HomeMy WebLinkAboutContract 18199 ti
TRACT #1
STATE OF TEXAS 5 TAX ABATEMENT AGREEMENT
COUNTY OF DENTON 5 BETWEEN THE
COUNTY OF TARRANT 5 CITY OF FORT WORTH AND
CITY OF FORT WORTH 5 AMERICAN AIRLINES, INC.
(C�ITYp�SECRETAI,
This Tax Abatement Agreement (the "Agreeme,,gQNTRACT.N4AMe,9/
into by and between the City of Fort Worth, Texas (the "City" ),
a home rule city and municipal corporation, duly acting herein by
and through its City Manager, and American Airlines, Inc. ( "AA" ),
a Delaware corporation authorized to do business in the State of
Texas, duly acting by and through its authorized officers.
W I T N E S S E T H;
WHEREAS, on the 22nd day of August, 1989, the City Council
of the City of Fort Worth, Texas (the "City Council"), passed
Ordinance No. 10365 (the "Ordinance") establishing Tax Abatement
Reinvestment Zone No. 2, City of Fort Worth, Texas (the "Zone" ),
for commercial/industrial tax abatement, as authorized by the
Property Redevelopment and Tax Abatement Act, V.T.C.A., Tax Code
55312.001 et seq., as amended (the "Code" ); and
WHEREAS, on the lst day of August, 1989, the City adopted a
Policy Statement on Tax Abatement to Qualified Commercial/
Industrial Projects (Guidelines and Criteria) (the "Policy
Statement" ), attached hereto as Exhibit "A" and made a part
hereof for all purposes; and
WHEREAS, the Policy Statement constitutes appropriate
guidelines and criteria governing tax abatement agreements to be
entered into by the City as contemplated by the Code; and
WHEREAS, the City has adopted a resolution stating that it
elects to be eligible to participate in tax abatement; and
WHEREAS, in order to maintain and enhance the commercial and
industrial economic and employment base of the Fort Worth area,
it is in the best interests of the taxpayers for the City to
enter into this Agreement in accordance with said Ordinance,
Policy Statement and Code; and
WHEREAS, the City Council finds that the contemplated use of
the Premises (hereinafter defined), the contemplated Improvements
(hereinafter defined) to the Premises in the amount as set forth
in this Agreement and the other terms hereof are consistent with
encouraging development of the Zone in accordance with the
purposes for its creation and are in compliance with the
Ordinance, the Policy Statement and the guidelines and criteria
included therein, the Code and all other applicable laws; and
WHEREAS, a copy of this Agreement has been furnished, in the
manner prescribed by the Code, to the presiding officers of the
governing bodies of each of the taxing units in which the
Premises to be subject to the Agreement is located;
NOW, THEREFORE , the City for good and valuable
consideration, the adequacy and receipt of which is hereby
acknowledged, which consideration includes the expansion of
primary employment and the attraction of major investment in the
Zone, which contributes to the economic development of Fort Worth
and the enhancement of the tax base in the City, and AA for good
and valuable consideration, the adequacy and receipt of which is
hereby acknowledged, which consideration includes the tax
abatement set forth herein below, as authorized by the Code, as
amended, do hereby contract, covenant and agree as fo
OFFICIAL RE90
CITY SECRETARY
FT. WORTH, TEX.
I.
GENERAL PROVISIONS
A. AA is the owner of that parcel of land described on
Exhibit "B" attached hereto and made a part hereof for all
purposes (the "Premises" ). The Premises are located within the
Zone, and, with the exception of approximately 0.0891 acres (the
"Annexation Tract" ) described on Exhibit "C" attached hereto and
made a part hereof for all purposes, the Premises are located
within the City limits. Pursuant to §312.204(c) of the Code, the
Annexation Tract shall be subject to all of the terms and
conditions hereof with respect to taxation by the City
immediately upon annexation. The Annexation Tract shall, for
purposes of all other taxing jurisdictions, be subject to the
terms and conditions hereof upon the execution of this Agreement
by the City and AA, except as otherwise provided by law.
B. The Premises are not in an improvement project financed
by tax increment bonds.
C. This Agreement is entered into subject to the rights of
the holders of outstanding bonds of the City.
D. None of the property subject to abatement of taxes
under this Agreement is owned or leased by (i) any member of the
Fort Worth City Council, (ii) any member of the Fort Worth Plan
Commission, ( iii ) any member of the Fort Worth Zoning
Commission, or (iv) any member of the governing body of any
taxing units joining in or adopting this Agreement.
II.
IMPROVEMENTS AND JOBS
AA agrees to construct or cause to be constructed on and
within the Premises improvements (the "Improvements" ) consisting
of (i) a new commercial building or buildings for aircraft
maintenance and support uses containing a minimum of 500,000
square feet of floor space, (ii) paving, and (iii) facilities and
other improvements related to aviation uses. The cost of the
Improvements shall be, at a minimum, One Hundred Million Dollars
($100,000,000) . The approximate location of such Improvements is
reflected on a preliminary site plan attached hereto as Exhibit
"D" and made a part hereof for all purposes. AA further agrees
that there shall be created 700 new jobs in connection with the
operations of AA on, or within the immediate vicinity of, the
Premises.
III.
PROPERTY SUBJECT TO TAX ABATEMENT,
RATE OF TAX ABATEMENT,
TERM OF TAX ABATEMENT AND RELATED PROVISIONS
A. A tax abatement, as described herein, shall be granted
in each year of the abatement period on (i) the Premises, (ii)
all Improvements constructed on the Premises, and (iii) all
tangible personal property located on the Premises, excluding
inventory and supplies (except as otherwise provided in Paragraph
D below), as follows:
(1) The Premises and all Improvements constructed
thereon shall be subject to abatement to the extent the
market value thereof, as reflected on the tax rolls of the
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Denton and Tarrant Appraisal Districts (the "Tax Rolls" ) in
each such year, exceeds the market value thereof, as
reflected on the Tax Rolls, for the year in which this
Agreement is executed.
