HomeMy WebLinkAboutOrdinance 25837-11-2022 ORDINANCE NO. 25837-11-2022
AN ORDINANCE EXTENDING THE TERM OF TAX
INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY
OF FORT WORTH, TEXAS (SOUTHSIDE TIF); APPROVING
UPDATED AND AMENDED PROJECT AND FINANCING PLANS
FOR THE SOUTHSIDE TIF; AND CONTAINING OTHER
RELATED MATTERS.
WHEREAS, on November 25, 1997, the City Council of the City of Fort Worth,
Texas ("City") created Tax Increment Reinvestment Zone Number Four, City of Fort
Worth, Texas (Southside TIF) ("Zone") pursuant to Ordinance No. 13259.
WHEREAS, in accordance with Section 311.011(a) of the Texas Tax Code
("Code"), on August 30, 1999, 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. 13919;
WHEREAS, Section 311.011(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 11, 2012, the City Council adopted Ordinance No.
20536-12-2012, updating the project plan and financing plan (collectively, "Plans") to
allow the Zone to continue and expand revitalization efforts in the Near Southside by
adding approximately $45 million in public improvement projects;
WHEREAS, on October 19, 2022, the Board adopted a resolution, approving
updates and amendments to 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, 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;
WHEREAS, in accordance with the procedural requirements of Section
311.003(c) and (d), on November 8, 2022, the City Council held a public hearing
regarding the Updated Plans and the extension of the Zone's term, and the anticipated
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Ordinance Extending Term and Approving Updated and Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Four,City of Fort Worth,Texas(Southside TIF)
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:
I.I. 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, 2032, 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
Pursuant to the Code, the termination date of the Zone is hereby extended to be
the earlier of (i) December 31, 2032 or (ii) the date on which all project costs, tan
increment bonds and interest on those bonds, and other obligations have been paid in full.
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Ordinance Extending Term and Approving Updated and Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Four,City of Fort Worth,Texas(Southside TIF)
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. 13919 and 20536-12-2012, 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.
CITY PARTICIPATION
Beginning with tax year 2023 and continuing through tax year 2031, the City will
deposit into the established tax increment fund for the Zone ("Fund") the lesser of the
following:
(a) 30% of its annual tax increment as determined pursuant to Section 311.012(a)
of the Code; or
(b) an annual fixed contribution amount based on the schedule below:
Tax Year Cit 's Participation
2023 $2,700,000
2024 $2,900,000
2025 $3,100,000
2026 $3,300,000
2027 $3,500,000
2028 $3,700,000
2029 $3,900,000
2030 $4,100,000
2031 $4,300,000
Total $31,500,000
For the tenth and final year of the extension (tax year 2032), the City will not
contribute to the Fund, as that year will be set aside to allow the Board time to complete
all remaining administrative responsibilities and obligations of the Zone.
SECTION 7.
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
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Ordinance Extending Term and Approving Updated and Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Four,City of Fort Worth,Texas(Southside TIF)
force and effect and not in any way be impaired or affected by such decision, opinion or
judgment.
SECTION 8.
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 9.
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.
SECTION 10.
EFFECTIVE DATE
That this Ordinance takes effect and will be in full force and effect from and after
its adoption.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM AND L T,ITY:
7�-� I
Tyler ?Jette Goodall
Assistant City Atto ey ecretary
F FOR)-
ADOPTED AND EFFECTIVE: November 8, 2022
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Page 4
Ordinance Extending Term and Approving Updated and Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Four,City of Fort Worth,Texas(Southside TIF)
EXHIBIT "A"
UPDATED PLANS
Ordinance Extending Term and Approving Updated and Amended Project and Financing Plans for Tax
Increment Reinvestment Zone Number Four,City of Fort Worth,Texas(Southside TIF)
Tax Increment Reinvestment Zone Number Four
(Southside TIF)
L ,
u
Updated and Amended Project and Financing Plans
Approved August 1999
Updated and Amended December 2012
Updated and Amended November 2022
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
Updated and Amended Project and Financing Plans
November 8,2022 Update and Amendment Addressing Southside TIFExtension
Extension Purpose
As thoroughly described in the sections below, the Southside TIF was established in 1997 to finance
public improvements and to promote revitalization throughout Fort Worth's Near Southside. The
participating taxing entities originally estimated 25 years of dedicated investment into the TIF Fund
would address anticipated public infrastructure needs.
As the original termination date of December 31, 2022 approaches, and as contribution requirements of
the other taxing entities' participation agreements have been met, the City of Fort Worth recognizes
remaining infrastructure needs in the Near Southside, and the need for continuing dedicated investment to
complete those projects and sustain economic progress . Completing important infrastructure projects,
through a combination of public initiatives and public/private partnerships, requires extension of the
Southside TIF's term, but with a significant modification to the City's level of contribution to TIF 4.
The Southside TIF's extension should proceed in a manner that responds to the level of previous success
in promoting private investment and increasing property values. As a result of increased values, a
significantly reduced rate of City contribution to the TIF will still allow the Southside TIF to achieve the
goal of addressing unmet infrastructure needs.
Term
The extension term will be a total of ten years, with the new expiration date of December 31, 2032. The
first nine years, or tax years 2023-2031, will be revenue collection years based on the City's contribution
schedule detailed below. The final or 10`t'year of the extension, calendar year 2032, will not collect any
revenue but will keep the TIF's Board of Directors intact to complete all remaining administrative
responsibilities and obligations.
City of Fort Worth Contribution Schedule
With this ten-year extension, the City of Fort Worth's annual contributions to the TIF will decrease by at
least two-thirds. The City will transition to a fixed contribution schedule, with one condition to protect
against unanticipated downturns in which the fixed contribution amount would exceed 30% of the City's
available increment for a particular year. In such years, the City's contribution will be less than the fixed
amount and equal to 30% of available increment. In all other years, the City's contributions will match
the following schedule:
Tax Year CityContribution
2023 $2,700,000
2024 $2,900,000
2025 $3,100,000
2026 $3,300,000
2027 $3,500,000
2028 $3,700,000
2029 $3,900,000
2030 $4,100,000
2031 $4,300,000
Total $31,500,000
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 2 of 17
Project Categories
TIF-supported projects funded through this extension will fit within the TIF's same set of general project
categories. The following outline provides nonbinding estimates by category for total projected TIF
revenue of$31.5 million, collected over nine revenue years,tax years 2023-2031.
Transportation and Infrastructure Improvements—Estimated$7M,with potential priorities including:
• Stormwater Upgrades
• TEXRail Near Southside Station Infrastructure
Streets and Streetscapes—Estimated$7M,with potential priorities including:
• Near Southside Street Repair Program
• Circulation and Intersection Improvements
Business Development—Estimated$4M,with potential priorities including:
• Evans Ave. and Hemphill Corridors
• Medical Innovation District Projects
• Transit-Oriented Development
Residential Development—Estimated$4M,with potential priorities including:
• Workforce Housing Developments
Neighborhood Parks and Plazas—Estimated$3M,with potential initiatives including:
• Vickery Village Public Park
• Public/Private Partnership for Urban Plazas
Parking—Estimated$2M,with potential initiatives including:
• Magnolia Green Garage
• Parking Management Infrastructure
Signage—Estimated$.5M,with potential initiatives including:
• Wayfinding Program Phase Three
Administration—Estimated$4M
• NSI Administration
Project Funding Status Worksheets are used to estimate when costs to the TIF will be incurred. An up-to-
date Project Funding Status Worksheet can be found in Exhibit E.
The following sections from the previously amended Project and Finance Plans provide valuable
background information on the district and objectives.In the case of any discrepancy between the sections
below and this update and amendment,the provisions of this update and amendment govern and control.
Tax Increment Financing
Tax increment financing(TIF)is an economic development tool used by local and county governments to
finance public improvements within a defined geographic area. Chapter 311 of the Texas Tax Code
governs tax increment financing.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 3 of 17
Local and county governments may make an area eligible for tax increment financing by designating a
reinvestment zone. In order for an area to be designated a reinvestment zone, the area must: (1)
substantially arrest or impair the sound growth of the entity creating the zone, retard the provision of
housing accommodations, or constitute an economic or social liability and be a menace to the public
health, safety, morals, or welfare in its present condition; (2) be predominantly open, and because of
obsolete platting, deterioration of structure or site improvements or other factors, substantially impair or
arrest the sound growth of the municipality; or(3)be in a federally assisted new community located in the
municipality or adjacent to such property.
A TIF district allows for the tax increment generated from appreciating property values within the area to
be dedicated to public improvements within the same area. As the assessed value of property within a
TIF district increases over time, an increase in the taxes collected from the additional value is captured
and placed into a special fund, which is used to finance public improvements; only taxes collected from
the new taxable value within the TIF district are placed into the special fund. All other taxes collected
from the base value continue to flow to the local taxing entities within the district.
Senate Bill 576, designed to help make TIF districts a more effective economic development tool, was
approved by the Texas Legislature in 2009. This bill authorizes cities to use TIF funds to make
infrastructure improvements outside of the district boundaries, if those improvements directly benefit
the district. The bill also allows historic preservation efforts inside the TIF by authorizing cities to grant
historic preservation incentives without requiring historic property owners to be "carved out" of the
district.
The amount of increment that is captured in the special fund is dependent upon the participation rate of
the local taxing entities. A local taxing entity may choose to participate by dedicating a portion of its tax
increment to the special fund. The participation rate of an entity is determined in an inter-local agreement
between the entity and the TIF board.
Each TIF district is overseen by a Board of Directors, between nine and 15 members, appointed by the
local taxing jurisdictions. This Board of Directors may consider potential projects that fall within the TIF
district's Project and Financing Plan. In addition to following the rules set forth in Chapter 311 of the
Texas Tax Code, the Board of Directors must also abide by the City's Tax Increment Financing Policy
(Exhibit A).
Background
The Southside TIF was created on November 25, 1997 by Fort Worth City Council in order to promote
the revitalization of Fort Worth's Near Southside neighborhood and medical district after property values
in the Near Southside fell by eight percent between 1994 and 1997. Section one of the Preliminary
Project and Financing Plan titled "What's Tax Increment Financing and Why Use It for Fort Worth
South?" Exhibit B provides a case for redevelopment in the area and shows why the use of TIF was
feasible.
The Southside TIF extends over 1,400 acres east of Interstate 35 to Kentucky Avenue and is generally
bounded to the north by Interstate 30 and Vickery Boulevard and to the south by Allen Street and West
Arlington Avenue. A map of the Southside TIF can be found in Exhibit C. Metes and bounds can be
found immediately following in Exhibit D.
