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Home My WebLink AboutContract 29996 CITY SECRETARY CONTRACT NO. R AMENDMENT NO. 1 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FONT WORTH, TEXAS This AMENDMENT NO. 1 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT wOR'I M TEXAS (the `City"), a home rule municipality organized under the laws of the State of Texas and acting by and through Reid Rector, its duly authorized Assistant City Manager and TARRANT COUNTY, TEXAS ("Taxing Unit'), acting by and through Tom Vandergriff, its duly authorized County Judge. The City and Taxing Unit hereby agree that the following statements are true and correct and constitute the basis upon which the City and Taxing Unit have entered into this Amendment: A. on December 19, 1995 the City Council of the City adopted ordinance No. 12324 designating certain real property in the downtown area of the City as Tax Increment Reinvestment Zone Number Three, City of Fort North, Texas (the "Original TIF"). ordinance No. 12324 is attached hereto as Exhibit "A". B, on or about May 6, 1996, the City and Taxing Unit entered into an agreement under which Taxing Unit agreed to deposit up to one hundred percent (100%) of Taxing nit's Tax Increment into the TIF District's Tax Increment Fund g ("Participation Agreement"), as specifically provided in that Participation Agreement. The Participation Agreement is a public document on file in the City Secretary's Office as City Secretary Contract No. 21825. C, on October 30, 2001, the City Council of the City adopted ordinance No. 14839 expanding the original TIF to include additional real property in the downtown area of the City contiguous to that comprising the original TIF (the "Expanded TIF"). Ordinance No. 14839 is attached hereto as Exhibit x`B". D. After hearing a presentation by the City regarding the tentative plans for the development or redevelopment of the Expanded TIF and an estimate of the general irn p act of the Expanded TIF on property values and tax revenues, Taxing Unit's Commissioner's Court has adopted a Resolution declaring its intent that Taxing Unit contribute up to one hundred percent (100%) of Taxing Unit's Tax Increment into the Tax Increment Fund, which intent the parties hereto wish to reduce to writing through this Amendment. Q. U iV SKJED. No. I to Tarrant �, Amendment N County � ! Participation Agreement re:Downtown TIF Page I Ar r NOW, THEREFORE, the City and Taxing Unit, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 11 The following terms provided in Section I of the Participation Agreement are hereby amended to be defined as follows: "TIF District" shall mean Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, designated by City Ordinance No. 12324 on December 19, 1995 and expanded by City Ordinance No. 14839 on October 30, 2001, which Ordinances are incorporated herein by reference for all purposes. "Tax Increment Base" shall mean (i) the total appraised value of all real property taxable by Taxing Unit and located in the Original TIF on January 1, 1995 and (ii) the total appraised value of all real property taxable by Taxing Unit and located in the Expanded TIF on January 1, 2001. 2. All other terms set forth in Section I of the Participation Agreement and their respective definitions, as well as all other provisions and conditions of the Participation Agreement, shall remain in full force and effect. 3. Capitalized terms used but not identified in this Amendment shall have the same meanings assigned to them in the Participation Agreement. 4. In accordance with Section VIII of the Participation Agreement, a copy of this Amendment will be provided to all TIF Taxing Units. 5, This Amendment contains the final written expression of the City and Taxing Unit with respect to the subject matter hereof. This Amendment may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. EXECUTED this day of C 002: 0 CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS: By. By. Reid Rector Tom NKandergriff Assistant City Manager County Judge Amendment No. 1 to Tarrant County Participation Agreement re. Downtown TIF Page 2 �. , 1 � 1 Y e ATTEST: ATTEST: r C Z)I" e I 4z� County Clerk City Secretary APPROVED AS TO FOR.MILEGALITY: APPROVED AS FO By: B y% Peter Vaky Ray Rik Assistant City Attorney Assistant District Attorney M&C: ue)-2008P �. Tarrant County [ii Amendment No. 1 to Tarr Participation Agreement re: Downtown TIF Page 3 1 r z r s r ORDINANCE NO. Zg .AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTHr 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 (the "city" ) was presented a petition submitted by the owners constituting at least fifty percent (50%) of the appraised value of the property hereinafter described requesting that said property be designated as 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, the City Council of the city desires to promote the development and/or redevelopment of the property described in such petition and within the City's jurisdiction, by the creation of a