HomeMy WebLinkAboutResolution 4225-07-2013 A Resolution
NO. 4225-07-2013
WHEREAS, pursuant to Resolution No. 4209, adopted by the City Council of the
City of Fort Worth, Texas (the "City Council") on May 21, 2013, by M&C G-17901 ,
approved by the City Councit, the City has elected to be eligible to participate in tax
abatement for property located in Neighborhood Empowerment Zones, as authorized by
Chapter 378 of the Texas Local Government Code and in accordance with Chapter 312
of the Texas Tax Code (the "Code"), and has established guidelines and criteria
governing tax abatement agreements covering property located in Neighborhood
Empowerment Zones (the "NEZ Policy"); and
WHEREAS, pursuant to Resolution No. 3950, adopted by the City Council on
December 7, 2010, the City Council created the Trinity Park Neighborhood
Empowerment Zone ("Trinity Park NEZ"); and
WHEREAS, the City wishes to reduce the boundaries of the Trinity Park NEZ by
removing the property described in Exhibit "A", attached hereto and hereby made a part
of this Agreement for all purposes (the "Property"), from the Trinity Park NEZ;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
1. That the Property is hereby removed from the Trinity Park NEZ, effective
from and after the adoption of this Resolution.
2. That from and after the adoption of this Resolution, none of the incentives
set forth in the NEZ Policy shall be available to any owner, lessee or interest
holder of all or any portion of the Property solely pursuant to the NEZ Policy.
Adopted this 16 1h day of July, 2013.
Mary Kayse i, Secretary 00000000 4y
RTWORT
EXHIBIT"A"
LEGAL DESCRIPTION OFTHE PROPERTY BEING REMOVED FROM THE ZONE
TRACT 1
Being all ofLots 1, 2, 3, 4, 5, 8, 7, 8' 9, 10, 13, 14, 15, and 18 in Block 17of Linwood Addition, an
Addition to the City nf Fort Worth, Tarrant County, Tmxoa, according to the plat thereof recorded in
Volume 388-B, Page 181, Plat Records, Tarrant County, Texas, and being all of Lot 11Rin Block 17nf
Linwood Addition, an Addition hm the City of Fort Worth, Tarrant County, Texas, according hn the plat
thereof recorded in Cabinet B, Slide 3352, Plat Records, Tarrant County, Texas, and being the same
tracts of land conveyed to James T. Ayres, by deeds recorded in Instrument Nos. D205321976,
C>208008786' D208020352. Volume 9288, Page 2042and Volume 8758' Page 362. Deed Records,
Tarrant County, Texas, and being part of tracts of land conveyed to Economy Apartments, LLC, by
deed recorded in Instrument No. D211126041, Deed Records, Tarrant County, Texas, and being more
particularly described aafollows:
BEGINNING at o 1/2 inch iron rod found for corner, said corner being in the intersection of the East line
ofFooh Street(50 foot right-of'way) and the South line of Azalea Avenue (variable width right-of+xay);
THENCE South 58 degrees 40 minutes 00 seconds East along the South line of said Azalea Avenue, a
distance of 155.24 feet ton 1/2 inch iron rod found for corner, said corner lying in a tangent curve to the
left, having a radius of8D0.O0 feet, o delta of31 degrees 20 minutes O0 seconds and o chord bearing
and distance that bears South 74 degrees 20 minutes OO seconds East, 432-07feet;
THENCE continuing along the South line qf said Azalea Avenue and along the said curve to the left, on
arc length of 437.50 feet to a 1/2 inch iron rod found for corner;
THENCE East, continuing along the South line of said Azalea Avenue, o distance of 2.93 feet to o 1/2
inch iron rod found for corner, said corner lying in the intersection of the South line of said Azalea
Avenue and the West line of Carroll Street (variable width right-of-way);
THENCE South, along the West line of said Carroll Street, o distance of 110.23 feet to a 1/2 inch iron
rod found for corner, said corner being the Northeast corner of Block 20 City of Fort Worth Park;
