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HomeMy WebLinkAboutOrdinance 20808-07-2013 ORDINANCE NO. 20808-07-2013 AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE CITY OF FORT WORTH AS "TAX ABATEMENT REINVESTMENT ZONE NUMBER EIGHTY-EIGHT, CITY OF FORT WORTH, TEXAS"; PROVIDING THE EFFECTIVE AND EXPIRATION DATES FOR THE ZONE AND A MECHANISM FOR RENEWAL OF THE ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to the City Council's adoption on June 12, 2012 of Resolution No. 4096-06-2012 (the "Tax Abatement Policy"), the City of Fort Worth, Texas (the "City") has elected to be eligible to participate in tax abatement and has established guidelines and criteria governing tax abatement agreements entered into between the City and various third parties, as authorized by and in accordance with the Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas Tax Code (the "Code"); and WHEREAS, the City Council desires to promote the development of the area in the City more specifically described in Exhibit "A" of this Ordinance (the "Zone") through the creation of a reinvestment zone for purposes of granting a residential tax abatement,as authorized by and in accordance with Chapter 312 of the Code; and WHEREAS, Greystar GPIl, LLC or an affiliate ("Company") intends to construct a multi-family development consisting of apartments and townhomes With, collectively, at least 374 units, and intends to expend or cause to be expended at least $35,000,000 for such real property improvements. ("Improvements"); and WHEREAS, Company has applied for a real property tax abatement from the City in return for the construction of the Improvements in the Zone and compliance with Ordinance Designating Tax Abatement Reinvestment Zone Number Eighty-Eight, Page I of 4 City of Fort Worth,Texas Ordinance No.20808-07-2013 certain other employment and spending commitments that will foster economic development in the Zone and the City in general; and WHEREAS, on July 16, 2013 the City Council held a public hearing regarding the creation of the Zone, received information concerning the Improvements proposed for the Zone and afforded a reasonable opportunity for all interested persons to speak and present evidence for or against the creation of the Zone ("Public Hearing"), as required by Section 312.201(d) of the Code; and WHEREAS, notice of the Public Hearing was published in a newspaper of general circulation in the City on July 8, 2013, which satisfies the requirement of Section 312.201(d)(1) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; and WHEREAS, in accordance with Sections 312.201(d)(2) and (e), of the Code notice of the Public Hearing was delivered in writing not later than the seventh day before the date of the public hearing to the presiding officer of the governing body of each taxing unit that includes in its boundaries real property that is to be included in the proposed Zone; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS: Section 1. FINDINGS. "That after reviewing all information before it regarding the establishment of the Zone and after conducting the Public Hearing and affording a reasonable opportunity for all Ordinance Designating Tax Abatement Reinvestment Zone Number Eighty-Bight, Page 2 o£4 City of Fort Worth,Texas Ordinance No.20808-07-2013 interested persons to speak and present evidence for or against the creation of the Zone, the City Council hereby makes the following findings of fact: 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. Therefore, the City has met the notice and procedural requirements established by the Code for creation of a reinvestment zone under Chapter 31.2 of the Code. 1.2. The Improvements proposed for the Zone, as more specifically outlined in the Public Hearing, are feasible and practical and, once completed will benefit the land included in the Zone as well as the City for a period in excess of ten (10) years, which is the statutory maximum term of any tax abatement agreement entered into under the Chapter 312 of the Code. 1.3. As a result of designation as a reinvestment zone, the area within the Zone is reasonably likely to contribute to the expansion of primary employment and to attract major investment in the Zone that will be a benefit to property in the Zone and will contribute to the economic development of the City. Section 