When the Southside TIF was established, it was composed of 1,330 property owners over 2,770 parcels,
with a base value of approximately $231 million, largely coincident with the Fort Worth Southside
Development District area. Nearly nine percent of the property within the TIF is residential.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 4 of 17
There are a number of tax-exempt properties including Cook Children's Hospital, Harris Methodist
Hospital, and the JPS Health Network. In addition, 3.3 percent of properties in the Southside TIF area
have been excluded from the TIF due to historical tax exemptions. Over 100 structures have been
selected or deemed eligible for the National Register of Historic Places.
The Southside TIF is managed by Fort Worth South, Inc., a 501 (c)(4) nonprofit corporation, and is
guided by the principles stated in the Fort Worth Southside Development District Conceptual Plan as
adopted by Fort Worth City Council in May 1995 and the Near Southside Development Standards and
Guidelines as adopted by Fort Worth City Council in November 2007. The Southside Medical District
Strategic Redevelopment Plan was sponsored by the City of Fort Worth, the Fort Worth Transportation
Authority, and a number of private businesses located within the Southside area. This two-year planning
initiative profiled the history, trends, opportunities, and challenges of the neighborhood and established
the strategy for implementing the revitalization plan, including the establishment of the Southside TIF.
The Near Southside Development Standards and Guidelines were adopted to implement the land uses and
development patterns proposed in the Conceptual Plan and the City's adopted Comprehensive Plan.
The Project and Financing Plans were adopted by Fort Worth City Council on August 31, 1999 and
updated in December 2012. The Southside TIF was originally set to expire on December 31, 2022;
however, the City Council adopted an ordinance to extend the term of the Southside TIF by an additional
ten years,to expire on December 31, 2032.
New public investments within the Southside TIF are funded using available cash increment. The
Southside TIF has not used public debt instruments to finance improvements, nor does it expect to in the
future.
Existing Uses and Conditions
The Near Southside is one of the oldest neighborhoods in Fort Worth, Texas and has experienced
significant changes to its original character.
The natural topography of the area is generally flat, with no major land forms or drainage patterns that
would provide significant constraints to development. The physical attributes are influenced almost
exclusively by historical development patterns and human-related factors.
Currently,the Southside TIF has a wide variety of land uses:
• Major medical institutions and associate professional support including emergency rooms, full-
service hospitals and medical centers, high-rise medical facilities, medical offices, and medical
supply establishments.
• Retail is generally limited to restaurants and small shops in one-or two-story buildings, generally
located along major arterials. There is a significant absence of grocery stores and department
stores.
• Most offices are generally related to the nearby medical institutions and range from small office
buildings to larger, mid-rise establishments.
• Recent revitalization along Magnolia Avenue has resulted in the development of some retail and
restaurant uses along the corridor.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 5 of 17
• Light industrial and warehouse uses are concentrated along the northern and eastern sides of the
Southside TIF.
• Single-family residences cluster in four zones: (1) south of Rosedale Street, (2)north of Rosedale
Street,(3)east of the BNSF and UP railroad tracks,and(4)east of Interstate 35.
• Multi-family residences are scattered throughout the area and range in size.
• Both public and semi-public community facilities exist in the area, promoting education,
entertainment, recreation, safety, and spirituality. Public schools include DeZavala Elementary
School, Lilly B. Clayton Elementary School, Trimble Tech High School, Van Zandt-Guinn
Elementary School, and the Young Women's Leadership Academy.
• Dedicated park land and recreational facilities are limited to Fire Station Park, located north of
Allen Street and west of Hemphill Street; Fairmount Park, located in the Fairmount Historic
District; and Watts Park, located north of Leuda Street and west of St. Louis Avenue.
• Vacant and undeveloped land is dispersed throughout the Southside TIF. Vacant parcels tend to
be fewer in areas south and immediately adjacent to the hospitals and greater in the industrial and
single-family areas to the north and the east.
Visual Characteristics
The Southside TIF encompasses a great variety in landscape and visual characteristics:
• Boasts a significant view of the downtown Fort Worth skyline.
• "Landmark" buildings are limited to high-rise medical facilities including Cook Children's
Hospital, Harris Methodist Hospital, the JPS Health Network, and Plaza Medical, as well as a
number of historic structures.
• Significant landscaped areas are limited to areas within the campuses of medical institutions and
on a limited number of tree-lined streets in older residential neighborhoods.
• Most arterial streets consist of conflicting architectural character, building setbacks, land uses,
and streetscape treatment,resulting in a lack of quality street environments and urban form.
Transportation
The Southside TIF includes a framework for roadway, parking facilities, and public transportation that
offer both challenges and opportunities for the future.
Public transportation is provided by the Fort Worth Transportation Authority buses and MITS vehicles.
The Trinity Railway Express (TRE) serves the T&P Terminal from the east to west, moving passengers
between Fort Worth and Dallas. Most recently, The T and the City are pursuing the TEX Rail commuter
rail project, from southwest Fort Worth to DFW Airport, which would include a proposed "Medical
District" station just west of the Baylor All Saints campus. An implementation of a mass transit
circulator system in the Near Southside of either a rubber wheel bus or Modern streetcar would serve key
population centers and destinations,while promoting economic development and sustainability.
Parking in the northwest quadrant of the area is considered adequate, but future development and growth
in the medical field will require additional parking structures. Parking inadequacies currently exist near
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 6 of 17
the JPS Health Network, along Magnolia Avenue, and at various office and restaurant locations within the
area.
Development Concepts(New Standards and Guidelines)
In November 2007,the City adopted the Near Southside Standards and Guidelines to provide a consistent
mixed-use urban design standard for new development in the area.
The following principles serve as the focus for these standards and guidelines:
• Promote a pedestrian-oriented urban form;
• Maximize connectivity and access;
• Require excellence in the design of the public realm (building on Fort Worth's history of civic
art)and of buildings that front public spaces;
• Promote the preservation and creation of distinctive neighborhoods that provide diverse urban
housing options;
• Support existing Near Southside businesses;
• Encourage adaptive reuse and support the preservation of historically significant buildings;
• Encourage creativity, architectural diversity, and exceptional design;
• Promote sustainable development that minimizes negative impacts on natural resources; and
• Encourage the integration of public art into public and private development.
A complete copy of the Near Southside Standards and Guidelines can be found on the web by visiting
www.fortworthsouth.org.
Projects
In addition to those projects set forth in the updated and amended Project and Financing Plans adopted by
City Council on November 8, 2022, the Southside TIF projects can be broken down into nine categories:
(1) administration, (2) business development and retail, (3) parking structures, (4) neighborhood parks
and plazas, (5) residential, (6) schools, (7) signage, (8) streetscapes, and (9) transportation and
infrastructure improvements.
1. Administration—estimated$4,700,000 (to date $2,106,511)
a. Expenses in this category reflect the costs incurred by Fort Worth South, Inc. to manage
and administer activities within the Southside TIF.
2. Business Development and Retail—estimated$9,000,000 (to date$1,680,607)
a. As the number of Southside TIF residents increases, the need for retail services will also
grow. The development of office buildings, grocery stores, mixed-use projects,
restaurants, and shopping centers is a goal shared by the TIF district and potential
investors. Many of these projects include public improvements to medical offices or
mixed-use developments.
3. Parking Structures—estimated$15,000,000 (to date$4,742,166)
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 7 of 17
a. In September 2004, the Southside TIF board approved the construction and subsequent
lease of the Magnolia Green parking structure. Additional parking structures, whether
newly constructed or accessible through a Shared Parking Agreement, may be utilized to
encourage denser development and support public access to commercial, residential, and
retail developments at future mixed-use or transit-oriented developments.
4. Neighborhood Parks and Plazas—estimated$850,000(to date$829,949)
a. The Southside TIF has replaced and repaired nearly 50 benches along West Magnolia
Avenue, prompted the development of the Newby Park Pavilion, and funded the
development of Watts Park, creating a green haven to Near Southside residents and
visitors. The Southside TIF does not intend to fund any future park developments.
5. Residential—estimated$5,000,000(to date$1,248,086)
a. Although more than 30,000 people work in the Medical District, only two percent of
Medical District employees reside there. A survey in 2001 confirmed that 17 percent of
workers would live in the Near Southside if suitable accommodations were available.
6. Schools—estimated$15,000,000 (to date$9,070,696)
a. The quality of educational facilities and the areas immediately adjacent to these schools
demand to be improved. TIF funds can be used to supplement Fort Worth ISD's capital
spending to reach this goal. The Southside TIF makes annual payments to Fort Worth
ISD to assist educational facilities within the district.
7. Signage—estimated$250,000 (to date$23,300)
a. $150,000 has been allocated to employ city-wide arterial directional and informational
signage, as suggested in the Linkages Study. Recently, it has also been determined that
additional signage is needed to identify public parking options, services, and other
destinations throughout the Near Southside community.
8. Streetscapes—estimated$35,000,000 (to date$9,763,059)
a. The availability of benches and bike racks, improved sidewalks, and tree coverage
promote the Southside TIF as a pedestrian-friendly community. Some examples of
potential streetscape initiatives include:
i. South Main between Vickery and Magnolia Avenue;
ii. Magnolia Avenue between Hemphill Street and South Main Street;
iii. West Vickery Boulevard between Adams Street and South Main Street;
iv. Evans Avenue between Rosedale Street and Allen Avenue; and
v. Oleander Street between Hemphill Street and Oak Grove Street.
9. Transportation and Infrastructure Improvements—estimated$5,000,000 (to date$0)
a. TIF participation will ensure needed infrastructure projects will not be delayed due to
funding obstacles. The redevelopment of the South Main corridor between Vickery
Boulevard and Magnolia Avenue is a priority of Fort Worth South, Inc. Additionally,
street repair and reconstruction between West Vickery Boulevard and Pennsylvania
Avenue, such as:
i. College Avenue;
ii. West Peter Smith;
iii. Lipscomb Street
b. A mass transit circulator system of either a rubber wheel bus or Modern streetcar system
would serve key population centers and destinations, while promoting economic
development and sustainability. A mass transit circulator system in the Near Southside
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 8 of 17
area would connect the Medical District with downtown Fort Worth, closing the gap
between the two business districts created by Interstate 30.
Relocation
The project plan anticipates that there will be no relocation of residences or businesses existing in the
project development area of the reinvestment zone when development activities commence. If actions by
the Southside TIF result in relocation of any persons, the Residential Anti-Displacement and Relocation
Assistance Plan for the City of Fort Worth will govern their relocation.
While the need for relocation is not envisioned, it is acknowledged that in the event such relocation
becomes necessary in carrying out the public improvements funded by the Southside TIF, such expenses
will be the obligation of the TIF. The relocation program is administered by the City's Housing and
Economic Development Department. Should such a need arise; persons may appeal their cases through
the established appeals process.