THENCE VVest, along the North line of said 0|Vok 20. o distance of 243.00 feet to o 1/2 inch iron nod
found for corner, said corner being the Northwest corner nfsaid Block 20;
THENCE South. along the West line ofsaid Block 20, a distance of11O.OU feet too 1/2 inch iron rod
found for corner, said corner lying in the North line of Mercedes Avenue (50 foot right-of-way);
THENCE VVest, along the North line of said Mercedes Avenue, a distance of 5.00 feet to a 1/2 inch iron
nod found for corner, said corner lying in a tangent curve to the right, having o radius of 550.00 feet, o
delta of23 degrees OSminutes 58 seconds and a chord bearing and distance that bears North 79
degrees 25 minutes 00 seconds West, 22U.87feet;
THENCE along the North line of said Mercedes Avenue and along the said curve to the right, an arc
length of 222.38 feet to a 112 inch iron rod found for corner;
THENCE North 66 degrees 50 minutes 00 seconds West, continuing along the North line of said
Mercedes Avenue, a distance of3G.01 feet ioa 1/2 inch iron rod found for corner, said corner lying in a
tangent curve to the left, having a radius of 750.00 feet, a delta of 16 degrees 14 minutes 37 seconds
Page 1of3
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and a chord bearing and distance that bears North 74 degrees 57 minutes 19 seconds West, 211.92
THENCE continuing along the North line of said Mercedes Avenue and along the said curve to the left,
an arc length of212.03 feet boa 1/2 inch iron rod found for corner, said corner lying in the intersection
of East line of said Foch Street and the North line of said Mercedes Avenue, and lying in a nontangent
curve to the right, having a radius of 800.00 feet, a delta of 11 degrees 13 minutes 47 seconds and a
chord bearing and distance that beans North 24 degrees 28 minutes 07 seconds East. 150.54 feet;
THENCE along the East line of said Foch Street and along said curve to the right, an arc length of
158.8O feet to an ")(" found in concrete for oorner'
'
THENCE North 30 degrees 05 minutes 00 seconds East along the East line of said Foch Street, a
distance of 89.01 feet to a 1C2 inch iron rod found for corner, said corner being in e tangent curve to the
left, having a radius of 650.00 feet, a delta of 08 degrees 17 minutes 58 seconds and a chord bearing
and distance that bears North 25 degrees 55 minutes 36 seconds East, 94.07 feet;
THENCE continuing along the East line of said Foch Street and along said curve to the left, an arc
length of94.15 feet to the POINT C>F BEGINNING and containing 148.573 square feet nr3.41 acres of
land.
Being all ofLots 1, 2, 3, 4, 5, 8' 23. 24 and part mf Lot 22 )n Block 10 uf Linwood Addition, on Addition to
the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Volume 388-B,
Page 181, Plat Reconjn, Tarrant County, Texas, and being the same tract ofland conveyed to James
T. Ayres, by deed recorded in Instrument No. D202119337, Deed Records, Tarrant County, Texas, and
being the same tracts of land conveyed to James T. Ayres, by Deeds recorded in Volume 10311, Page
1442 and Page 1454, Deed Flmoonds. Tarrant County` Texas, and being part of tracts of land conveyed
to Economy Apartments, LLC, by dead recorded in Instrument No. D211126041. Deed Flaconds,
Tarrant County, Texas, and being more particularly described as follows:
BEGINNING at m 1/2 inch iron rod found for corner, said corner lying in the intersection of the East line
nfFonh Street(50 foot h8ht-of+way) and the South line of Mercedes Avenue (58 foot r\ght-of-vvay);
'[HENCE South 82 degrees 29 minutes 50 seconds Eamt, along the South line of said K4eroadnn
Avenue, a distance of 15.85 feet to a 1/3 inch iron rod found for oornar, said corner being in a
nontangent curve to the right, having o radius nf7O0.O0feet, a delta of 16 degrees 22 minutes 13
seconds and gchord bearing and distance that bears South 74 degrees 18 minutes 52 seconds East,
199.32 feet;
.