2. DESIGNATION OF ZONE. That the City Council hereby designates the Zone described in the boundary description attached hereto as Exhibit "All and made a part of this Ordinance for all purposes as a reinvestment zone for purposes of granting residential tax abatement, as authorized by and in accordance with Chapter 31.2 of the Code. This Zone shall be known as"Tax Abatement Reinvestment Zone Number Eighty-Eight, City of Fort Worth, Ordinance Designating Tax Abatement Reinvestment Zone Number Eighty-Eight, Page 3 of 4 City of Fort Worth,Texas Ordinance No.20808-07-2013 Texas." This project is eligible for residential tax abatement pursuant to Section 3.2 of the Tax Abatement Policy. Section 3. TERM OF ZONE. That the Zone shall take effect upon the effective date of this Ordinance and expire five (5) years thereafter. The Zone may be renewed by the City Council for one or more subsequent terms of five(5)years or less. Section 4. SEVERABILIT Y. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Section 5. IMMEDIATE EFFECT. That this Ordinance shall take effect upon its adoption. APPROVED AS TO FORM AND LEGALITY: By:_/, ........... Peter Vaky,Deputy Attorney Mary J. er," ity ecretary M&C: G-17938 ADOPTED AND EFFECTIVE: July 16, 2013 Ordinance Designating Tax Abatement Reinvestment Zone Number Eighty-Eight, Page 4 of 4 City of Fort Worth,Texas Ordinance No.20808-07-2013 EXHIBIT "A" BOUNDARY.DESCRIPTION OF ZONE TRACT 1 Being all of Lots 1, 2, 3,4,5, 6, 7, 8, 9, 10, 13, 14, 15,and 16 in Block 17 of Linwood Addition, an Addition to the City of Fort Worth,Tarrant County,Texas,according to the plat thereof recorded in Volume 388-B,Page 181,Plat Records,Tarrant County,Texas, and being all of Lot l 1 R in Block 17 of Linwood Addition,an Addition to the City of Fort Worth,Tarrant County,Texas,according to 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, D206009786, D206026252, Volume 9288,Page 2042 and Volume 9756, 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. D21112604 1, Deed Records,Tarrant County,Texas, and being more particularly described as follows: BEGINNING at a 1/2 inch iron rod found for corner, said corner being in the intersection of the East line of Foch Street(50 foot right-of-way)and the South line of Azalea Avenue (variable width right-of-way); THENCE South 58 degrees 40 minutes 00 seconds East along the South line of said Azalea Avenue, a distance of 155.24 feet to a 1/2 inch iron rod found for corner, said corner lying in a tangent curve to the left, having a radius of 800.00 feet, a delta of 31 degrees 20 minutes 00 seconds and a chord bearing and distance that bears South 74 degrees 20 minutes 00 seconds East,432.07 feet; THENCE continuing along the South line of said Azalea Avenue and along the said curve to the left, an 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,a distance of 2.93 feet to a 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,a 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 West,along the North line of said Block 20, a distance of 243.00 feet to a 1/2 inch iron rod found for corner,said corner being the Northwest corner of said Block 20; THENCE South, along the West line of said Block 20,a distance of 110.00 feet to a 1/2 inch iron rod found for corner, said corner lying in the North line of Mercedes Avenue(50 foot right-of-way); THENCE West,along the North line of said Mercedes Avenue, a distance of 5.00 feet to a 1/2 inch iron rod found for corner, said corner lying in a tangent curve to the right,having a radius of 550.00 feet,a delta of 23 degrees 09 minutes 58 seconds and a chord bearing and distance that bears North 78 degrees 25 minutes 00 seconds West, 220.87 feet; 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 1/2 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 of 36.01 feet to a 1/2 inch iron rod found for corner, said corner lying in a tangent curve (othe left, having a radius of 750.00 feet, a delta of 16 degrees 14 minutes 37 seconds and a chord bearing and distance that bears North 74 degrees 57 minutes lV seconds West, 2ll.92 feet; THENCE continuing along the North line of said Mercedes Avenue and along the said curve to the left, un are length of2|2.63 feet toa \/2 inch iron rod found for comer,said comer lying io the intersection of East line of said Foch Street and the North line of said Mercedes