Financing
The Near Southside is located immediately south of downtown Fort Worth. It is home to Tarrant
County's largest concentration of hospitals and out-patient medical services and serves as the area's
second largest employment center. The area has a diverse array of activities, ranging from manufacturing
and distribution to residences and schools.
Despite its location at the crossroads of regional freeways and the heart of the dramatic growth of the
health care industry, taxable real property values in the area have not yet shown resurgence since 1994 of
either the City of Fort Worth or Tarrant County. Between 1994 and 1997, taxable values of the City of
Fort Worth and Tarrant County rose 16 and 23 percent, respectively. At the same time, Southside TIF
values fell eight percent. As stated previously, the Southside TIF also includes a significant amount of
vacant land, which serves as another measure of the depressed market and readiness for redevelopment.
As previously stated, the amount of increment that is captured in the special fund is dependent upon the
participation rate of the local taxing entities. A local taxing entity may choose to participate by dedicating
a portion of its tax increment to the special fund. The participation rate of an entity is determined in an
inter-local agreement between the entity and the TIF board. Currently, all taxing entities (City of Fort
Worth, Fort Worth ISD, Tarrant County, Tarrant County College District, Tarrant County Hospital
District, and Tarrant Regional Water District) participate in the Southside TIF at 100 percent. 50 percent
of Fort Worth ISD's contributions are dedicated to the improvement of educational facilities within the
TIF. Participation agreements may be amended as determined by the taxing jurisdiction. It is expected
that the participation agreements will be amended as follows: Tarrant County, Tarrant County College
District, and Tarrant County Hospital District will participate in the Southside TIF at 50 percent starting
in 2013 through the end of 2022. Tarrant Regional Water District will participate in the Southside TIF at
100 percent through the end of 2022. The City of Fort Worth will participate in the Southside TIF at 90
percent starting in 2013 through the end of 2022. The Fort Worth ISD will participate in the Southside
TIF at 100 percent with 50 percent of the Fort Worth ISD contributions dedicated to the improvement of
educational facilities within the Southside TIF boundary up to a maximum contribution of$30 million.
It is expected that the Southside TIF will continue to enter into agreements with private developers to
secure reimbursements for public infrastructure cost associated with their private development projects. It
is also anticipated that TIF funds will be spent as they are available to fund the goals and projects of this
Project and Financing Plan.
During the formation of the Southside TIF, it was not anticipated that cash flow from the TIF would repay
municipal bonds sold for the purpose of constructing new public infrastructure. This is still the case
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 9 of 17
today, although other financing mechanisms and partnerships may be explored if existing cash revenue is
insufficient to fund a critical project that faces unique time constraints or other pressing circumstances.
Projections
To date, the Southside TIF has performed incredibly well, as can be seen by in the most recent Tarrant
Appraisal District(TAD) report in Exhibit F. Since 2000, taxable property value percentage growth has
ranged from a negative three percent in 2010 for a TAD adjusted property value to a high of over fourteen
percent annually. Due to this success, rather than estimating two percent annual taxable property value
growth for future years, these projections take into account three percent annual taxable property value
growth.
An up-to-date table reflecting increment projections through the sunset year of 2032 can be found in
Exhibit G.
Conclusion
The Near Southside neighborhood is one of Fort Worth's greatest assets. As new investment is attracted
and revitalization is encouraged, the area will continue to become an economically viable, mixed-use,
central city neighborhood for all to enjoy. By partnering together,the City of Fort Worth and Fort Worth
South,Inc.will work to maximize the development potential of the Southside TIF and ensure that the area
grows to become a wonderful place to live,work,and play.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan 10 of 17
Exhibit A—City of Fort Worth Tax Increment Financing Policy
Please see following page
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
FoRTWoRTH
Policy, Guidelines and Procedures for
Tax Increment Reinvestment Zones (TIFs)
December 2009
City of Fort Worth
Housing and Economic Development Department
Section I. General Guidelines:
1. Each TIF application must demonstrate:
a. "but for" the creation of a TIF, quality development is not likely to occur in
the proposed area without financial assistance from a TIF; and/or
b. An area is ripe for development or redevelopment provided that public
infrastructure is constructed to support the revitalization of the area; and/or
c. use of a TIF is the appropriate incentive tool to recruit or relocate a
catalyst project worth of public investment; and
d. The area proposed for designation as a TIF will have an increase in real
property taxable value within the first two (2) years following designation.
2. The term of any newly created TIF may not exceed 21 years (20 years of tax
increment collection), unless otherwise approved by City Council. Only TIFs
created to help finance a "Major Infrastructure Project", as designated by the City
Council pursuant to Resolution in accordance with the City's Relocation
Incentives Policy for Businesses Displaced by Major Infrastructure Projects
(Resolution No. 3556-11-2007), may have a term greater than 21 years, and the
longer term shall only be permitted as necessary to fully finance the "Major
Infrastructure Project";
3. City of Fort Worth participation in any TIF will be limited to ad valorem real
property taxes and preference will be given to participation at a rate less than
100 percent of the tax increment;
4. City of Fort Worth Housing and Economic Development Department will receive
and evaluate all TIF requests and applications; and
5. City of Fort Worth Housing and Economic Development Department will be
responsible for all TIF administration unless otherwise approved by the Fort
Worth City Council in the Preliminary Project and Financing Plans.
Section II. Overview, Requirements, and Criteria
1. Local Authority. The City of Fort Worth adopted the initial guidelines by
Resolution No. 3317-02-2006 on February 28, 2006 and was revised by
Resolution No. (TBD) on December 8, 2009. The intent of this Policy is to
provide direction to City Staff and interested parties regarding the development
and establishment of TIFs within the City of Fort Worth.
2. Statutory Authority. Under authority of Chapter 311 of the Texas Tax Code,
municipalities are permitted to establish TIFs. The City of Fort Worth will comply
2
with all requirements of Chapter 311 of the Texas Tax Code.
3. TIF Goals and Objectives. It is the City's goal to utilize TIFs as an economic
development tool in the development or redevelopment of targeted areas. The
City of Fort Worth may use TIFs to finance needed public improvements and
enhance infrastructure within those targeted areas. It is the intent of the City to
use TIFs for the primary purpose of the encouragement of revitalization within the
Central City and other targeted areas identified by City Council by leveraging
private investment for certain types of development activities that support the
goals outlined in the City of Fort Worth Comprehensive Plan.
4. M/WBE Goals. In satisfaction of the requirements set forth in Section 311.0101
of the Texas Tax Code, before initiating work on any phase of the public
improvements, the following goals and commitments must be met:
a. Any project costs for improvements that will ultimately be owned by the
public and contemplated under a TIF Project and Financing Plan will
require goals set by the Minority/Women Business Enterprise office for
utilization of Fort Worth certified minority-owned and women-owned
business enterprises (MMIBEs) in accordance with the same process
followed for City Public Works contracts.
b. Any project costs for improvements that will ultimately be owned by a
private entity and contemplated under a TIF Project and Financing Plan
will require a commitment for utilization of Fort Worth certified M/WBEs of
at least 25 percent of the total construction costs of a given project. The
commitment must be outlined in the Economic Development Agreement or
the TIF Development Agreement specifying the terms under which
construction of the public improvements receiving assistance from a TIF
are delineated. Any commitment below 25 percent will require a
developer to meet with the City of Fort Worth M/WBE Advisory Committee
prior to action by the applicable TIF Board of Directors to seek their input
and assistance. The M/WBE Advisory Committee will provide the
applicable TIF Board of Directors with a recommendation related to the
utilization of Fort Worth certified M/ BEs. This recommendation, if
different from the commitment made by the developer, will be non-binding,
but should be taken under advisement by the applicable TIF Board of
Directors.
5. Determining Eligibility. City Staff will undertake an economic analysis and risk
assessment of each proposed TIF before arriving at a recommendation to the
City Council as to whether the TIF should be created. The analysis, assessment,
and recommendation of all requested TIFs will be based on the applicant's ability
to address the following questions:
3
a. What is the public purpose of the proposed TIF? Will the area develop
without being designated as a TIF? What are the required public
improvements?
b. What is the financial need for public investments and/or subsidy? Will use
of the TIF recruit or relocate a catalyst project?
c. How will the City's general fund be impacted as a result of TIF
designation?
d. What is the potential success of the TIF?
e. What is the appropriate level of participation by the City and other taxing
entities?
f. What are the risks associated with creation of the TIF?
g. What alternative economic development tools are available in lieu of the
TIF? How does the proposed Project and Financing Plan meet the needs
of the proposed projects?
h. How will the TIF impact targeted public project improvements that are not
proposed as TIF projects?
6. TIF Tax Increment. Once a TIF has been established in accordance with
Chapter 311 and these guidelines, incremental real property taxes resulting from
new construction, public improvements, and redevelopment efforts, will accrue to
the various taxing entities. Participating entities may deposit all, a predetermined
portion, or none of the incremental taxes in a designated TIF fund for the purpose
of financing the planning, design, construction or acquisition of public
improvements to the TIF. The City of Fort Worth may elect to contribute less
than 100 percent of incremental real property taxes to the TIF. In no event will
the City contribute any incremental sales taxes to the TIF.
7. Use of TIF Proceeds. TIF funds may be used only to pay for those public works
and public improvements authorized by Chapter 311 of the Texas Tax Code. TIF
proceeds cannot be used to support exclusively private purposes.
8. Demonstration of Community Revitalization Impact. It is the intention of the City
of Fort Worth to use TIFs for the purpose of supporting community revitalization
and redevelopment projects in targeted areas. As part of the application, a
requestor must describe:
a. How the planned investment will contribute to revitalization activities in the
zone in question and/or the surrounding area of the community; and
b. How the input of nearby neighborhood residents and businesses has been
solicited in the planning process.
9. Participation by Other Taxing Entities. Under Section 311.01 of the Texas Tax
Code, other local taxing entities retain the right to determine the amount of tax
increment that each will retain, or each may decide to retain all of the tax
increment. The City of Fort Worth will enter into written agreements with all
participating taxing entities to specify:
4
a. The conditions for payment of the tax increment into a TIF;
b. The portion of tax increment to be contributed by each entity to the TIF;
and
c. The term of the agreement.
10.Term of a Reinvestment Zone. As prescribed under Section 311.017 of the
Texas Tax Code, reinvestment zones shall terminate on the earlier of:
a. The termination date designated in the ordinance or order, as applicable,
creating the zone or an earlier, subject to Subsection (c) hereof or later
termination date designated by an ordinance or order adopted subsequent
to the ordinance or order creating the zone; or
b. The date on which all project costs, tax increment bonds and interest on
those bonds, and other obligations have been paid in full.
c. Only TIFs created to help finance a "Major Infrastructure Project". as
designated by the City Council pursuant to the City's Relocation Incentives
Policy and Guidelines for Qualifying Businesses Affected by Public
Infrastructure Proiects (Resolution No. 3556-11-2007) may be considered
for a term extension if such extension is required to fully finance the Major
Infrastructure Proiect.
