Loading...
HomeMy WebLinkAboutOrdinance 17209-09-2006ORDINANCE NO. 17209-09-2006 AN ORDINANCE ENLARGING THE BOUNDARIES OF TAB INCREMENT REIN'6~ESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXASs AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance Na. 12324, adapted by the City Council of the City of Fort Worth, Texas (the "City") on December l9, 1995, the City created Tax Tncreznent Reinvestment Zone Number Three, City of Fart Worth, Texas, as previously enlarged pursuant to Ordinance No. 14795, adopted by the City Council on October 2, 2001, and Ordinance No. 14839, adopted on October 30, 2041, and as previously reduced by Ordinance No. 15317, adopted on November S, 2002, and Ordinance No. 15442, adopted on February 18, 2003 (the "Zone"); and WHEREAS, Section 311.007(b) of the Texas Tax Cade (the "Code"), subject to certain provisions of Section 311.006 of the Cade, allows the City Council to enlarge the boundaries of an existing reinvestment zone to include an area described in a petition requesting that the area be included in the reinvestment zone if the petition is submitted to the City Council by the owners of property constitutizzg at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for floe county in which the area is located; and WHEREAS, an September 26, 2006 the City Council was presented with a petition, dated August 18, 2006, to enlarge the Zone by adding the real property specifically described in Exhibit "A" of this Ordinance (the "Property"), which petition was signed by the owner of the Property in its entirety; and Page I ©rdinance Eniaxging Tax Increment Reinvestment Zone Number Three, City of Fort WorCh, Texas WHEREAS, Section 311.006 of the Code allows a municipality to enlarge the boundaries of an existing reinvestment zone pursuant to Section 311 A07(b) of the Code so long as (i) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%} of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality, and (ii) the amended boundaries of the reinvestment zone will not contain mare than fifteen percent (15%} of the total appraised value of the real property taxable by a county or school district; and WHEREAS, on September 26, 2006 the City Council held a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak far ar against the addition of the Property into the Zane; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on September 18, 2006, a date not later than seven (7) days prior to the date of the public hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the Property into the Zone and of the public hearing. NOW, THEREFORE, SE IT OR~AZNED RY THE CITY COIJNCII~ OF THE CITY ®F FORT WORTH, TEXAS: Page 2 Ordinance Enlarging Tax Increment Reinvestment Zone Nurnber Three, City of Port Worth, Texas section 1. FINDING. That after reviewing ail information before it regarding the enlargement of the Zone and after conducting a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons to speak for or against the enlargement of the Zone, the City Council hereby makes the following f ndings of fact: 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. 1.2. The Property is generally underdeveloped and blighted and substantially impairs the sound growth of the City because of the presence of (i) the faulty usefulness of lots within the area and (ii) unsanitary and unsafe conditions. I.3. The Property Iles within Tax Abatement Reinvestment Zone No. 49, City of Dort Worth, Texas. The Property was originally designated as part of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (the Trinity River Vision TIF} and is part of a larger parcel, the remainder of which is located within Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (the Downtown TIF). Pursuant to Ordinance No. 16808-2-2006, adopted on February 7, 200&, the Property was removed frorr~ the Trinity River Vision TIF so that all portions of the parcel in question could be located within one tax increment reinvestment zone, the Downtown TIF. But for designation as a reinvestment zone, development of the Property would not occur solely through private investment in the reasonably foreseeable future. Page 3 Ordinance Enlarging 7'ax Increment Reinvestment done Number Three, City of Fort Worth, Texas 1.4. Improvements in the Zone, including the Property, as specifically outlined in the project plan adopted by the Zone's board of directors, gill significantly enhance the value of all the taxable real property in the Zone, including the Property, and will be of general benefit to the City l.S. With the addition of the Property, the Zone will not contain more than fifteen percent (15%} of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. 1.6. With the addition of the Property, the Zone will not contain more than fifteen percent (lS%) of the total appraised value of real property taxable by any county or school district. Section 2. DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Property, specifically described in Exhibit "A", which is attached hereto and hereby made a part of this Ordinance for all puzposes. The Zone, as enlarged, has been designated under Section 311.OOS(a)(S) of the Code and will continue to be known as "Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas." Section 3. ZONE DOARD OF DIRECTORS. That the board of directors for the Zone will remain unchanged and shall continue to conform to the requirements of Section 31 I.00~ of the Code. Page 4 Qrdinance I;nlarging'rax Increment Reinvestment Zone Narnber Three, Ciry of Fort Worth, Texas Section 4. TERM OF ZQNE. That the addition of the Property into Zone shall take effect upon the adoption of this Ordinance. The Zone, as enlarged, shall terminate in accordance with Section S of Ordinance No. 12324. Section 5. DETERMIN.ATIE~N ®F TA,X INCREMENT BASE. That the tax increment base, as defined by Section 311.012(e) of the Code, far the Property added to the Zone shall be the total appraised value of the Property taxable by a taxing unit for the year 2006, which is the year in which the Property was added to the Zone. The tax increment base far the property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section ~. TAX INCREIVIENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Section 7 of Ordinance No. 12324 (the "TIF Fund"} sha11 include the percentage of any tax increment (as defined by Section 311.012(a) of the Cade) produced by the Property that (i} the City dedicates to the TIF Fund and (ii} each taxing unit which levies real property taxes on the Property elects to dedicate to the TIp' Fund under a participation agreement with the City, as authorized by Section 311.013(f) of the Code. Page S Ordinance Enlarging Tax increment Reinvestment Zone Number Three, City of Fort Worth, Texas Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager and City Atlarney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment agreements relating to the Property with taxing units that Ievy real property taxes an the Property. Scction S. SEVERABILIT~'. 