodplain acreage.
3) TXP Forecast:TXP believes it is appropriate to build a long-term TRV scenario that combines
the likely near-term pipeline of new development projects plus the 10-year average of new
construction within the TIF.The 10-year average includes commercial projects (e.g. Left
Bank shops and retail) and residential projects (e.g. Encore).
4) TXP Forecast+ 5-Year Pause:This scenario assumes no new projects break ground
between 2024 and 2029 because of uncertainty related to the timing of federal funding,
limited land for redevelopment,and continued work remote options for traditional office
workers.After 5 years,the 10-year average of new construction within the TIF is used to
project real estate activity for the remainder of the TIF.
25 FORWORTH
Tax Increment Projections TIF 9 (TRV)
Table 3: Estimated Annual Tax Revenue of Trinity River Vision TIF 9
(Appreciation &New Construction)
Yews BUalh►dippMmM1M 11ktKkC4 0n i11PFM�420�"7
SrYbrFad�r4iWn1AnB0elry
2004 S720.721 S420.721 $420,721
2005 $468.012 °it,012 $468.012
2006 S848,05A S8.16,054 S848,0542007 S1,118,242 S1.118.242 $1.128,252
2008 1 461678 SI 461 678 1 463 678
2009 $1 653 598 S1 653,599 SL652.559 $1,653,599
2014 S4074,667 S2 074,667 $2.074.667 $2,074,667
2011 51,256,195 S2,256,195 $,2,256,195 $1,256.195
2012 $2,759,796 S2,7S9,796 52,78917% S2.789,796
2011 53.132,98b S.3,131,986 53,73 A% 53,111,986
2014 $3,260402 S3,260,002 S3,2601002 S3,260,002
2015 52 2,969 $2 2,969 S2,402,969 402,969
1016 24 738 3.5T$738 3 52R 738 3 528 738
2017 113 SJ.W.113 $3 644 113 3 844 113
2018 $4,961.M 54.98I.589 S3.931.589 54.961.589
2015 $6 581.141 S6 58I,141 S6,581141 56 581.141
2020 57.19L624 S7391 624 57.19L624 57 191,624
2021 57.394.729 57.394.729 S7.394,729 $7.394 729
2022 S7.590 731 S7 984.758 S7.800,286 S7 800 286
2023 57.837 531 S8,625,M $8,74ZS33 $8,742,833
202A $8 050 039 S9 291 965 S9 691086 59 691086
2025 $8,28&397 $9.985.696 SMI",495 59,974A70
2026 $8,53L752 51Q707.417 $11,064.634 $10,2-'&977
2027 $8,783,255 511455,091 $11,792,410 510,550,494
2028 59,040,061 $12.239,721 $12,549,770 WASIA70
2029 $9,303,327 S1310S0,329 $11,334,697 $11,554,050
2030 $10.005.3S8 $14,326,119 S14,583,308 S12,716 227
2031 10 290 680 $15,211,547 $15,440,0M $D,491,296
2012 S30,583.135 516,131,413 S16 329.5% S14 279.892
2033 S30.887,902 S17.086AS5 $17.253.107 S15 107010
2034 S11 190,163 S181079.169 518.211.710 S15.965.680
2035 S11,505.105 S19.109.508 $19.2061579 S16.856.962
2036 S11 827,921 S20,179,195 S20.238.931 517 731,%9
2037 S12 158.807 S21 289323 S21,310,016 SIB,741 771
2038 12 497 965 22,441&3b 421,126 $19,737,59D
2039 SILM,603 S23,637,681 S23,573,593 S20,770,607
2W S13,201,931 524,979,360 $24,768.791 $21,842 059
2041 $13,567,167 $26,16S,4A3 $26,00$136 $22AS3,222
2042 $13,911,535 $27,50Q404 $27,293,087 $24,105,413
2043 $14,325,261 884 904 8 625 152 299 9S7
"M $14 718 SS1 $0,320,w $30 005 883 538 345
2US 30.605 999
2W 53LI18,119
2047 $311AI"1
2048 $3L479,331
2049 $33128.917
2050 S33,79L496
2051 S34,467326
2052 -51%.672
2053 $35.959.806
WA $36,577,002
26 FOR— T-�WorRTx
Tax Increment Projections TIF 9 (TRV)
The following table depicts the past three TXP forecasts prepared for TRWD with respect to TIF 9. The
Baseline Appreciation and Historic Construction scenarios are similar. The primary reason for the
declining revenue is related to taxing entities lowering their respective tax rates. While this is typically
viewed as positive by residents and businesses, it does reduce the long-term revenue of the TIF.The
TXP forecasts have the most variability. Proposed pipeline projects not being built and lack of federal
funding are the two key factors that impacted these scenarios.