11.Criteria for TIF District Creation Requests. In addition to the items outlined
above, before reviewing an application for the creation of a TIF, the City will
require that the requestors provide the following as part of their application:
a. A summary that includes a general description of the proposed TIF,
including proposed boundaries, an overview of the proposed projects, and
proposed levels of participation by each taxing entity. This summary
should not be more than one page in length.
b. A legal description (metes and bounds) and a map of the real property
proposed for TIF designation;
c. An economic impact study as prescribed in Section 311.003 of the Texas
Tax Code;
d. A minimum of four(4)years of tax value information from the appropriate
tax appraisal district for all properties in the proposed TIF;
e. A proposed Project Plan as described in Sections 311.003 and 311.011 of
the Texas Tax Code, with detailed descriptions of the projects and their
costs, including detailed pro formas, if available; and
f. A proposed Financing Plan as described in Sections 311.003 and 311.011
of the Texas Tax Code, with complete tax increment projections for the
entire term of the TIF.
All information must be provided in both paper and electronic form. A
minimum of five (5) copies must be provided.
5
12.Criteria for TIF Project Requests. In order for City Staff to recommend funding of
a particular project by the TIF once the TIF has been established, the party
desiring TIF financing must provide the following:
a. Information satisfactorily demonstrating the financial wherewithal to meet
project costs and complete the project (i.e. financial statement, complete
sources and uses budget, or Letter of Credit from an appropriate financial
institution);
b. A complete and detailed market feasibility study;
c. A complete and detailed cost benefit analysis; the direct and indirect
benefits of a development proposal shall be determined and quantified by
City Staff(e.g. employment benefits, tax base benefits, housing benefits,
and transportation benefits);
d. Demonstrated clear financial gap (e.g. the profitability and feasibility of the
project both with and without public assistance, including a detailed
delineation of the developer equity contribution into the project and the
overall proposed financial structure of the project);
e. Proposed security, collate ralization, or credit enhancement; and
f. Demonstrated commitment to the quality of development, the project area,
and project completion.
Section Ill. Application Process and Fees
Depending on the exact nature and complexity of the proposed TIF, the estimated
timeframe to complete the process for designation is at least six (6) months. Therefore,
applications for the creation of a TIF must be submitted to the City by June 30 in order
for the TIF to be established in the same calendar year. Applications submitted to the
City after June 30 will not be considered for designation until the following calendar
year. In addition, requestors must submit at least five (5) copies of the application.
All applications for creation of a proposed TIF and applicable fee(s) should be delivered
to:
City of Fort Worth
Housing and Economic Development Department
TIF Administrator
1000 Throckmorton
Fort Worth, Texas 76102
817.392.6103
1. Application Form. Requestors desiring to designate a TIF must fully complete an
"Application for Designation of Tax Increment Reinvestment Zone", provide all
information by this Policy and submit the required application fee, as set forth in
Subsection Ill below.
6
2. Pre-Application Review Process. A requestor may request a meeting with
appropriate City Staff prior to submitting an application in order to address TIF
requirements and development processes. The meeting can be scheduled
through the Housing and Economic Development Department.
3. Application Fee. A non-refundable application fee of$1,500 must accompany all
applications. The application fee should be in the form of a check or a money
order and made payable to"The City of Fort Worth". The application fee is to
support administrative costs of initial review for completeness, internal
processes, and presentations.
4. Preliminary Review. City Staff will review the application within ten 10 working
days to ensure compliance with these guidelines. If City Staff determines that an
application does not meet the criteria hereunder, the requestor will be so notified,
the application fee will not be refunded, and no further action on the application
will occur. The requestor will have 14 working days to supply any information
that is lacking without having to resubmit a new application.
5. Application Review. If City Staff determines that an application meets these
Guidelines, a full financial and programmatic review of the proposed project will
occur. This review may be conducted by City Staff, an outside agency, or
consultant, and includes at a minimum an analysis of said items under Section I,
paragraphs V,VII,Vlll, XI, and XII in the application or may result in a City Staff
recommendation that TIF designation is not appropriate.
6. Open Records Act. Upon submission of an application, all project information
provided to or developed by the City could become "public information", and
therefore may be subject to provisions of the Texas Open Records Act.
Section IV. Statutory Criteria for TIF Designation
In accordance with Section 311.005 of the Texas Tax Code, to be designated as a TIF,
an area must:
1. Substantially arrest or impair the sound growth of the municipality creating the
zone, retard the provision of housing accommodations, or constitute an economic
or social liability and be a menace to public health, safety, morals, or welfare in
its present condition and use because of the presence of:
a. A substantial number of substandard, slum, deteriorated, or deteriorating
structures;
b. The predominance of defective or inadequate sidewalk and street layout;
c. Faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
d. Unsanitary or unsafe conditions;
e. The deterioration of site or other improvements;
7
f. Tax of special assessment delinquency exceeding the fair value of the
land;
g. Defective or unusual conditions of title;
h. Conditions that endanger life or property by fire or other causes; or
i. Structures, other than single-family residential structures, less than 10
percent of the square footage of which has been used for commercial,
industrial or residential purposes during the preceding 12 years; or
2. Be predominantly open and, because of obsolete platting, deterioration of
structures or site improvements or other factors, substantially impair or attest the
sound growth of the municipality; or
3. Be in a federally assisted new community located in the municipality or in an area
immediately adjacent to a "federally assisted new community"; or
a. Federally assisted new community is defined as an area that has received
or will receive assistance in the form of loan guarantees under Title X of
the National Housing Act, if a portion of the federally assisted area has
received grants under Section 107 (a) (1) of the Housing and Community
Development Act of 1974).
4. Be an area described in a petition requesting that the area be designated as a
reinvestment zone, if the petition is submitted to the governing body of the
municipality of the owners of property constituting at least 50 percent of the
appraised value of the property in the area according to the most recent certified
appraisal roll.
a. Only City Council is able to make a defensible finding that the area
described in the petition is unproductive, underdeveloped, or blighted, as
required by Article VIII, Section I —g (b) of the Texas Constitution.
Section V. Statutory Criteria for TIF Designation
1. Size Limitations. The City of Fort Worth is not permitted under Section 311.006
of the Texas Tax Code to create a TIF or change the boundaries of an existing
TIF if the total appraised value of taxable real property in the proposed TIF and
in existing TIF exceeds:
a. 15 percent of the total appraised value of taxable real property in the City
of Fort Worth and industrial districts created by the City of Fort Worth; or
b. 15 percent of the total appraised value of taxable real property of a county
in which the TIF is located; or
c. 15 percent of the total appraised value of taxable real property of a school
district in which the TIF is located.
8
2. Use Limitations. The City of Fort Worth is not permitted under Section 311.006
of the Texas Tax Code to create a TIF or change the boundaries of an existing
TIF if more than 10 percent of the property in the proposed or modified zone
(excluding publicly-owned property) is used for residential purposes. A
property is considered to be used for residential purposes if it contains less
than five (5) living units. This particular restriction does not apply to TIFs
established pursuant to a petition received in accordance with Section 311.005
(a) (5) of the Texas Tax Code.
Any questions regarding this Policy should be directed to the City of Fort Worth Housing
and Economic Development Department, 1000 Throckmorton, Fort Worth, Texas
76102, or by phone, 817.392.6103.
9
Exhibit B—"Why Fort Worth South?"
Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
Section 1 :
Al, What's Tax Increment Financing
and Why Use It for Fort Worth South?
Tax Increment Financing Defined
Tax increment financing (TIF) is a tool local governments of Texas use to finance
public improvements within a defined area. The improvements strengthen
existing communities and attract new investments. The statutes governing tax
increment financing are in Chapter 311 of the Texas Tax Code.
A municipality makes an area eligible for tax increment financing by designating
a 'reinvestment zone." Reinvestment zones are also called "tax increment
zones," 'tax increment districts," "TIF zores" or "TIF districts." Costs of selected
public improvements within the reinvestment zone may be paid by future or
current tax revenues flowing from improved and appreciated real properties in
the zone. The additional tax dollars generated by growth of real property value in
the zone are called the "tax increment." These dollars flow to a "tax increment
fund" ('TIF fund") for a specified term of years. Money flowing to the TIF fund
each year is disbursed according to a plan and agreements approved by a TIF
board that includes representatives of all participating local governmental units.
Exhibit A is a simple illustration of how tax revenues from real properties within a
reinvestment zone flow to taxing jurisdictions and a TIF fund.
Exhibit A:
Real Property Tax Flow with Tax Increment Financing
``:
1XU
taxes to TIF fund
" ;.
oozes to tying iurisdictioris,
base TIF fund
year expires
Assumptions: (1)Taxable real property value of zone rises as shown.
(2)Tax rates remain constant. Rate changes would impact cash
lbw to taxing jurisdiction and the TIF fund.
Stein Planning and Management 11/10/97,Page 1
Only cities may create reinvestment zones for tax increment financing. Once
created, school districts, counties, hospital districts and college districts are
allowed to participate in the tax increment financing agreement. Each taxing unit
may choose to dedicate to the TIF fund all, a portion or none of the additional tax
revenue attributable to increased real property value in the zone.
Inclusion of a property in a reinvestment zone does not change the tax rates for
the property. Tax rates in a reinvestment zone are the same as tax rates outside
the reinvestment zone, within the same set of taxing jurisdictions.
The Case for TIF in Fort Worth South
Fort Worth South is located immediately south of Downtown Fort Worth. Its
general location relative to the City of Fort Worth and Tarrant County is illustrated
in Exhibit B.
Exhibit B:
General Location of the Proposed Reinvestment Zone
Tarrant County
1-35W
C 1-30
Reinves ment Zone
1-20
City of Fort Worth
•
AVbh
Stein Planning and Management 11/10/97, Page 2
The Fort Worth South neighborhoods developed early in Fort Worth's history.
Today Fort Worth South is home to Tarrant County's largest concentration of
hospitals and out-patient medical services. Manufacturing and distribution,
residences, retail services and schools give the area a diversity of activities.
Despite location at the crossroads of regional freeways and dramatic growth of
the health care industry, taxable real property values in Fort Worth South have
not yet shown the resurgence since 1994 of either Tarrant County or the City of
Fort Worth. Exhibit C illustrates the divergence of taxable property values since
1994. From 1994 to 1997, Tarrant County taxable real property values rose 23%.
City of Fort Worth values rose 16°,6. Fort Worth South values fell 8%.