THENCE along the South line of said Mercedes Avenue and along said curve to the right, an arc length
of200.UOfeet to a 1/2 inch iron rod found for corner;
THENCE South 68 degrees 58 minutes 38 seconds East, continuing along the South line of said
Mercedes Avenue, a distance of 27.41 feet to a 1/2 inch iron nod found for corner, said corner being in
a nontangent curve to the left, having a radius of 600.00 feet, a delta of 15 degrees 31 minutes 38
seconds and o chord bearing and distance that bears South 74 degrees 35 minutes 49 seconds East,
182.10 feei'
.
THENCE continuing along the South line of said Mercedes Avenue and along said curve to the (eft, an
arc length of 162.60 feet to an "X" found in concrete for corner, said corner being the Northwest corner
of Lot 7 in said addition;
Page% of3
THENCE South 07 degrees 39 minutes 00 seconds West, along the West line of said Lot 7, a distance
of114.27 feet tom1/2 inch iron rod found for corner, said corner lying intheNodhhneofLot17 /nsokj
addition;
THENCE North 80 degrees 44 minutes 00 seconds West, along the South |/nan of said Lots 3-6. a
distance of 249.37 feet to a 1/2 inch iron rod found for corner, said corner being the Northwest corner of
Lot 30 and the North corner of Lot 21 in said eddition�
.
THENCE South 47 degrees 24 minutes 00 seconds VVest, along the Northwest line of said Lot 21, a
distance of 90.80 feet to a 3/4 inch iron rod found for corner;
`
THENCE North 82 degrees 25 minutes 00 seconds VVa8t, a distance Of 7.00 feet to a 1/2 inch iron rod
found for norner�
.
THENCE South 05 degrees 59 minutes OO seconds West, o distance of85.88 feet too 112 inch iron rod
found for corner, said corner lying in the North ))no of Merrimac Street (50 foot ri0ht-of-vvay), and being
in o nontongentourvm to the ri0ht, having a radius of 750.00 feet, a delta of 00 degrees 35 minutes 00
seconds and a chord bearing and distance nfNorth 79 degrees 17 minutes 23 seconds VVent. 86.15
feet
.
THENCE along the North line of said Merrimac Street and along said curve to the right, an arc length of
8d.2O feet toa1/2 inch iron rod found for corner;
THENCE North 75 degrees 59 minutes 50 seconds West, along the North line of said Merrimac Street,
o distance of 9.29 feet toa 1/2 inch iron rod found for corner, said corner lying in the intersection of the
North line nf said Merrimac Street, and the East line of said FonhStreet;
THENCE North 07 degrees 35 minutes OU seconds East, along the East line of said Foch Stneet, a
distance of 207.86 feet to on "X' found in concrete for corner, said corner being in e tangent curve to
the right, having a radius of 800.00 fe8t, a delta angle of 07 degrees 38 minutes 20 se:ond, and a
chord bearing and distance that bears North 11 degrees 24 minutes 14 seconds East, 106.61 feet;
THENCE along said East line of said Fnnh Street and along said curve to the hQht, an arc length of
106.69 feet to the POINT OF BEGINNING and containing 73,805 square feet or 1.69 acres of land.
Page 3of3
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Trinity Park NEZ
City of Fort Worth, Texas
Mayor and Council Communication
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couNCi ACTION , Apprc� ed can 7/16/2013 - Ordinance New. 20807,0' -2011 ,,,lRe"ll,�tIbn;.
No. 4225-07-2043
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DATE: Tuesday, July 16, 2013 REFERENCE NO.: G-17939
LOG NAME: 17TRINITYNEZBOUNDARY
SUBJECT:
Conduct a Public Hearing and Adopt Resolution and Ordinance Reducing the Size of the Trinity Park
Neighborhood Empowerment Zone and Neighborhood Empowerment Reinvestment Zone No. 15R, City of
Fort Worth, Texas (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning the reduction of the Trinity Park Neighborhood Empowerment
Zone and Neighborhood Empowerment Reinvestment Zone No. 15R, City of Fort Worth, Texas;
2. Adopt the attached Resolution reducing the size of the Trinity Park Neighborhood Empowerment Zone;
and
3. Adopt the attached Ordinance reducing the size of Neighborhood Empowerment Reinvestment Zone
No. 15R, City of Fort Worth, Texas.
