HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-19RESOLUTION NO. FWLDC-2011-19
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Execution of Tax Increment Financing Development Agreement
with the Board of Directors of Tax Increment Reinvestment Zone Number Eight,
City of Fort Worth, Texas (Lancaster Corridor TIF) for Funding of Construction Costs
Associated with a Public Parking Garage to be Owned by the Corporation on Property
in the Vicinity of Jennings Avenue and W. 13th Street
WHEREAS, the Fort Worth Local Development Corporation (the "Corporation") was
incorporated on June 24, 1987 as a Texas non-profit corporation organized for the benefit of the
City of Fort Worth (the "City"), specifically to provide assistance to the City in encouraging,
fostering and promoting the renovation, construction, rehabilitation and establishment of
economic development facilities within the City; and
WHEREAS, on December 9, 2003 the City Council adopted Ordinance No. 15775,
establishing Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (the
"Lancaster Corridor TIF"); and
WHEREAS, on January 22, 2004 the Lancaster Corridor TIF's Board of Directors (the
"TIF Board") adopted a Project and Financing Plan for the Lancaster Corridor TIF as required by
Section 311.011 of the Texas Tax Code, as subsequently amended (the "Plan"), which Plan was
approved by the City Council by ordinance in accordance with Section 311.011 of the Texas Tax
Code; and
WHEREAS, in accordance with Section 311.010 of the Texas Tax Code, the TIF Board
may use Lancaster Corridor TIF revenue only for the types and kinds of projects set forth in the
Plan; and
WHEREAS, Section ILA of the Plan stresses the necessity of using TIF funds in
conjunction with private developers and public -private partnerships in order for the Lancaster
Corridor to redevelop in a timely manner; and
WHEREAS, as reflected in the Plan, the Board wishes to encourage mixed -use and
residential development in certain areas within the TIF, along with complementary streetscape
improvements and/or parking structures, by authorizing the use of TIF funds in such areas for
any lawful purpose, as more specifically set forth in Section IV.7 of the Plan; and
WHEREAS, the Corporation wishes to assist the City in promoting growth and
economic development within the Lancaster Corridor TIF area and in implementing the Plan
approved by the City Council by taking title to and overseeing construction of an approximately
RESOLUTION NO. FWLDC-2011-19
PAGE 2
206,000 square foot parking garage on property located in the vicinity of Jennings Avenue and
W. 13th Street (the "Parking Garage"), which located in Area D5 of Attachment D of the Plan;
and
WHEREAS, consistent with the Plan, the Lancaster Corridor TIF's Board of Directors
(the "TIF Board") voted on October 25, 2011 to reserve up to $7,600,000.00 of funds in the tax
increment fund of the TIF (the "Reserved TIF Funds") for payment to or draw -down by the
Corporation for any lawful "project cost," as that term is defined in Section 311.002(1) of the
Texas Tax Code, that is related to construction of the Parking Garage, provided that the TIF
Board shall have the right to approve the design of the Parking Garage prior to the letting of any
contract for its construction.; and
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the Chair is hereby authorized to execute a Tax Increment Financing
Development Agreement (the "TIF Agreement") with the TIF Board for payment to or draw -
down by the Corporation for any lawful "project cost," as that term is defined in Section
311.002(1) of the Texas Tax Code, that is related to construction of the Parking Garage, and any
other documents necessary to effectuate such expenditures of the Reserved TIF Funds, provided
that (i) the TIF Board shall have the right to approve the design of the Parking Garage prior to
the letting of any contract for its construction and (ii) the Corporation will have the right to
assign the TIF Agreement and any other related documents to a local government corporation
created by the City pursuant to Chapter 431, Texas Transportation Code, or another public entity.
Section 2. That this Resolution shall take effect immediately from and after its passage.
Adopted this 1 st day of November, 2011.
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By:�'
Dennis,5hingl?to
Secretary