Exhibit C:
Taxable Real Property Value Change
in Reinvestment Zone, City and County
S900.000 :C7
SeC0.:00 :CC
S700.000 700
3600 7CO.000
$500.000 7CC
r, S+00.000.;CC
$300.000 7CC
S200.:CC 7C�
5:00,000 000
s 7 Tarrant CauntyiSO
up 2316 emu 1994
39a C1y or Ft. Wcnh125
up 16: since 1994
,935
1 996 Ft.Wonh South AZ
Qc-n 8%since 1994
199
Fort Worth South stakeholders appreciate the low real estate prices and
appraisals in the general area. They see the prospects of economic growth in
this sleeping market as developers and consumers become aware of economic
opportunities and a community drive powering Fort Worth South.
Another measure of the depressed market and readiness for redevelopment in
this significant part of the City and region is the high percentage of land now
vacant. Tax accounts comprising 22% of the privately owned land area in the
proposed Fort Worth South reinvestment zone are vacant land, with no
structures of material value.
The Fort Worth South community has been implementing an owner-driven
program to lift itself by the bootstraps. With an organizational structure similar to
Stein Planning and Management 11/10/97,Page 3
Downtown Fort Worth, Inc., Fort Worth Southside Development District, Inc. has
done business as "Fort Worth South" since 1996. Fort Worth South is a
501(c)(4) nonprofit operating corporation. It is associated with a 501(c)(3)
nonprofit foundation, Historic Southside, Inc., founded in 1985, to support
redevelopment. A three-party effort sponsored by the City of Fort Worth, the Fort
Worth Transportation Authority and the Southside Medical District produced a
strategic plan for the community in May 1995, titled StratePlan. Goals for
Fort Worth South have included creation of a Tax Increment Financing (TIF)
program for financing of public improvements pursuant to Texas statutes.
Owners of property in the Southside community believe the area will realize more
of its strong potential for economic development when tax increment financing
can be used to attract private redevelopment. With tax increment financing. a
developer may construct approved public improvements and anticipate
reimbursement from the future tax flows generated by the associated
development.
r
Stein Planning and Management 11/10/97, Page 4
Exhibit C—Southside TIF Map
Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
TIF 4: Southside/Medical District
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Copyright O 2004 City of Fort Worth Development
and Community ; p t,aoo 2.r 'too cat
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Exhibit D—Metes and Bounds
Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
Boundary Description
Tax Increment Reinvestment Zone Number Four,City of Fort Worth,Texas
Being a tract of land in the City of Fort Worth, Tarrant County, Texas, which tract is more
particularly described as follows:
Beginning at the southwest corner of Lot 25, Block 20, Fairmount Addition, being in the
easterly line of an alley and in the northerly line of West Arlington Avenue;
Thence westerly along the northerly line of said West Arlington Street to the easterly line of
the Fort Worth& Western Railroad main track right-of-way;
Thence with said Railroad to its intersection with the south line of Park Place;
Thence with the south line of Park Place to its intersection with the extension of the west
line of Berkley Street;
Thence crossing Park Place and with the west line of Berkley Street northerly to the south
line of Edwin Avenue;
Thence easterly crossing Berkley Street and along the north line of Block 7 of Forest Park
Place, commonly known as the Lily B. Clayton School Property, crossing the afore
mentioned Fort Worth& Western Railroad to the east line of said Railroad;
Thence northerly along the east line of said railroad to its intersection with the north line of
All Saints Episcopal Hospital Block 2;
Thence easterly with the north line of said Block 2 to its intersection with the western line of
Fort Worth& Western Railroad right-of-way;
Thence northerly along the west line of said railroad to the southerly line of Mistletoe
Boulevard;
Thence westerly along the south line of said Mistletoe Boulevard to the easterly line of the
Fort Worth& Western Railroad right-of-way.
Thence northerly along the east line of said Railroad to the southerly line of West Rosedale
Street;
Thence westerly along the south line of said West Rosedale Street to the easterly line of
Forest Park Boulevard;
Thence northerly along the east line of said Forest Park Boulevard to the southerly line of
line of the Union Pacific Railroad;
Thence northeasterly along the southerly line of said Union Pacific Railroad to the north line
Exhibit D—Page 1
of West Vickery Boulevard;
Thence easterly along the north line of said West Vickery Boulevard to the southerly right-
of-way line of new Interstate Highway 30;
Thence easterly along the southerly right-of-way line of said new U.S. Highway 30,
crossing Interstate Highway 35W to the east line of Kentucky Street;
Thence southerly along the east line of said Kentucky Street to its intersection with the
south line of Terrell Street;
Thence westerly with the southerly line of said Terrell Street to the northeast corner of Lot
1, Block 2 McNulty and Nesbit Subdivision;
Thence southerly along the easterly line of said Lot 1 and Lot 30 of said McNulty and
Nesbit Addition to the northerly line of Humbolt Street;
Thence easterly along the northerly line of said Humbolt Street to a point on the northerly
extension of the last line of lots 32 and 32A,Block 2 of said McNulty and Nesbit Addition;
Thence southerly crossing said Humbolt Street and along the east line of said lots 32 and
32A and continuing on said line to the southeast corner of Lot 4, Graves and McDaniel
Subdivision and being in the north line of Maddox Avenue, (this line to run generally along
the east line of the first tier of lots on the east side of Evans Avenue from Humbolt to
Maddox);
Thence westerly along the northerly line of said Maddox to a point on the northerly
extension of Lot 553, Block 22,Hyde Park Addition;
Thence southerly crossing said Maddox Street along the easterly line of lots 553 and 580 of
said Hyde Park Addition to the southerly line of said East Allen Avenue;
Thence westerly along the southerly line of said East Allen Avenue to a point on the
southerly extension of the westerly line of South Main Street;
The northerly crossing said East Allen Street and along the westerly line of said South Main
Street to the southerly line of Feliks Gwozdz Place;
Thence westerly along the southerly line of said Feliks Gwozdz Place to a point on the
southerly extension of the east line of Lot 2, Block D, of the Hendricks Subdivision of
Fields-Welsh Addition;
Thence northerly crossing said Feliks Gwozdz Place and along the east line of said Lot 2 to
the northerly line of Ingram Street;
Thence easterly along the north line of said Ingram Street to the westerly line of Travis
Exhibit D—Page 2
Street;
Thence northerly along the west line of said Travis Street to the southerly line of West
Morphy Street;
Thence westerly along the south line of said West Morphy Street to the northwest corner of
Lot 8, Block D,of said Hendricks Subdivision;
Thence southerly along the west line of said Lot 8 to the north line of an alley which divides
said Block D, Hendricks Subdivision;
Thence westerly along the north line of said alley to the east line of Lipscomb Street;
Thence southerly along the east line of said Lipscomb Street to a point on an easterly
extension of the south line of Lot 12, Block C of Armstrong Subdivision of Fields-Welsh
Addition;
Thence westerly along said line and along the south line of Lot 12 and Lot 4 of Block C,
said Armstrong Subdivision to the easterly line of Alston Street;
Thence southerly along the east line of said Alston Street to the southerly line of Maddox
Street;
Thence westerly along the southerly line of Maddox Street to the westerly line of College
Street;
Thence northerly along the west line of said College Street to the northerly line of West
Morphy Street;
Thence easterly along the north line of said West Morphy Street to the westerly line of said
Lipscomb Street;
Thence northerly along the westerly line of said Lipscomb Street to the northeast corner of
Lot 3B, Block A,of Martin& Moodie Subdivision of Fields-Welsh Addition;
Thence westerly to the northwest corner of said Lot 3B;
Thence southerly to the southwest corner of Lot 3B;
Thence westerly along the southerly line of Lot 3A of said Block A, extending to the
westerly line of said Alston Street;
Thence northerly along the westerly line of said Alston Street to the northeast corner of Lot
4, Block 1, Brooks and Bailey Subdivision;
Thence westerly along the northerly line of said Lot 4 extending to the west line of an alley;
Exhibit D—Page 3
Thence southerly along the west line of said alley to the northerly line of an intersecting
alley;
Thence westerly along the northerly line of said alley to the westerly line of said College
Street;
Thence northerly along the westerly line of said College Street to the northeast corner of Lot
3, Block 2,of said Brooks and Bailey Subdivision;
Thence westerly along the northerly line of said Lot 3, Block 2 extending to the westerly
line of an alley;
Thence southerly along said westerly line to the northerly line of an intersecting alley;
Thence westerly along said northerly line to the westerly line of Washington Street;
Thence northerly along said westerly line to the northeast corner of Lot lE of D.S. Ross
Subdivision;
Thence westerly along the northerly line of said Lot I extending to the westerly line of an
alley;
Thence southerly along said westerly line to the southeast corner of Lot IA, said D.S. Ross
Subdivision;
Thence westerly along the southerly line of said Lot IA extending to the westerly line of
Adams Street;
Thence northerly along said westerly line to the northeast corner of Lot 8D, said D.S. Ross
Addition;
Thence westerly to the northwest corner of said Lot 813;
Thence southerly along the westerly line of said Lot 8D to the northeast corner of Lot 8C,
said D.S. Ross Addition;
Thence westerly along the northerly line of said Lot 8C extending to the westerly line of
Henderson Street:
Thence southerly along said westerly line to the southeast corner of Lot 4R, Block A,
King's Subdivision of Fields-Welsh Addition;
Thence westerly along the southerly line of Lots 411 and 13R, Block A extending to the
westerly line of Fifth Avenue;
Exhibit D—Page 4
Thence northerly along said westerly line to the northeast corner of Lot 4, Block B of said
King's Subdivision;
Thence westerly along the northerly line of said Lot 4 and Lot 13 extending to the westerly
line of Lake Street;
Thence southerly along said westerly line to the northeast corner of Lot 5, Block 1,Johnson
Subdivision of Fields-Welsh Addition;
Thence westerly along the northerly line of said Lot 5 to the northeast corner of Lot 28 said
Block I;
Thence southerly to the southeast corner of said Lot 28;
Thence westerly along the southerly line of said lot 28 extending to the westerly line of
Sixth Avenue;
Thence northerly along said westerly line to the northeast corner of Lot 5, Block 2, of said
Johnson Subdivision;
Thence westerly along the north line of said Lot 5 to the southeast corner of Lot 29, said
Block 2;
Thence northerly to the northeast corner of Lot 30,said Block 2;
Thence westerly along the northerly line of said Lot 30 extending to the westerly line of
Fairmount Street;
Thence northerly along the west line of said Fairmount Street to the southerly line of
Magnolia Street;
Thence westerly along said southerly line to the westerly line of an alley which divides
Block C of McNulty and Nye Subdivision;
Thence southerly along the westerly line of said alley to the southeast corner of Lot 4, Block
C of said McNulty and Nye Subdivision;
Thence westerly along the southerly line of said Lot 4 extending to the westerly line of
Seventh Avenue;
Thence southerly along said westerly line to the southeast corner of Lot 27, Block B of said
McNulty and Nye Subdivision;
Thence westerly along the southerly line of said Lot 27 extending to the westerly line of an
alley;
Exhibit D—Page 5
Thence northerly along said westerly line to the southerly line of said Magnolia Street;
Thence westerly along said southerly line to the easterly line of Hurley Street;
Thence southerly along said easterly line to the southerly line of said West Morphy Street;
Thence westerly along said southerly line to the northeast corner of Lot F7, Block F, of said
McNulty and Nye Subdivision;
Thence southerly along the easterly line of said Lot F7 and F3 and F2 and F4 and extending
to the southerly line of Myrtle Street;
Thence easterly to the easterly line of an alley which divides Block 9 of Loyd's Addition
and Block 1 of Stewart's Addition and Block 1 of Fairmount Addition:
Thence southerly along the easterly line of said alley to the southerly line of said West Allen
Avenue;
Thence easterly along said southerly line to the northeast corner of Lot 32, Block 10,
Fairmount Addition;
Thence southerly with the westerly line of Hurley Avenue to the southeast comer of Lot 23,
said Block 10;
Thence westerly along the southerly line of said Lot 23 to the easterly line of an alley;
Thence southerly along the easterly line of said alley to the southwest corner of Lot 25,
Block 20,Fairmount Addition and THE POINT OF BEGINNING.