reinvestment zone as authorized by the Act; and WHEREAS, in compliance with the Act, the city called a public 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 December 11, 1995, a date not later than seven (7) days prior to the date of the public hearing; and - WHEREAS, notice of such public hearing, in required form and substance, was provided in writing to the governing n „ . taxing unit that levies real property taxes in hea; � r' reinvestment zone and each such taxing unit ha r g 1 i 1 ' resolution wherein they have agreed, pursuant to Section 311.003 (e) of the Act, to waive the requirement_ for sixty days notice prior to such , public -hearing; and . WHEREAS - in comp lianc e with the -Pict, the city made a , formal ► presentation, in required substance and form, to the governing body of each county or school district that levies real property taxes in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, the City prepared a a preliminary reinvestment zone financing plan and sent a copy of the plan to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone; and WHEREAS, the public hearing was convened at the t-ime and place_ mentioned in the published notice, to wit, on the 19th day of r December, 1995, at 10:00 a.m. , at the Council Chambers 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 11) the creation of the reinvestment zone, (2) the boundaries of the P ro P osed 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 z no evidence both oral and documentary, in f avor of 1 ' S o e oin matters relating to the creation of the reinvestment f �' 9' g g zone, pp ► an and opponents, if .. of the reinvestment- zone appeared to Y 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 fallowing findings and determinations based on the evidence and testimony presented to it: (a) That the public hearing on adoption of the reinvestment t _ zone has been -properly called, held, and conducted and that notice of such hearing has been published as required by law. . That all taxin units levying real. property taxes within (b) g the reinvestment zone received notice of the city& s intention to create the reinvestment zone and of the public ublic hearin and that all such taxing units, pursuant - to Section 311 .003 (e) of the Pict, have agreed by resolution to waive the requirement for sixty days notice prior to such public .hearing. (c) That all taxing units levying real property taxes within the reinvestment zone received a preliminary reinvestment financing plan from the zone g Cit p Y - _ R ry r }�JYJ a� • • - • �7 1r� V M the City timely made formal presentations b r - 3L (d) That y y s and school districts that le rea erty counties vY i taxes within the reinvestment zone as required by the Act, and that each taxing unit which levies real property taxes within the reinvestment zone was notif ied of each such. presentation. (e) That creation of the proposed reinvestment zone and im rovements made therein will significantly enhance the p . value of all the taxable real property in the reinvestment zone and will be of general benefit' f or the City*- (f) That the reinvestment zone, as described in Exhibit "A" , hereof, 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 boundaries of the reinvestment zone contain the same area as the area described in a petition submitted to the City Council by the owners of -property constituting at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for Tarrant County, Texas* (g) That 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 prope - other existing reinvestment zones within th according to the most recent appraisal o 4EOWY�I/ f `T 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 P ercent ( 15%) of the total appraised value of real property taxable by Tarrant County or any school P P y district. That the develo ment or redevelopment of the property in (i) P 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 Three, 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 consist of nine (9) members . The board of directors of the Reinvestment Zone shall be appointed and shall serve as follows: (a) Each of the Fort Worth Independent School, District, Tarrant County Junior College District and Tarrant County may appoint oint one member of the' board if such school district or county has approved the payment of all or art of the tax increment produced by the P member of the state senate in whose district tT r a located (currently Mike Moncrief} is ,, a me el R r board (the "State Senate Member" ) ,, and the member of the state house of representatives in whose district the Zone is located (currently Doyle Willis) is a member of the board, -except that .either may designate another individual to serve in the member f s place at the pleasure of the member. If the Zone is or shall become located in more than one senate or house district then the foregoing shall apply 1 only to the senator or representative in whose district a larger portion- of the Zone is located. The remaining members of the board shall be appointed