Table 4: Comparison of the Past Three TXP Forecasts)
Scenario TXP 2017 UP 2019 TXP 2021
Baseline Appreciation $333,191,234 $311,789,3:57 $306,356,059
Historic Construction $448,051,488 $497,661,283 $463,992,689
TXP Forecast* $487,902,317 $594,116,837 $466,016,099
TXP Forecast+Pause* $506,713,828 $522,877,184 $421,005,418
Source:Tarrant Appraisal District,TXP
*Different assumptions on long-term future buildout
Key Issues Influencing Future TIF 9 Growth
Separate from the TIF 9 build-out scenarios presented in the previous section,TXP has identified
several key issues that could influence the financing plan or development pattern within the TRV.
Several items have been identified in the past as key long-term issues and will be the major drivers of
growth for the TIF throughout its duration.
1) There is still a significant amount of federal-state-local infrastructure spending required for the
Panther Island Central City Project to reach its full development potential. Ultimately, the pace of
private sector development on Panther Island will be significantly influenced by the flood control
and utility infrastructure construction.
2) TRWD has provided a $200 Million interest free loan (from its royalty reserve funds) in financial
support to the TRV project. Additionally, in May 2018, its voters approved an additional $250
million in flood control bond financing for the project.As the TIF reaches its midpoint in terms of
years, continued delay in receiving federal funding might create challenges in fully repaying
TRWD if sufficient development does not occur on Panther Island.
3) The Encore multifamily project will set a benchmark for demand and rents on Panther Island.
Adjacent landowners and real estate developers will monitor this project to determine how
attractive is Panther Island to potential residents. The success or failure of this project will have
an important impact on development activity over the next few years.
27 FoR H
Tax Increment Projections TIF 9 (TRV)
4) Related to the Encore multifamily project,the short-term focus should be on encouraging
development along Main Street that is canal ready but not canal dependent. There is land held
by private landowners along and adjacent to Main Street that could be developed over the next
10 years independent of the larger flood project.
5) TRWD owns over 100 acres within the TIF.Some of this land could be sold for redevelopment
in the short-term. Other properties could be sold or leased once the flood control project is
completed. The development of these properties is required for the TIF to generate maximum
revenue.
28 Foxy
Public Infrastructure Costs and Financing Plan Summary TIF 9 (TRV)
Public Infrastructure Costs and Financing Plan Summary
Central City/Panther island Project Costs
Local USA'
Preliminary Design $18,225,972
Land Acquisition $99,034,517
Flood Control Cash Match $50,900,362
Relocation $59,790,856
Demolition $15,802,874
Environmental $38,098,850
Program Coordination $30,297,476
Sewer&Water Relocation $77,519,387
Storm Water Relocation $24,345,756
Franchise Utilities $20,169,474
Local Street Mods $5,521,441
Total USACE $439,706,965
Local Bridges $33,973,387
Local Other
Marine Creek Lock $10,245,376
Bypass Channel - Local Share $21,834,669
Panther Island Utilities $29,458,650
Storm Drainage $0
Gateway Park $6,668,614
Total Other $68,207,309
Contingency $36,408,910
Subtotal Local 1578,296,571
Debt Service/Interest Expense $250,000,000
Total Local Costs r $828,296,571
29 FORT WORTH
Public Infrastructure Costs and Financing Plan Summary TIF 9 (TRV)
Notes:
1) USACE-items that local agencies must perform as part of the Central City Project determined by
USACE
2) Bridges- items that local agencies must perform as part of the Central City Project determined
by TXDOT
3) Other-items that are community driven and tangential to the Central City Project
4) Contingency- Many of the items above are not far enough in design to predict cost with certainty
5) Debt Service/Interest Expense - TRWD intends to issue debt to keep the project on schedule
and will therefore incur interest expenses.
The following sources of funds have been estimated for the Project:
local Romnue Sources
City of Fort Worth $26,600,000
Tarrant County $22,000,000
TRWD $64,400,000
Total $102,000,000
Remaining to be funded from TIF $726 298 588
Total focal 1328,298,588
30 Fox,_ T�x
Terms and Conditions TIF 9 (TRV)
Length of TIF in Years:
Trinity River Vision TIF#9A and #9I3 under this amended Project and Financing Plan and as guided by
adopted City ordinance are scheduled to stop collecting revenue on December 31, 2054, in order to
receive tax increment for a total of 50 years. The term of both TIF#9A and #9I3 will be scheduled to
end upon the earlier or either i)the full satisfaction of project cost reimbursements(inclusive of
associated debt service) as indicated with respect to Revenue Utilization described below, or ii) upon
the collection and distribution of incremental revenue from tax year 2054.