SAVE& EXCEPT THE FOLLOWING TRACTS OF LAND:
Lot 313,Block N,Rosedale Addition(Newkirk Wallerich Building-Ray Boothe);
Lots 5, 6, 7, and 7 feet of Lot 4 Block 1, Rosedale Addition (Fresnel Technologies - Linda
Claytor);
Lots 1, 2, 3, 4A, 513, 6A, & 6B, Block 34, Tucker's Addition (Fire Station #5 - Bob
Higginbotham);
Lots 1, 2, 3, 5, 6, 7, & 8, Block Land 700, Smith, Jones & Daggett Addition (Recreation
Building-Mark Hurme);
Lots Al B and A2,Block 2,Field's-Welch Addition(Parker Commons-Fred Brodsky);
Lots 711 and 8R, Block 3, McLellan Subdivision of Field's-Welch Addition (Mehl Building
-David Motheral);
Lot 1,Block 3,Edward's Heirs Addition(600 Eighth Avenue-Art Brender);
Lots 413 and 5C,Block 17,Jennings South Addition,(201 South Lipscomb-Brent Hull);
Lot 1, Block 7,Evans South Addition, (924 Evans Avenue-Glen Hilton Smith);
Lots IA, 1B,1C, ID, 2, and 3, Block 3, Martin and Moodie Subdivision of Field's-Welch
Exhibit D-Page 6
Addition (Modern Drug- Ray Boothe);
and those tracts of land being more particularly described as follows:
Beginning at the intersection of the northerly line of Terrell Street with the easterly line of
Seventh Street;
Thence northerly along the easterly line of said Seventy Street to the northwest corner of
Lot 1, Block 2,Grandview Addition;
Thence easterly along the northerly line of Lots 1 through 8, said Block 2 and extending
to the easterly line of West Sixth Avenue;
Thence northerly along the easterly line of said Sixth Avenue to the southerly line of
Pennsylvania Avenue;
Thence easterly along the southerly line of said Pennsylvania Avenue to the westerly
line of said Henderson Street;
Thence along the westerly line of said Henderson Street to the northerly line of said
Terrell Street;
Thence westerly along the northerly line of said Terrell Drive to THE POINT OF
BEGINNING (Cook's Children's and Harris Methodist Hospitals) ; and
Beginning at the intersection of the northerly line of Petersmith Street with the easterly
line of Jennings Avenue;
Thence northerly along the easterly line of said Jennings Avenue to the southerly line of
Broadway Street;
Thence easterly along the southerly line of said Broadway Street to the westerly line of
Galveston Street;
Thence southerly along the western line of Galveston to the northerly line of Petersmith
Street;
Thence westerly along the northerly line of said Petersmith Street to THE POINT OF
BEGINNING(Broadway Baptist Church and Temple Beth El).
December 15, 1997
Exhibit D—Page 7
Exhibit E—Project Funding Status Worksheet
Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
Projected Funding Status Worksheet
Fort Worth Southside TIF#4 as of 10/01/2022
Collected
through 2021(TY
'20)and/or
Project Plan Construction Disbursed to (Tax Yea 2021) (Tax Year 2022)
Projects by Category Allocation Investment Date Approved Timetable Date Cash Flow 2022 Cash Flow 2023+
oved&comileted prolects
oved uncom ted la
CASH INCREMENT-PROJECTED REVENUE larrives,Jan thru Ju $113572570 $98703872 $6968698 $7900000
Plus:Unsoent funds from Drevious period $0 573,232686 $16,184824
Plus:Interest Earned 90 329
Less:Dedicated FW Independent School District Use $15.000.000 $15.000.000
PnoJected Available forProjects, $98 572 570 $83 703 87 $2%291,712 $24,094,824
RESIDENTIAL
Schaumburg Lofts-817 W.Daggett $131,596 $2,300,000 Jan'04 Complete BRM $131,596.00
Turner House-1330 Lipscomb,sidewalk&curb $15,0DO $168000 Feb'05 Complete 2/05 $15000.00
Fairmount Lofts-10 units Urban Dweli s $15 807 $1.2DO,000 SPV04 Coos to 6/05 15 806.53
Samaritan House-66 new units 929 Hemphill $116,3117 $12.OGO.QW Ma 'O6 Complete 9/O6 $116 387.00
Texans Townhomes-14 Units Adams Street at Oleander $145 69 328 $4 6 000 Jun'05&Jun'07 Complete 7/07 $145 328.47
Oak Timbers FWS-168 unit senior apartments-Crawford 784 968 $20 000 000 Jun'05 Complete 8107 $784,968.00
South Vila T-Mantes Gate Lock-Robert McKie-Smih 9 000 60 114 Ma '06 Complete 50 $39 00
Oea 0/1216/1220C Ave $37 $834137 Nov'12 2013 $37580.0W0
135 308 $4 300 OW Ma '08 2010 $135,308.00
Phoenix Near Southside Amrtrnents-Growth Properties Propertiesl $458,663 $17,283,288 Feb'10 2011 $458,663.00
Travis Apartments Broken Bone Land Co.LLC Btwn Rosedale& $142 505 $ 4,713,370 r'14 2016 $142 505.00
906 W.Cannon NP Frank LLC 1 300 $690,750 Ma '15 7/16 $41,21M.00
High Point Apartments-650 S.Main Seneca Imestments LLC $2 010 295 $34 757 061 r'14&DWI 6 6/30117 2 010 295.00
400 S.Jennings Apartments $1475133 $28000000 Se'id 06/17/14 $1475133.00
South Jennings artmens-1410/1414 S.Jennings 115 500 $1,312,140 Mar'12 12/31/16 $115,500.00
Lang Partners dba Oleander Investments LLC-Apartments 7th& $1 160 000 S40,941,000 r'16 12/31/18 i 160 000.00
E.Broadway Apartments StoneHawk Capital Partners LLC ,615 002 $33100 OW M16,3/21118 12/5/1 12/31/20 615 002.00
Mistletoe Station APartments,Sa'ebrook Dev nt-Magar,Las $2,9W,000 $25,000,QM 8/177/1810/18 0313120 2900000.00
Katy Station Loft FWHS&Matthews Southwest 585000 $96,0W,OW 07118/18 6/30/22 $3585000
Magnolia Logs:NRP and TCHD $480,000 $19,775,OW 08AW22 12/31/24 $480,000
Sub-total $17 404 372 $346 503 960 $17 339 372.00 $0 S4,065,000
BUSINESS DEVELOPMENT
Terms Medical Clinic-1000 31 823 $1 250 000 Jan'04 Complete 6104N$.22
1 823.00
RajPr t Oleander Plaza-1617 W.Oleander-ORice/Residential $18 998 5675,000 Au '03 Complete 81046 998.00
Midtown Phase 2-Environmental Rosedale&Forest 1 721 N/A '04 Complete 121051 721.22
Fossil Cinic-Dr.Asti 1001 519000 525OW Sept'O4 Complete 51059 OW.W
Sheets/Coffee -1404&1412 W.Magnolia(Dwight Mitchel $37 967 0 0 Dec'04 Complete 41057 967.14
Tom Mabne/Pat Ca1ahan-814 Penns Nania A-MV W.Tucker St. $15 548 000 Jan'O6 Complete&'065 548.00
Dr. arwal-Medical Office Building $31825 $995000 Ju1106 Complete 2/071825.00
Evans&Rosedale-Planning20%NCTCOG SO Grant 15 993 000 Ma '06 20065 993.22
D t Mitchel noia&7th Ave 1229 M nolia Ave 2 327 $216 235 Oct'08 Correlate 12/08 327.00
Ann Lesok Magnolia&7th Ave 1220 7m Ave $31 197 $431 666 Oct b8 2009 $31,197.40
Tarrant County Medical Sac 170985 $5,500,000 Jun'07 2008 $170985.W
Wade Bldg-Sd wsk recansaucdan on Sth Avenue $25532 M18,OW '03&JUP07 2006 $25 532.00
Oleander/Henderson Joe Frank MAl Office nt $7388 $600000 May'OB 2009 $7387.50
Cook Chldren's Home Health-1719 8th Ave $113 SW $3,200,000 Oct'08 2009 113 SW.00
Dr.Kaufman MOB 1800 Mistletoe Blvd Minimax IMernatb LLC $29 058 $3 000 000 Oct'08 2009 $29,0M.00
Broken Bone Land Co.Dr.Bit -928 Lipscomb Ave. S28 500 $1.300.0001 OCK19 2010 $28,600.00
1208 W.Magnolia-Streetsca 14463 $15097 May'08 2010 $14,463.30
Everest Partners 713 Gm -Dr.Chunduri S94 981 $950 000 Feb'10 2011 $94 981.10
Pediatric Eye Spwlaihts-321 Henderson St $60 000 $3,260,000 Jan'09 2009 $6010M.00
Mehl B -5 yr F ads Lease on Historic:Bldg,1200 W.Magnolia $490,000 $2.200,QW Apr'05 2005-6 90 0110.00
Dr.Dalai MAJ MOB&2 Loft Apartments A Rosedale&Jennings) $17 750 $592 000 Ma '08 2009 $17,750.00
Dr.Aggerwal Manu Grow 914 Lipscomb MOBS Apartments $26,739 $1,200,000 Jan'09 2011 $26,739.W
Tarrant County Dialysis Center $143,011 $4,056,284 Feb'10 2011 $143,011.W
F&R Distillery 3000 $450000 Au '11 2012 $43,000.00
ENL Capital Enterprise 1301 W.Rosedale 13 800 SW8.2m Au 'l1 2012 $13 800.00
Maine&Larson Fairmount&Oleander $77 217 $1 045 923 Dec'10 2011 $77 216.50
622 Hemphill-JPF Homes New Const.2 Story MAJ Office&2 Apts $20117 M1,000 Feb'12 2012 $20 116.60
1900 Mistletoe Blvd-Mistletoe Really Partners LLC FW Bran i $185,000 $5,000,000 Mar'12 2013 $185,000.00
1208 W.Magnolia-5 yr Facade Lease Office&Restaurant 117 140 $1 439 13 Ma '08 2007-2011 $117,140.00
328 Hemphill-Glass Lake Production Group(Adaptive Reuse Offico $25 700 $400.0W Jun'13 2014 $25,700.00
824,1144 Penn Maria Ave M/U MedicaU is-Dr.Mundkau $70 651 $1 120 000 Mar'12 2013 $70,S51.40
Ronald!McDonald House RMH-1010 Southland Ave. $260257 70WOW Jan'13 2013 $260 56.94
Design&Develownent Workshop CT&P Intemcdat at W.Vcke $5 000 N/A r'14 2014 $5 000.D0
Fie Station#5 Demolition of Old Bida-Evans Ave. $37.8011 NIA Ma'14 2014 $37,001.00
Texas Pain Institute(TPI)-Meru Group,LP Dr.Veit 205 382 $4 230 531 Fab'14 2015 $205 382.29
Magnolia Ma 401 W.Magnola&1314 MaV St 215500 $2,280000 Nov"12 20i3 2155W.W
St Joseph BItl.Complex Abatement&Demolition 1401 S.Main 2 50011W N/A Mar'12 2013 2 500 000.00