by the City Council. A vacancy on the board shall be f illed as set forth in the Act. If a• taxing unit waives is right to appoint a member of the board, the City may �- g PP w then appoint such board member. The initial board of directors shall be appointed by resolution of the governing bodies of the City and the taxing units as provided herein within sixty t 6 o y days of the passage of this ordinance or within a reasonable time thereafter. All members appointed to the board shall meet eligibility requirements as set f orth in the Act.. (b) The board members shall serve two year terms; provided, however, such terms shall be staggered as provided herein. The initial directors appointed by the City and the State Senate Member or the designee thereof shall -serve initial terms commencing on the date of appointment and expiring on December 31. 1997, and All directors shall serve initial terms commen F date of appointment and expiring on Dec embe f Each year on or before December 31 the City Council shall designate a member of the board to serve as chairman of the board of directors for the next succeeding calendar y ► ear and the board shall elect from its member's a. vice chairman and other .officers as it deems appropriate, The term of the chairman shall begin on January 1 of the year immediately following the year the City Council so designates the Chairman. (c) The board of directors shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare and adopt - a project plan and reinvestment Zone financing plan for the Zone and must submit such plans to the City Council for its approval. The board of directors shall possess all powers necessary to prepare► implement and monitor such project plan for the Zone as the City Council considers advisable. The board of directors shall prepare an annual report on the status of the Zone and shall submit such report to the City_ as required in the Act. (d) The board of directors shall adopt goals for' the participation of disadvantaged business enterprises with respect to the purchase of supplies► materials■ services and equipment in accordance with and subject to the provisions of the Act. SECTION 5 : That the Zone shall take effect on January 1■ 1996, and that the termination of the Zone shah. oc M ' f t.r . designated e d b subs s e e 4 ,,'� anc e 31 X025 or at an earlier time desi n Y q Y�� r ■ g •.- 1,r i of the City ouncil in the event the City determines tai t��t�io' Zone y . M 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, 1995, 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 subaccounts as may be authorized by subsequent resolution or ordinance, into which all Tax Increments,. less any of the amounts not P required to be aid into the Tax Increment Fund pursuant to the Act, are to be deposited, The Tax Increment Fund and any accounts and subaccounts 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 to and used in the Zone shall be deposited. e P osited. into such fund, account or subaccount from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of such obligations issued for the Zone SECTION 8 : That the Zone is designated u + „ CIO; 311 .005 (a) (5) of the Act. 1 f 'L IJ�•L'I' �; ,., L SECTION 9: That the City Manager and City .Attorney are hereby authorized to execute and deliver f or and on behalf of the .City tax increment agreements with the Fort Worth Independent , School District Tarrant -County, Tarrant County Hospital District,. Tarrant. ► Y County Junior College District and Tarrant County Water Control and Improvement District Number One pursuant to *the provisions of Sections 311-008 and 311.013 (g) 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 unenf orceability 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 e f f ect immediately from and after its p as sage in accordance with the provisions of the Charter of the City of Fort Worth and it is accordingly so ordained. ay'G nfger Mayor 'r+ �r��W1�4r+••4 9 ATTEST: Alice- Church . City Secretary . (SEAT ] APPROVED AS TO FORM LEGALITY: By- Wade Adkins City Attorney Adopted: Effective: EXHIBIT "A" TAX INCREMENT REINVESTMENT ZONE NUMBER THREE (DOWNTOWN T IF) Begirulin9 at a point of the intersection of a projection of the south ROW line of 3rd St. and the west ROW line of Henderson St.,thence Northwesterly loe the west ROW line of Henderson St..to a point where said line Y .