Revenue Utilization:
All revenue generated by the TIF shall be allocated to pay for eligible project costs as outlined in the
Project Plan, including i)full satisfaction of any outstanding payment obligations by TIF 9 to TRWD for
the reimbursement of project costs as outlined in the Project Cost Funding Agreement, ii)
reimbursement of up to $250,000,000 in eligible project costs funded by TRWD through the issuance
of debt, and iii) the reimbursement of interest costs incurred by TRWD in association with the
$250,000,000 debt issuance described above.
Tax Increment Participation Rates:
It is anticipated that all participating taxing jurisdictions will continue to participate at 80 percent for
the remaining term of the TIF. Each jurisdiction will be required to amend their existing participation
agreement to include the revenue from the extended term.
31 FORT WORTH
City of Fort Worth,Texas
Mayor and Council Communication
DATE: 09/13/22 M&C FILE NUMBER: M&C 22-0681
LOG NAME: 17TIF9AMEND2
SUBJECT
(CD 2 and CD 9)Conduct Public Hearing and Adopt Ordinance Extending the Term of Tax Increment Reinvestment Zone Number Nine,City of
Fort Worth,Texas and Approving Amended Project and Financing Plans for the Trinity River Vision TIF
(PUBLIC HEARING-a.Report of City Staff:Michael Hennig;b.Public Comment;c.Council Action:Close Public Hearing and Act on the M&C)
RECOMMENDATION:
It is recommended that the City Council:
1.Conduct a public hearing conceming the extension of the term of Tax Increment Reinvestment Zone No.9,City of Fort Worth,Texas,(Trinity River
Vision TIF)and the approval of amended Project and Financing Plans for the Trinity River Vision TIF and the concept of tax increment financing
generally;and
2.Adopt the attached Ordinance which(i)extends the term of the Trinity River Vision TIF to the earlier of December 31,2054,or the date on which
all TIF project costs,tax increment bonds and interest on those bonds(if applicable),and other obligations have been paid in full;(ii)
approves amended Project and Financing Plans for the Trinity River Vision TIF,as previously approved by the Trinity River Vision TIF's Board of
Directors;and(iii)contains specific findings of fact in support of the foregoing.
DISCUSSION:
On December 16,2003,the City Council adopted Ordinance No.15797 designating Tax Increment Reinvestment Zone No.9, (Trinity River Vision
TIF)(TIF),which was expanded to include additional property on December 15,2009 through Ordinance No. 18975-12-2009.The TIF is located
north and west of the downtown Central Business District in the vicinity of the Trinity River.
The TIF was created to help fund public infrastructure improvements associated with needed flood protection and mitigation as well as to
encourage development and redevelopment along the Trinity River.The City has agreed to contribute 80 percent of its tax increment to the TIF.
The current term of the TIF expires on the earlier of December 31,2044,or the date as of which all TIF projects have been paid in full.The overall
project cost is now estimated to be$1.16 billion.On May 5,2018,the Tarrant Regional Water District(TRWD)held a special bond election
authorizing$250 million in bonds to be issued in support of the project. It is proposed that debt service associated with the TRWD bonds be
reimbursed by the TIF.In order to ensure sufficient funding for all current TIF obligations and the proposed TRWD bond issuance,it is necessary
that the term of the TIF be extended.Accordingly,pursuant to authority granted by Section 311.017(a)(1)of the Texas Tax Code,it is recommended
that the term of the TIF be extended to expire on the earlier of December 31,2054,or the date on which all project costs,tax increment bonds and
interest on those bonds,and other obligations have been paid in full.
The amended Project and Financing Plans for the TIF is attached as Exhibit"A"to the proposed Ordinance.The TIF Board approved amended
Project and Financing Plans and recommended extended the term of the TIF as set forth above.
After conducting the public hearing regarding the proposed extension of the TIF's term,the amended Project and Financing Plans and the concept
of tax increment financing in general and after affording a reasonable opportunity for all interested persons to speak for or against the same,it is
recommended that the City Council adopt the attached Ordinance extending the term of the TIF and approving the amended Project and Financing
Plans for the TIF.
Notice of this hearing was published in a newspaper of general circulation at least seven days prior to this public hearing.
The affected property is located in COUNCIL DISTRICTS 2 and 9 and the overall project benefits the entire City.
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 this agreement will have no material effect on the Fiscal Year 2022 Budget.While no current year
impact is anticipated from this action,any effect on expenditures and revenues will be budgeted in future Fiscal Years and will be included in the
long-term financial forecast.
Submitted for City Manager's Office by: Reginald Zeno 8517
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Michael Hennig 6024