Avenue, and lying ivanoo(ao8eotcurve to the right, having a radius of 800,00 feet,a delta of I I degrees 13 minutes 47 seconds and a chord bearing and distance that bears North 24degrees 28 minutes 07 seconds East, 156.54 feet; THENCE along the East line of said Foch Street and along said curve to the right,an arc length of 156.80 feet touo"X" found iu concrete for comer; THENCE North 30 degrees 05 minutes 0O seconds East along the East line of said Foo6 Street, udistance of 89.01 feet to a 1/2 inch iron rod found for comer, said comer being in a 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,y4.O7feet; THENCE continuing along the East line ot said Foob Street and along said curve(o the left, uu are length ofV4.}5 feet tm the POINT 0F BEGI*�NING and containing |48'573 square feet or3.4l acres o[land. TRACT2 Being all ofLots 1, 2, 3,4, 5, 6, 23' 24 and part ofLot 22 in Block 16 of Linwood Addition, ouAddition to the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Volume 388- B,Page 18 1, Plat Records,Tarrant County,Texas, and being the sarne tract of land conveyed to James T. Ayres, by decd recorded in lnm\rumcoi N^. D202119337, Deed Records, Tarrant County, loxum, and being the ma000 boo(o of land conveyed to JunuuoT. Ayres, by Deeds recorded in Volume 10311, Pu&c 1442 and Page 1454` Deed Records, T000ut County, Texas, and being part of tracts of land conveyed to Economy Apartments, L[C, 6y deed recorded in Instrument No. D211126041` Deed Records, Tarrant County,Texas,and being more particularly described uo follows: BEGINNING at o 1/2 ioob iron rod found for comer, said onroor lying in the intersection of the East 1iuu of Foch Street(50 foot right-of-way)and the South line of Mercedes Avenue(50 foot right-of-way); THENCE South 82 degrees 29 minutes 59 seconds East, along the South line of said Mercedes Avenue, a distance of)5.P5 feet to a 1/2 ioob iu`u nod found for comer, said corner being in a uouiaognut curve to the right, having a radius of 700.00 feet, a delta of 16 degrees 22 minutes 13 seconds and a chord bearing and distance that bears South 74 degrees lX minutes 5Z seconds East, 199.32 feet; THENCE along the South line of said Mercedes Avenue and along said curve tothe right, uo arc length of 200.00 feet\oo }/2 inch iron rod found for oocnoc . THENCE South 66 degrees 56 minutes]8 seconds East, continuing along the South line of said Mercedes Avenue, o distance of27.4i feet tou }/2 inch iron rod found for comer, said comer being ioauou(augooi curve|o the left, having radius of600DO ieo\, u delta of 15 degrees 31 minutes 38 seconds and u chord bearing and distance that bears South 74 degrees 35 minutes 4V seconds East, l62.}0feet; THENCE continuing along the South line of said Mercedes Avenue and along said curve to the left, an arc length of 162.60 feet to an "X" found in concrete for comer,said comer being the Northwest comer of Lot io said addition; THENCE South 07 degrees 39 minutes 00 seconds West, along the West line of said Lot 7, a distance of 114.27 feet to a 1/2 inch iron rod found for corner, said corner lying in the North line of Lot 17 in said addition; THENCE North 80 degrees 44 minutes 00 seconds West, along the South lines of said Lots 3-6, a distance of 249.37 feet to a 1/2 inch iron rod found for comer, said corner being the Northwest corner of Lot 20 and the North corner of Lot 21 in said addition; THENCE South 47 degrees 24 minutes 00 seconds West, 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 West, a distance of 7.00 feet to a 1/2 inch iron rod found for corner; THENCE South 05 degrees 59 minutes 00 seconds West, a distance of 85.89 feet to a 1/2 inch iron rod found for corner, said corner lying in the North line of Merrimac Street (50 foot right-of-way), and being in a nontangent curve to the right, having a radius of 750.00 feet, a delta of 06 degrees 35 minutes 06 seconds and a chord bearing and distance of North 79 degrees 17 minutes 23 seconds West, 86.15 feet; THENCE along the North line of said Merrimac Street and along said curve to the right, an arc length of 86.20 feet to a 1/2 inch iron rod found for corner; THENCE North 75 degrees 59 minutes 50 seconds West, along the North line of said Merrimac Street, a distance of 9.29 feet to a 1/2 inch iron rod found for corner, said corner lying in the intersection of the North line of said