� - intersects with the south ROW lire of Weatherford Str,thence' - Southwesterly loe the south ROW line of Weatherford St and what would be a Y � . projection of the said south line to a point where the projection. of said line . intersects with the west ROW line of Penn St.,thence Northerly along the west ROW line of Penn St:which transitions to the south ROW . Y line of Forest Park Blvd. (where Forest Park Blvd. curves info Weatherford St and i Belknap St),),thence . Following the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said line intersects with the north ROW line of Sth St.,thence Due west along a due west projection of the north ROW line of Sth St. to a point where this due west line intersects with the centerline of the Clear Fork of the Trinity River, thence Following the centerline of the Clear Fork of the Trinity.River northeasterly to a point of intersection with the centerline of the west Fork of the Trinity River, thence .Southeasterly,then easterly, and then northeasterly along the centerline of the West Fork of the Trinity River to a point of intersection with the projection of the north ROW line of.0 gs St. (Cummings St. wrns westward as depicted on the TAD tax maps),thence Easterly along the said projection and north ROW line of Cummings St to a point where said line turns southeasterly along the east ROW line of Cummings. St., thence Southeasterly along the east ROW line of Cummings St.-to a point where said line intersects with what would be the projection of the north ROW line of Peach St., thence Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad,thence a� South southeasterly along the east RAW Ivae of the Santa Fe Railroad to ^ with what would be a straight projection of the south ROW 1' e intersection � St.,thence s . f - i Southwesterly along the south ROW line of 6th St. to a point where said line intersects with the west ROW line of Commerce St,thence Northwesterly along the west ROW line of Commerce St. to.a point where said line intersects with.the south ROW line of 5th St_,,thence Southwesterly along the south ROW line of 5th St to a point where said line. intersects with the east ROW line of Main St.thence . Southeasterly along the east ROW line of Main St. to a point where said lane intersects with the south ROW .line of 5th St,thence Southwesterly along the south ROW line of 5th St., to a point where said line intersects with what would be a straight projection of the east ROW line of urnett St.,thence Northwesterly along what would be a straight projection of the east ROW line of Burnett St. (vest line of Block 1 0 1) to a point where said line intersects with the south ROW line of 5th St.,thence Southwesterly along the south ROW line of.5th St. to a point where said line intersects with what would be a straight projection of the west ROW line of Burnett St.,thence Northwesterly along the west ROW line of Burnett St. to a point where said line intersects with the south ROW line of 3rd St.,thence Southwesterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Henderson St., which is the point of beginning. Save and exce t that the following blocks within said perimeter boundary are omitted and excluded from the Reinvestment Tone: Blocks 45R, Courthouse A, Bloch 27, Block 24, Block 58, Block 57, Block 8R, Block 54, Block 86, Block 87 (Lots 1,2A, and 2B), in the Fort Worth original Town Addition,and - Save and e that following area is omitted and excluded from the Reinvestment Zone: Beginning at a point where the north ROW line of Belknap St. intersects the east ROW lane of Henderson St., thence northwesterly along the east ROW line of Henderson St. to a point where said line intersects the south ROW line of Peach St., thence northeasterly along said south ROW line to a point where said line intersects thence easterly along the south RAW the south RSV line of F St., y g -, - Franklin St_ to a point where said line intersects the west RAW line of Tay o'i r , thence southeasterly along the west ROW line of Taylor Street to a point wh e .�f.-t r r line intersects the north ROW line of Belknap St thence southwesterly along the north ROW line of Belknap St. to point where said line intersects the east ROW Line of Henderson St.,which is the point of beginmng,and : S ave and exce t that the following area is omitted and -excluded from the, Reinvestment Zone: Be ' g at a point where the north ROW line of Belknap St intersects the east ROW line of Taylor St, thence northwesterly along the east ROW line of Taylor St to a point where said line intersects the south ROW line of Franklin St, thence easterly along the south ROW line of Franklin St: to a point where said line intersects the west ROW line of Houston St, thence southeasterly along the west ROW line of Houston St to a point where said line intersects the north ROW.line of Belknap St. thence southwesterly along the north ROW line of Belknap St to a point where said line L.I -i f k L f L 7 + i ■ r, .• ��wZ4'w � � ' `� �f� , _w� w��■ � yam' fir:: rw ri t•»_•w� :M..-7 �r•.��.� _»•F�t , ��..