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 3. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect from and affier its adoption, ANI9 IT IS SO ORI3AINEI3. Page 6 (?rdinanee Enlarging Tax Increment Itein~estment Zone Number Three, City of Fort WorCh, Texas ADOPTED AND EFFECTIVE: September 26, 2006 APPROVED AS TO FORM AND LEGALITY: sy: Peter Vaky Assistant City Attorney Date: September 26, 2006 ~~~~ ~ Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas EX1~~B~T "A" LEGAL DESCIt[PTION AND IVdAP OF THE PROPERTY BEING ADDED TO THE ZONE Beginning at a point of the intersection of a the easf ROW line of Cummings St. and south ROW line of Peach St, thence Easterly along the south ROW line of Peach St to a point where said line intersects with tl~e east property fine of Block 124, Lot 9A of the Fort Worth Original Addition, thence Northerly from the east property line of Block 124, 9A of the Fort worth Original Addition to a point where said line intersects the north ROW line of Peach St and the east ROW tine of Samules Ave, thence Westerly from the east ROW line of Samuels Avenue to a point where said line intersects the southeast prape€-ty line of Block 1, Lot 5R of the Cummings-Boaz Addition, thence Westerly along the south property line of 131ack 1, Lot SR of the Cun ~mings-Boaz Addition to a point where said line intersects the east property line of Lot l8B of the Cummings Addition, thence Northerly along the east property line of Lat 18B of the Cummings Addition to a point where sold line intersects the north property line of Lot 18B of the Cummings Addition, thence Westerly along the north property line of Lot 18B to a point where said line intersects the east properly line of Lot 4A ofthe Cummings Addition, thence Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said line intersects the north property line of Lat 4A of the Cummings Addition, thence Westerly along the north property line of Lot 4A to a point where said line intersects the east ROW line of Cummings Ave, thence Southerly along the east ROW line of Cummings Ave to a point where said line intersects with south ROW line of Peach St, which is the point of beginning. ~~est 1~OW l.itu f , iaf ?3N~1~ TtkAilic~.:~ ~~~ cs ~~ ~ .: 1'. L1 .,. :1:11 i t lf,a; iti ~_..I; i;r r s; lies: t , ~.::'.~;,T~,F ,, ~' e t }'~eaclt `gat: ~ "°~.-. { ni r i s4a i ~ .?, _. 6 'r ._lt.r~ ~ ~ r ~~;(~ 1 ~~ iu€a._~ ..~ ~ ''1 't~~.tR].1nFt~a l l '~C-a,_ 7., l i E 5 .., l .,. r,r 1 q ~~: i ~, :?1' 1 5 ' .-: v~ '~;; ~l i~ ,.~~ s a y ;! ~ i ~~~ 1 a ~~r i ., ~i ®f F®r~ VV®rfh~ Texas r ~i~ ~ COUNCIL ACTION. Approved on 9I2612Q06 -Ordinance No. 1?2Q9-09-200fi DATE: Tuesday, September 26, 2006 LOG NAME: 17TIF3 AMEND REFERENCE NO.: G-'1~~I25 SUBJECT. Adopt Ordinance Expanding Boundary of Tax Increment Reinvestment Zone Number Three, City of Fart Worth, (Downtown TIF) RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing expanding the boundary of Tax increment Reinvestment Znne Number Three, City of Fork Worth, Texas (Downtown TIF), as specifically provided in the attached ordinance; and 2. Adopt the attached ordinance that amends the boundary of the Downtown T1F, as specifically provided in the attached ordinance and includes the findings of fact in support of such amendment. DISCUSSION: On February 7, 2QQ6, the City Council adopted Ordinance No.168fl8-2-20Q6 approving a boundary reduction to the Trinity River Vision (TRV} TIF, which effectively removed a portion of the platted property on which the Trinity Bluff Phase I development will occur. The remainder of the property in question project lies within the boundaries of the Downtown TIF. [n order to eliminate technical issues related to tax increment calculations, staff recommends that the City Council adopt the attached ordinance expanding the Downtown TIF to include the property previously removed from the Trinity River Vision TIF, which will allow the entire portion of the Trinity Bluff Phase i project property to lie wholly within the boundaries of the Downtown TIF. The owner of the property has submitted a petition to the City Council requesting this expansion in accordance with Section 311.dd5 (a)(5) of the Texas Tax Code. Before the expanded boundary change can take effect, state law requires that the City Council approve the expansion by Ordinance adopted after the holding of a public hearing at which interested persons may speak for or against the amended TIF boundary or the TII~'s designation and at which property owners may protest inclusion of their property in the TIF. In accordance with state law, notice of the public hearing was published in a newspaper having general circulation in the City at least seven days prior to the date of this hearing. TIF 3 is located in COUNCIL DISTRICT 9. FISCAL INFORMATIONlCERTIFICATION: The Finance Director certifies that this action will have na material effect on City fiunds. Logname: 17TIF3 AMEND Page 1 of 2 TO FundlAccountlCenters FROM FundlAccountlCenters Sul~rnitted for City IVlanager's Office by_ Dale Fisseler {6140) Oriainatinc~ ©e_partment Head: Tom Higgins (6992) Additional Information Contact: Ossana O. Herrr~osillo {8618) Ardina Washington {8003) Lognazne: 17TIF3 AMEND Page 2 of 2