MIDTOWN $7 584 910 $62 643 240 Jun'10 2011.2012 $7 58,t 910.00
916 Brvan Ave.AdaDtive Re-Use-Dak Hatfield $81,000 950 OW Sepr 14 12/15 $81 10M.00
Supreme Golf Bldg 201 S.Calhoun- caps Improvements $105 000 N/A Feb'12 2012 $105 000.00
Dr.Blunts MIU Medical Center S.Jennho&Oleander $43 418 $842 000 Nov'13 2014 $43,418.00
801 Vickery-Shooters Palace LLC 263600 $3,300,000 r'13 2014 $263,600.00
923 College Mix-Use-Dr.Gagadarn $24.000 $1 250 000 SeDf 14 12115/14 $24.ODO.00
200 E Broadway AdaptKee Re-Use $39,093 0 8/12/15&813/16 08/31/18 $39.093.00
iK8 Susheirabla De ment LLC-MN Retai/ORce 735 $750,0W '141 618 12131116 $35,735.1)0
SuPreona Galf Bldg 201 S.CaMun-5yr Facade Lease Agreeman $350 000 $4 549 913 Feb'12 2013-2017 $350 000.00
1007 S Main&1001 BrYan Dak Hatfield 198 510 $2,390,000 04/06116 12/31/17 $198 510.00
1201&1205 Evans Ave.Container Mabhiors Holdings,LLC 700 $937,382 12/16&10/18 12131/18 $80,700.00
601 S Main Greerstar Deekopment II LLC-Michael Pdombo $325 000 $6176 355 0823117 12131/19 $325,000.00
Plaza Medical Cents $332,500 $41231874 416/16 42734 S332,5M.00
1455 W.Magnolia Ave(Oak Hatfield $95 BW 100 000 4/6/16&3/21/18 42003 $95 600.00
209 St,Louis Avenue 208&214 Galveston Ave.Mixed-Use Bldg $80 000 700 OW 4119117 42003 $80 OW.00
Main+Broatl KCPFII BRYAN LLC-CraigKelly) 226 400 $4,247,468 12/7/17&12/5/18 42278 $226,400.00
Basecom Lauds and Missouri $103000 $1316060 7118118 42276 71841.48
Dr.David Tirran Rosedale&S.Lake i SW $995 000 4114 4118 10M8 42368 $21 550.00
Arts pace Creative Business Incubator Study 376 TBO 10/02/19 12/3120 $36,376.01
901 VckeN Proof $660 000 $6 760 000 0310420 12/3121 E660 000.00
Daggett&Gafeslon Maed-Uae Mears 107ODO $11100,WD 06/03/20 OV3122 $107,PW,00
SoMa District Development SoMe District Devahxnont LLC-Lori H $221,000,00 $2,232,326 6/17&10118 1213121 $221 000.W
Ma note Hotel Mixed-Use Dhabi Developrnni,LLC-Mike Dolabri $2,500.000 $66 256 5W O6107/17 04r*21
Exact Diagnostics D 176200 757691 06IM19 1213121 $176200.00
Sinnrons Panther City Tavern 311 DagMett SWAMI $2.400.MO12/4/19 6/8/20 922 12/3123 157 0W
Nobleman Hotel Bedford Lptlaina $890.0ml38400000 03/02122 1213124 $8N,000
701 Mwla+Herni" $22,780,1300 3/4/2020&61320 12/3123 $1840.000
TOD Plan for TE)02ai Extension Misdetoe/Med District Station E1W OW TBD 10/1321 $100000
Vale Blvd.InvprMements w/Trademark Development S3,3W0001 $80 0W OW 08/03/22 1213125 $3 300 000
Sub-total 25,230,4641 $420,611,868 $16 412 305.10 $1,940, $4,347,000
Projected Funding Status Worksheet
Fort Worth Southside TIF#4 as of 10/01/2022
through 2027(TY
'20)and/or
Project Plan Construction Disbursed to (Tax Year 2021) (Tax Year 2022)
Pro'ects by Cate o Allocation Investment Date Approved Timetable Date Cash Flow 2022 Cash Flow 2023+
STREETSAND STREETSCAPE
Oleander Walk-Planning-Phase 1 $168,400 $20 000 000 AugT3 Complete 2/04 $168,400.28
Oleander Walk-Construction Phase 1 $765,000 $765,000 r'05 Completed 3/06 $764,999.62
Oleander Walk-Phase 2-PlanniN $127000 $20945000 Sept'04 2007 $126,999.94
Hene,hill MEDIAN SVeetsca (Terrell to Allen with JV Grant $308,422 $1.542.000 Jun'05 2006-7 S308.422.00
Rosedale Streetsca Bulbouts&Landscaping Des'n S39 674 NiA Ma '06 1 Com tad 10106 $39 674.28
Henderson Mehl Bid 1200 W.Ma nola S46 709 6 709EJu'n
5 2006 $46 709.00
Kr er-Vantlervoon's 100000 0000 2009 100000.00
M nola Avenue Phase-1 Benches Banrrers Tree Maim $81 327 1 327 200&2009 $61 326.91
S.Adam Streetsca tParkn Parallel Parkin Curb Cuts-E150K 153272 $1850007 2009 $153277.60
Hemphill Street&Re-5 'n Victe &Rosedale&Crosswalk at 1 500 $21 500 2009 21 500.00
1289 Hem hil Office Arm B Pok:e Statkm $100K+ $150000 $1512920eb'10 2011 $150000.00
Park Pace Streetsca -Des n U201832
N/A 2010 9800.00
S.Main Conc tDes'n N/A9 2009 5761.80
Missouri Ave Stfeefaca Enhancement errel to E.Rosedale $11300009 2010 000.00
1700 8th Ave&Allen-Ranks Builds Park H®Real Estate Partner $90 0009 2012 $90 000.00
West Rosedale Retrcfft 1731852 150 000 000 Ocrolt 2009-2010 1 731 852
Hemphill Streetsce (Magnolia Intersection&F.Gwrdz to Alen0 $175 000 Jan'11 2012 175000.00
S.Main Street 30%Engineering Construction Desi n 2 N/A Au 'll 2012 201 832.31
Moncrief Cancer Institute-UT Southwastem M nola Ave Pro t $18926 907 Jun10 2011 $1 899 592.00
Bke Sharin Stations-Ft WoM Bke Sha Inc. $50 000 Ma'12 2012 $50,000.00
Street Repair Re-strioina Program Phase-1 S.Main Magnolia,Hem $132,290 $132 Ocr10 2012 132 289.73
Bike Parkin -Near Southside Area $14,136 $14136 Jun'10 2011 $14J36.32
Magnolia Avenue Phase-2(Ro-Strlpe&Benches K 9 000 $59,000 Jan'09 2009 $59.000M
Park Place Streetsce -Emineerino&Construction $1043440 $1,043,440 Ocr10 2011 1043440.33
Leslie Street Extension Feasibility Study $7680 N/A Jun'13 2013 $7680.00
2015 Street&Streetscape Maintenance FWSI $29 321 $29 321 Ma '15 2015 $29,320.93
Complete Street R 'in-Evens Rosedale to Alan 1044 $21,044 r'13 6/13 $21,044.02
B,,,d-Y C.. Street I D.'=&Installation $31039 $31.039 JurM 2013 $31038.96
Modern VI a Streelleam Improvements ravis& comb 61 732 $10,374,295 'l l/Nov'13 2011-2015 $461,732.00
S.Main NCTCOG Sustainable Development 20%Match $750.000 $750,000 Jun'09 2010 $750,000.00
Vckwy Complete Street Phase-2 W.Vick •Adams to Jennings) $37 703 S37.703 Ma'12 2012 $37 703.13
2016 Street&StreetscapeMaintenance FWSI 714 714 Dec415 2016 713.60
2017 Street&Streetsca Maintenance FWSI 3567 3567 1217116 2017 .3567.08
2018 Street&Streetsca Maintenance FWSI 9163 $49163 12/6116 Milt $49,163.34
2019 Street&Streetscape Maintenance NSI 852 $65 852 12/5/18 42368 $65,851.94
W.Mckery Boulevard Accessibility Improvements $299,613 $299613 4/19117&321/18 42581 $299612.72
2020 Street&Streetscam Maintenance N 1 5 00 S85,000 12/42019&03/04/20 42734 $114,604.46
Oleander Wak-Coretructicn&Monthly Landscape Maintenance 1 587 604 $1,587,604 Ma'06&Jan% 2007 1 55.5 468.84
Oleander Walk Ph-21 1199&1495 Combined w/OW Construction 631,Z73.75
Ft Worth Bike Sharinq System Su 2016-20221 $90 000 $90.000 8112115 2016-2021 $90.000.00
Historic Southside Street Repair $2,250,000 250000 0910220 1213123 $ 250000.00
S.Main Street 100%Enaineerino Construction Des'n $2 000 000 $8 000 000 Nov'12&Dec'17 2015 $1 999 999.83
2021 Street&Streetsca Maintenance NSI 117,8 $117.834 12/0220 1213121 $117,833.118
Magnolia Avenue Phase-3(Tres LWd Maintenance&Repairs) 245 500 $245 500 Jun'09 MultFYr $245,240.37
M Apia Ave.Trash Receptacles $78.176 $78176 42705 43464 $78,176.31
Maortalla Avenue Phase-3 Sidewak Trashcans.Lands 500 $654,500 Jun'09 2009 $645,682,58 2797 $6,020
CIP F StreetR OW 000 $8,000,000 11113 6/19 822 20g 5 16243622.88 $1756377
u 2022 Street&Streets Maintenance NSI 110 000 $110 000 12101/21 12/3122 02A.91 15 975
Evans&Rosedale FkKvue Streeteca and Park $500, MIXIM000 $500.000
East Rosedale and South Man Gat-ay Concept Des'n $100,000 $100 000 03/02/22 1213122 S3W.22 $99 697
Sub-total 25 344 050 $258 455 154 $22 961 666.90 $1,874,846 $506 020
PARKS
Benches Bench slats for Magnolia 3 878 $3,878 Au '03 Complete 12/03 $3 878.00
Benches Benches 12 se M r4a $8400 $8400 Mar304 Complete 11/04 S8400.00
Purchase 700 block of St.Louis-23,000 sf,$74,000 $93,888 NIA t'04 Acu 10/04 $93,887.61
Newby Park Pavilion-Jerome Street $25.000 $25.000 t'04 Complete 9105 $25 000.00
W.Lauds Park Oes'n- $49465 N/A Jan'07 2009 S49464.61
W.Lauds Park I ovements Construction $300K+20K+15K+$ S366242 S386260 Ma '08 2010 $366,242.15
James Guinn Commemorative Plaza&Public Art $200,000 $200 000 Ma '08 2009 $200,ODO.00
Fkestetion#5 New Plaza on Evans&Irma $50,00 $50,000 0010 2010 sw 000.00
Watts Park Landscape Maintenance Muld Year 2010-2015 7 783 N/A Jun'10 2010-2015 $37,799.38
1616 Hemphill Purchase for City Park $1,408,255 $1 412 390 W7/15&8/3/16 2016 $1 408 255,45
E.Broadway nmil-Park Des'n 2 Public Park Designs) 37 783 N1A 08/03/16 2016 $37 783A7
S.Main V W e Parks Final Des'n/E inea Construction E Broa 51 899 311 $1,899,311 4/17&3/18&10/19 2020 1 899 310.56
Fire Station Park Construction $650,000 N/A 08/03/22 43189 NW,ODO.00
Watts Park Landscape Maintenance Multi Year 124 000 NIA Dec'15&Oct'22 2016-2032 $49123.83
Sub-total $4,9U,00 $3,965,239 879145.06 0 0
SCHOOLS-from FlMSD dedicated fund $15 000 000.00