� r .y�f�.. .rr w,r ORDINANCE NO. AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance No. 12324, adopted by the City Council,of the City of Fort Worth, Texas (the "City") on December 19, 1995, the City created Tax Increment Reinvestment Zone Dumber Three, City of Fort Worth, Texas, which was subsequently enlarged q y g pursuant to Ordinance Igo. 14795, adopted by the City Council on October 2,2001 (the "Zone"); and WHEREAS, Section 311.007(b) of the Texas Tax Code (the "Code"), subject to certain provisions of Section 311.006 of the Code, allows the City Council.to enlarge the boundaries of an existing reinvestment zone to include an area described in a petition requesting that the area be included in the reinvestment zone if the petition is submitted to the City y Council b the � owners of property constituting at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for the county in which the area is located; and WHEREAS, on October 19, 2001 the City Council was presented with a petition to enlarge the Zone by adding the real property specifically described in Exhibit "A" of this Ordinance (the "Property"), which petition was signed by the owners of property constituting at least fifty percent (50%) of the appraised value of the Property according to the most recent certified appraisal roll for Tarrant County; and WHEREAS, Section 311.006 of the Code allows a municipality to enlarge the boundaries of an existing reinvestment zone pursuant to Section 311.007(b) of the Code so long Page I Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, R,; ; City of Fort Worth,Texas as (i)the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality, and (ii) the amended boundaries of the reinvestment zone Will not contain more than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, on October 30, 2001 the City Council held a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the addition of the Property into the Zone; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the'City on October 23, 2001, a date not later than seven (7) da s rior to the date Y P of the public hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the Property into the Zone and of the public hearing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. FINDINGS. That after reviewing all information before it regarding the enlargement of the Zone and after conducting a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons Page 2 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, ;a 8 �►ej r`' City of Fort Worth,Texas t^ �� •+rY V iiy�� +�J1i i to speak for or against the enlargement of the Zone, the City Council hereby makes the following flndings of fact: 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. 1.2. The Property is generally underdeveloped and blighted and substantially impairs the sound growth of the City because of the presence of (i) a substantial number of deteriorated and deteriorating structures; (ii) the predominance of inadequate sidewalks and sidewalk layouts; (iii) inadequate and/or deteriorated parking areas, lighting systems and related infrastructure; and (iv) faulty lot layouts that hinder accessibility and private reinvestment . 1.3. Development of the Property Will not occur solely through private investment in the reasonably foreseeable future. 1.4. Improvements in the Zone, including the Property, as specifically outlined in the project plan adopted by the Zone's board of directors, will significantly enhance the value of all the taxable real property in the Zone, including the Property, and will be of general benefit to the City • L 1.5. With the addition of the Property, the Zone Will-not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. 1.5. With the addition of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. Page 3 ilt Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas r Section 2. DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Property, specifically described in Exhibit "A", which is attached hereto and hereby made a part of this Ordinance for all purposes. The Zone, as enlarged, has been designated under Section 311.005(a)(5) of the Code and will continue to be known as "Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone will remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Section 4. TERM OF ZONE. That the addition of the Property into Zone shall take effect upon the adoption of this Ordinance. The Zone, as enlarged, shall terminate in accordance with Section 5 of Ordinance No. 1 2324. Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 311.012(c) of the Code, for the Property added to the Zone shall be the total appraised value of the Property taxable by a taxing Page 4 I Y Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, „�� ,+� �. City of Fort Worth,Texas ��7 rs r unit for the year 2001, which is the year in which the Property was added to the Zone. The tax increment base for the property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section 6. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Section 7 of Ordinance No. 12324 (the "TIF Fund") shall include the percentage of any tax increment (as defined by Section 311.012(a) of the Code) produced by the Property that (i) the City dedicates to the TIF Fund and (ii) each taxing unit which levies real property taxes on the Property elects to dedicate to the TIF Fund under a participation agreement with the City, as authorized by Section 311.013(f) of the Code. Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the -City.,,..