DISCUSSION:
On December 7, 2010, (M&C G-17141) the City Council adopted Resolution No. 3950 designating the
Trinity Park Neighborhood Empowerment Zone (the Trinity Park NEZ). Additionally, the City Council
conducted a public hearing and adopted Ordinance No. 19466 designating the same area as
Neighborhood Empowerment Reinvestment Zone No. 15R, City of Fort Worth, Texas (the Trinity Park
NEZ Reinvestment Zone).
Greystar GPII, LLC (Greystar), owns or intends to purchase approximately five acres of property west of
Carroll Street, north of Merrimac Street, east of Foch Street and south of Azalea Avenue, all of which
currently is located within the Trinity Park NEZ. Greystar or an affiliate is considering the redevelopment
of this property into a multi-family apartment and townhome development consisting of at least 374
residential units and a parking garage with at least 498 spaces at a cost of at least $35 million. The
development is proposed to be completed on or before December 31, 2015. The greater of 37 or 10
percent of all residential units in the development are proposed to be set aside as quality affordable
housing available to tenants whose adjusted incomes do not exceed the then-current 80 percent income
limits established by the United States Department of Housing and Urban Development for the Fort Worth-
Arlington Metro FMR area. In addition, at least eight units will be fully handicap accessible and at least
three of these units will also be affordable units.
Greystar has applied for a tax abatement incentive as a prerequisite for undertaking the development and
Staff intends to ask the City Council to consider a Tax Abatement Agreement with Greystar or an affiliate,
pursuant to which the City would abate up to 70 percent of the City's taxes on real property improvements
Lo;gname: "17TRINITYNEZBOUNDARY Pagel of 2
at the site for a period of 10 years. in order for the City Council to grant a tax abatement, the property
subject to the abatement must be located in a reinvestment zone designated, in accordance with Chapter
312 of the Texas Tax Code, and the terms and conditions of the Tax Abatement Agreement must be
consistent with a tax abatement policy adopted by the City Council.
State law also requires that Tax Abatement Agreements with property owners in a single reinvestment
zone must contain identical terms for the amount and duration of the abatements. Existing Tax
Abatement Agreements with other property owners in the Trinity Park NEZ Reinvestment Zone all provide
for abatements of up to 100 percent of the City's taxes on real property improvements for periods of five
years. Because the recommended terms and conditions of the Tax Abatement Agreement for the
Greystar project are different from the other Tax Abatement Agreements that are already in place in the
Trinity Park NEZ Reinvestment Zone, it is necessary for the City Council to remove the development
property from the Trinity Park NEZ Reinvestment Zone and to designate it as part of a new reinvestment
zone.
The City's General Tax Abatement Policy, adopted by the City Council, pursuant to Resolution No. 4096-
06-2012, provides that a residential development project with a minimum capital investment amount of$5
million is eligible for tax abatement consideration if the property owner agrees to set aside a mutually-
agreed number or percentage of the units as affordable and handicap accessible. The City's separate
NEZ Tax Abatement Policy, adopted by the City Council, pursuant to Resolution No. 4209-05-2013,
requires only a minimum capital investment amount of$200,000.00 in order for a residential project
located in a NEZ to be eligible for tax abatement, but it also requires that a higher number of units be
designated as handicap accessible and necessitates a City Council waiver if less than 20 percent of the
units are reserved as affordable. Greystar's tax abatement application, creation of the new reinvestment
zone and the Tax Abatement Agreement that Staff intends to recommend, will all be governed by the
City's, General Tax Abatement Policy.
Upon adoption of the attached Resolution and Ordinance, the five-acre development site will no longer be
eligible for any incentives under the NEZ program. The properties remaining in the Trinity Park NEZ and
Trinity Park NEZ Reinvestment Zone will be unaffected by this action. After creation of the new
reinvestment zone by separate action of the City Council, this action will allow the City to enter into a Tax
Abatement Agreement with Greystar on the negotiated terms and conditions described above.
The Trinity Park NEZ is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that this action will not increase the total
appropriations on City funds.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by- Fernando Costa (6122)
Originating Department Head: Cynthia Garcia (8187)
Robert Sturns (8003)
Additional Information Contact: Ana Alvarado (2661)
Logname: 17TRINITYNEZBOUNDARY Page 2 of 2