TIF#4 Dis ursements $15,000,000 $15.QW.000 N/A 2007 15000000.00
Sub-total unobli ated $15000000 $0.00 $0 $0
SIGNAGE $250 000
Wayfinding Pr ram Amended 11/01/12 $90192 $90192 Ocr10 "15 90192.27
Wayfindintl Phase Two 185000 $165,000 1210220 $23,000.00 162000
Sub-tota1 $275192 $275192 $113.192.271 $162000 $0
PARKING STRUCTURES
Parking Garage Parkinti Sign $4,233 $4,233 Mar'12 2012 $4 33.00
Ma nola Green Parking Structure Loan $4,653,519 $40.450,D00 t'04 2005-15 653 519.24
Des' ineeri 157744 157744.41
CCLGC Park' Gr OParating Account JP MontanBank 1143768 1128768.08 $15,000
Evans Rosedale GaMe $6.5w. $6,500,000
Sub-total $15 959 265 $40 454 233 $5 944 264.73 $15 000 $6 590 000
TRANSPORTATION
8th Ave&Hemohill St.Circulation Study Amend.823117 12/5118 $100000 WA/6116 8r"17 1215/1 amil19 $99847.00
8th Ave Safety&Circulation Phase 1 DESIGN 000 WA 6/52019&9220 1213121 $199,999.90
em Ave Safety&Circulation Phase 1 CONSTRUCTION $1,550,000 $1,550,000 6/50119&9220 43099 1 550 000.00
Sub-total $2004856 $1902703 $0 $0
ADMINISTRATION
Near Southside Inc 5033579 Annually $4,918,536.76 v15043 $353,089
Total Disbursemenfs-Actual and Projected 70 471 186.09 $4 108 889 $15 861 109
Cash Reserves Remainina $13,232,685.9`1 16184824 $8223714
Exhibit F—Tarrant Appraisal District(TAD)report
Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
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Please see following page.
Tax Increment Reinvestment Zone Number Four(Southside TIF)
Updated and Amended Project and Financing Plan
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 11/08/22 M&C FILE NUMBER: M&C 22-0917
LOG NAME: 17TIF4AMENDPFP
SUBJECT
(CD 8 and CD 9)Conduct Public Hearing and Adopt Ordinance Extending the Term of,and Approving Amended Project and Financing Plans for,
Tax Increment Reinvestment Zone Number Four,City of Fort Worth,Texas
(PUBLIC HEARING-a.Report of City Staff: Robert Stums;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 concerning the extension of the term of Tax Increment Reinvestment Zone Number Four,City of Fort Worth,Texas,
(Southside TIF)and the approval of updated and amended Project and Financing Plans for the Southside TIF and the concept of tax
increment financing,generally;
2. Authorize an exception to Section 1(2)of the Policy Guidelines and Procedures for Tax Increment Reinvestment Zones(Resolution 3824-12-
2009)to permit the extension of the term of the Southside TIF; and
3. Adopt the attached Ordinance(i)extending the term of the Southside TIF to the earlier of December 31,2032,or the date on which all
project costs,tax increment bonds and interest on those bonds(if applicable), and other obligations have been paid in full;(ii)approving
updated and amended Project and Financing Plans, as previously approved by the Southside Board of Directors; and(iii)containing
specific findings of fact in support of the foregoing.
DISCUSSION:
On November 25, 1997,the City Council adopted Ordinance No. 13259 designating Tax Increment Reinvestment Zone Number Four, (Southside
TIF)for a term of twenty-five years.On August 30, 1999,the Board of Directors of the Southside TIF(Board)adopted project and financing plans
for the Southide TIF,which was approved by the City Council pursuant to Ordinance No. 13919 on August 31, 1999.The term of the Southside TIF
is set to expire on December 31,2022.
On November 1,2012,the Board adopted a resolution to amend the Plan to allow the Southside TIF to continue and expand revitalization efforts in
the near southside by adding approximately$45 million in public improvement projects. On December 11,2012,City Council adopted Ordinance
No.20536-12-2012,approving the updated and amended Plan.
On October 19,2022,the Board adopted a resolution approving a updates and amendments to the Plans based on a desire to extend the term of
the Southside TIF to implement additional projects that are necessary to its continued success. In order for these essential projects to be
implemented,the Board recommended that the term of the Southside TIF be extended for an additional ten years
The Southside TIF was created to promote the revitalization of Fort Worth's Near Southside neighborhood and medical district and to advance the
transformation of this formerly blighted area into an economically productive,vibrant,mixed-use district.The Southside TIF serves two primary
purposes in advancing the goals of the Plan:
1)To fund public improvements that upgrade the infrastructure within Southside TIF;and
2)To promote private inverstment through strategic and transformative development projects and through collaboration among the City,Near
Southside, Inc.(NSI),local businesses,medical district anchors,and other institutions and private developers.
As the original termination date of December 31, 2022, approaches, and as contribution requirements of the other taxing entities' participation
agreements have been met,the City recognizes that remaining infrastructure needs in the Near Southside,and the need for continuing dedicated
investment to complete those projects and sustain economic progress. Completing important infrastructure projects through a combination of
public initiatives and public/private partnerships requires an extension of the Southside TIF's term, but with a significant modification to the City's
level of contribution. The City currently contributes 90%of its tax increment into the Southside TIF fund to be expended pursuant to the Plan.
As part of the extension of the term of the Southside TIF and beginning on January 1,2023,the City will reduce its contribution into the Southside
TIF fund by at least two-thirds.The City will transition to a fixed contribution schedule,with one condition to protect against unanticipated downturns
in which the fixed contribution amount would exceed 30%of the City's available increment for a particular year. In such years,the City's contribution
will be less than the fixed amount and equal to 30% of available increment. In all other years, the City's contributions will match the following
schedule:
Tax Year City Contribution
2023 $2,700,000
2024 $2,900,000
2025 $3,100,000
2026 $3,300,000
2027 $3,500,000
2028 $3,700,000
2029 $3,900,000
2030 � $4,100,000
2031 $4,300,000
Total $31,500,000
Note that the City will only be contributing its tax increment for nine years.The tenth year of the extension is being reserved to allow the Board time
to complete all of its administrative responsibilities.
Southside TIF-supported projects funded through this extension will fit within the same set of general project categories.The updated and
amended Plan outlines nonbinding estimates by category for total projected Southside TIF revenue of$31.5 million,collected over the nine
revenue years.
Staff will be bringing forth a separate M&C in the future requesting that the City Council adopt an economic development policy recommending the
establishment of a fund for economic development initiatives. As part of the policy,staff estimates that roughly half of the remaining increment(or
35%)from the Southside TIF will be deposited into that fund and used for the established initiatives. The other half of the increment will be
deposited into the general fund.
The updated and amended Plan is attached as Exhibit"A"to the proposed Ordinance.The Board approved the updates and amendments to the
Plans and recommended extending the term of the Southside TIF,as set forth above.In order to effectuate the extension,staff also recommends
that City Council permit an exception to Section 1(2)of the TIF Policy to allow for this extension,as the TIF Policy currently only allows extensions to
finance major infrastructure projects.
After conducting the public hearing regarding the proposed extension of the Southside Tlfs term,the updated and amended Plan,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 Southside TIF and approving the updated and
amended Plan.
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 8 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 2023 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.- William Johnson 5806
Originating Business Unit Head: Robert Stums 2663
Additional Information Contact: Robert Sturns 2663
Expedited