-tax increment agreements relating to the Property with taxing units that levy real property taxes on the Property. IT, _• r� rr , J Page 5 Ordinance Enlarging Tax Increment Reinvestment Zone Dumber Three, ?j��j/^yyJR, ti,{ City of Fort Worth,Texas I Section 8. SEVERABILITY, That 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 shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Section 9, That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AN-D EFFECTIVE: 0 -~ 0 r 01 APPROVED AS TO FORM AND LEGALITY: By- Peter Vaky Assistant City Attorney • Date:- _ZJ Q M&C: Page 6 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas t, PIM7 t M EXHIBIT "A" BOUNDARY DESCRIPTION OF TAX INCREMENT REINVESTMENT ZONE NUMBER ONE EXPANSION CITY OF FORT WORTH,TEXAS Beginning at a point of the intersection of the south ROW line of 6t' St. and the east ROW line of Burnett St., thence Northeasterly along the south ROW line of 6h St. to a point where said line intersects with the west ROW line of Main St., thence Northwesterly along the east ROW line of Main St. to a point where said line intersects with the south ROW line of 5" St.,thence Northeasterly long the south ROW line of 5�' St. to a point where said line intersects y P with the west ROW line of Commerce St.,thence Southeasterly along the west ROW line of Commerce St. to a point where said line intersects with the south ROW line of 7th St., thence Northeasterly along the south ROW line of 7t' St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad, thence South to southeasterly along the east ROW line of the Santa Fe Railroad to a point where said line intersects with the north ROW line of Lancaster Avenue,thence West along the north ROW.line of Lancaster Avenue to a point where said line intersects with the east ROW line of Calhoun St., thence Northwesterly along the east ROW line of Calhoun St.to a point where said line intersects the north ROW line of 7 h Street, thence Southwesterly, then west along the north ROW line of 7t' St. to a point where said line intersects the east ROW line of Burnett Street, which is the point of beginning. �1 ''1 Oki I I I ALW- ■k■■■ ►''� � �� ■�''�� ■�■� ■�:•■ �. �:—■�/�■�� ►� !Pam ILI 1 cif a�■i ■1 �f% �• S ■ � � �i � � ,►� � �� Err ■►� � 1 � . � � ttt .- .ti ./_-� ��,�.r ��■r��* �� ■ ■�� _�.i Con IMP 1w OR PAR W 10 '1 ■ /■► ■r�o �■ � Ott �1��111�� 1�1�� .� -� • ,�,,.,�f 1,F1 � ■;�;�i � �f�ff� •/ ■•-. . �■ _ ,�•,,• 111,,,t . � ,,�• .«�zinEt� �/ 1ff�lli., .;■ ■•. .� ,��■■��,��■�■ �� ■■■ �■ � 0111 mill XNY ■ ►■■ *■.■ WIN 11 a all 1�,1/11�11,11,1 1111,1\111111\1,1,1 r �`� ■� ■ ��\��'\,,\11\x\ 1\\��1'\�11 � ■ � 11111 111��111;�11�� -► �� .+ ■�fil ■.li�l ■■ � % ■ ■■� ��jf�: 11'■■ ■■'�■■�! • X11111 1�,\� �11.11111�11 11111 �►a �I■ /� � !won■1�� : ` � 1 1111\1,111'11 11,11111111111 i ` / ■■ ��1111,1,11111\\1 1111111 111 0.. ■■ ■�� i � �NEW! •�Now "1111111'1 111111\1,x\11\11111,' ►�Sr% • !!�� 111�� \11111 ■� ,it-r 111 �. rlll# %111111 .■�,�� ' ■•� a rt mom Imsm 1» 1111- ■ � ■ �`� � �»>, now *�� ,■■ ■ �■ ■ W� lllllll !i I III 11HPICE Mm ..II11111lII IIIIIII1111 r!1l�1�l1� 1l11!!l11� ��■■■r. �� ►11111lII!!I !!!11!!1!1 !i1 �� ■ ww� � !w �� SOME �� a ■� a 1 ♦ r 1 ' T City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 5/18/2004 DATE: Tuesday, May 18, 2004 LOG NAME: 12COUNTY REFERENCE NO.: C-20084 SUBJECT: Authorize Execution of Amendments to Agreements with Tarrant County and Tarrant County Hospital District for Participation in Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (Downtown TIF) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute amendments to the agreements with Tarrant County (County) and Tarrant County Hospital District (Hospital District) increasing the scope in which the County and the Hospital District will contribute tax increment to the Downtown TIF. DISCUSSION: The City Council designated the Downtown TIF on December 19, 1995 via Ordinance No. 12324. The County and the Hospital District agreed to contribute tax increment generated by property located in the Downtown TIF pursuant to interlocal agreements with the City (City Secretary Contract Nos. 21825 and 21823, respectively) (the Interlocal Agreements). On October 30, 2001, the City Council expanded the Downtown TIF via Ordinance No. 14839. This additional area included property between W. 6th and W. 7th Streets and property west of Calhoun Street, including the Santa Fe Rail Market (the Expanded Area). Under state law, a taxing unit is not required to contribute tax increment to a TIF unless that taxing unit enters into an agreement to do so with the municipality that has designated the TIF. Because the Interlocal Agreements covered only the dedication of tax increment from property originally included in the Downtown TIF, it is necessary that they be amended to allow the County and the Hospital District to contribute tax increment to the Downtown TIF from property in the Expanded Area as well. The Downtown TIF is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that these transactions will have no effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office b� Reid Rector (6266) Originating Department Head: David Yett (7623) Additional Information Contact: Peter Vaky (7601)