Merrimac Street, and the East line of said Foch Street; THENCE North 07 degrees 35 minutes 00 seconds East, along the East line of said Foch Street, a distance of 207.86 feet to an "X" found in concrete for corner, said corner being in a tangent curve to the right, having a radius of 800.00 feet, a delta angle of 07 degrees 38 minutes 29 second, 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 Foch Street and along said curve to the right, an are length of 106.69 feet to the POINT OF BEGINNING and containing 73,805 square feet or 1.69 acres of land. Tax Abatement Reinvestment Zone No. 88 Vicinity of Carroll Street and Merrimac Street Fort Worth, TX "Exhibit A" WHITE SETTLEMENT re WHITE SETTLEMENT "t U dry r C2 a �or� y ffr�oF e c ; WINGATE HAMILTON a t,, � " n ►. 1# r r MERCE DES � ,�,,, M1 w z. �l � r, o' MERRIMAC t " 5TH � r .t y ¢ r: 6TH c w Al P" Li n O 7TH r, 7 ; Q r v, I Copyright 2013 City of Fort Worth. tlnauthorixed reproduction is a violation of applicable laws. `Phis product is for informational purposes and may not have been prepared for or be suitable for legal,engineering,or surveying purposes.It does not represent an on-the-ground survey and represents only the approximate relative location of property boundaries. The City of Fort Worth assumes no responsibility for the accuracy of said data. kh City of Fort Worth, Texas Mayor and Council Communication x¢a^,utiuwuarvrrmmmmmomo nu mwuwrw..i .uwmwnnmmxmnr;um,.NmwR. w.mn.vuaru r �ma. -w;nrmrw aruxwu� rr umartwns�oawivmern owe.. w,v wn.ruex nmo®menu�!��umi wusuawwwwauuummrxmim�oimrtwoimmwiwnwuwmwm�wvawMrmwwmoo.muwomuuouwGwwuMw ! COUNCIL A C T1©N Approved on 7/1612013 - Ordinance No,. 20808-67-20111/' imfifiNSluYtlMWNMWYM^!dU¢OiwNbdN�rvINIYYU'MUIRmM;'tif!UHtwwW!MABGi1uW1IMHMnNM1rI3NnM OVURAXIm4uWW4wIOMn^'MRIANMU6111 ioINVU 9 .ttfAmmlo-wdlM.ollMNoral:Wiffi'kmuoumPWa we[WF VAm YtlF MKJItNiivFJNfi+...wW%M iMdunnmMUU WWWatiW'z9WUWmIXO'011'!N mmoowmN.wwwmlvulrovwuudarSM'NN,'ofWW4W6MMiHNICOpeWMNmtw,MrM UiuwuWVUwuuou ummmwloYJWMVYtYP OiIIUGNiooI9Nw4wxuWp4 DATE: Tuesday, July 16, 2013 REFERENCE NO.: G-17938 LOG NAME: 17RIZTA88 SUBJECT: Conduct a Public Hearing and Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 88, City of Fort Worth, Texas, for Approximately Five Acres of Property in the Vicinity of Carroll Street and Merrimac Street to Facilitate Development of a Multi-Family Development by Greystar GPII, LLC, or its Affiliate (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 88, City of Fort Worth, Texas; and 2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No. 88, City of Fort Worth, Texas, pursuant to and in accordance with Chapter 312 of the Texas Tax Code. DISCUSSION: The proposed Tax Abatement Reinvestment Zone No. 88, City of Fort Worth, Texas, is for approximately five acres of property located in the vicinity of Carroll Street and Merrimac Street. Greystar GPII, LLC, or an affiliate is considering the construction of a multi-family development consisting of apartments and townhomes. The proposed project will result in at least $35 million in real property improvements to the site. As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation of a Reinvestment Zone. The exact boundaries of the proposed zones are described in Exhibit A of the attached ordinance. Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this hearing. The areas encompassing the proposed Zone meet the statutory criteria for designation as a Tax Abatement Reinvestment Zone, pursuant to Chapter 312 of the Texas Tax Code, in that the area is reasonably likely, as a result of the designation, to contribute to the retention or expansion of primary employment or to attract major investment in the Zone that would be a benefit to the property and that would contribute to the economic development of the City. Further, the improvements sought in the Zone are feasible, practical and would be a benefit to the land to be included in the Zone and to the City after any Tax Abatement Agreements, which may be entered into have expired. The term of the proposed Zone will be five years from the date of adoption of the attached ordinance and may be renewed for periods not to exceed five years each. The proposed Zone is located in COUNCIL DISTRICT 9. Logname: 17RIZTA88 Page I of 2 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: 17RIZTA88 Page 2 of 2