(2) All tangible personal property located on the
Premises, excluding inventory and supplies (except as
provided for in Paragraph D below), shall be subject to
abatement as provided herein other than tangible personal
property located on the Premises before the execution of
this Agreement. AA represents and warrants that there is no
such tangible personal property on the Premises as of the
date of execution of this Agreement, and the City
acknowledges this representation as true and correct.
B. The tax abatement rate under this Agreement shall be
one hundred percent (100%) of the market value of the property
described herein as said market value is reflected on the Tax
Rolls.
C. The full fifteen (15) year tax abatement period
provided by law is hereby granted (except as otherwise provided
in Paragraph D below) . This period of abatement shall commence
on January 1, 1991, unless such commencement date is deferred at
the sole election of AA or its assigns by notice in writing to
the City, such notice to be given on or before December 1, 1990.
AA may in such manner annually defer the commencement date, but
in no event beyond the earlier to occur of the following dates:
(i) January 1 of the year following the year in which a
certificate of occupancy is issued by the City for AA's principal
facility on the Premises, i.e. , an aircraft hanger building, or
(ii) January 1, 1996. Notice of each deferral shall be given in
writing on or before December 1 of the year preceding the year in
which the abatement is otherwise to commence.
D. Effective September 1, 1989, all inventory and supplies
located on the Premises shall be subject to tax abatement
pursuant to the provisions of S.B. No. 1312 as passed by the
Legislature of the State of Texas (the "Legislature" ), Acts of
the 71st Legislature, Regular Session, 1989, wherein the Code was
amended to add Subsection (e) to Section 312.204 thereof. As a
consequence of such amendment, all inventory and supplies located
on the Premises and owned or leased by AA, as a certificated air
carrier, shall be subject to an abatement of one hundred percent
(100%) of the value thereof, as shown on the Tax Rolls, for a
period of ten (10) years. The commencement of such abatement
period shall be determined as set forth in Paragraph C above.
E. The parties hereto acknowledge that the Legislature has
passed S.J.R. No. 11 proposing that Article VIII of the Texas
Constitution be amended by adding thereto a new Section 1-j,
providing for the exemption from ad valorem taxation of certain
tangible personal property described in said proposed amendment
(the "Amendment" ). The Amendment is to be submitted to the
voters of the State of Texas at an election to be held November
7, 1989. The parties hereto further recognize that the
Legislature has passed H.B. 2959 amending Chapter 11 of the Code
for the purpose, in part, of serving as enabling legislation for
the Amendment if it is approved by said voters, i.e., Sections 1,
2, 3 and 4 of H.B. 2959 are to be effective January 1, 1990, in
the event of such approval. It is the intent of the parties
hereto that the tax abatement provisions of this Agreement shall
be applicable to the inventory, supplies and other tangible
personal property located on the Premises only to the extent that
ad valorem taxes on such inventory, supplies and other tangible
personal property located on the Premises are not, for the entire
period of tax abatement hereunder, totally exempted as a
consequence of the passage of the Amendment, the implementation
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of H.B. 2959, and the concurrence in such exemption by all
affected taxing jurisdictions.
F. AA shall have the right to protest and contest any or
all appraisals or assessments of the Premises, or of the
Improvements thereon, or on tangible personal property, and the
tax abatement provided for herein for such property shall be
applied to the amount of taxes finally determined, as a result of
such protest or contest, to be due for such property.
IV.
FILING OF PLANS, CERTIFICATION OF
COSTS AND JOBS, CITY ACCESS TO PREMISES
AND USE OF PREMISES AND IMPROVEMENTS
A. Construction plans for the Improvements constructed on
the Premises will be filed with the City. The plans as filed
shall be deemed to be incorporated herein by reference and made a
part hereof for all purposes.
B. AA shall, from time to time prior to the commencement
of the tax abatement period, as described in Section III above,
certify in writing to the City the costs of construction of the
Improvements. AA shall further certify to the City the creation
of the new jobs specified in Section II herein. Such
certifications shall be in a form reasonably satisfactory to the
City and shall be deemed to be incorporated herein by reference
and made a part hereof for all purposes.
C. At all times throughout the term of this Agreement, the
City shall, upon giving reasonable notice to AA, have access to
the Premises by City employees for the purpose of inspecting same
to ensure that the Improvements are constructed in accordance
with the conditions of this Agreement; provided, however, that
such inspection shall not interfere with the normal business
operations of AA on the Premises.
D. The Premises and Improvements constructed thereon at
all times shall be used in a manner (i) that is consistent with
the City's Comprehensive Zoning Ordinance, as amended, and (ii)
that during the period taxes are abated hereunder, is consistent
with the general purpose of encouraging development or
redevelopment within the Zone.
V.
BREACH
In the event that the Improvements are not constructed by
December 31, 1997, then, and only then, this Agreement shall
terminate and all taxes which otherwise would have been paid to
the City without the benefit of abatement under this Agreement
will become due to the City, subject to any and all lawful off-
sets, settlements, deductions, or credits to which AA may be
entitled. The recovery of such taxes shall be the sole remedy of
the City in the event of a default hereunder by AA.
VI.
SALE, ASSIGNMENT OR LEASE OF PROPERTY
The tax abatement provided herein shall vest in AA and shall
be assignable, as provided below, to each new owner or lessee of
all or a portion of the Premises and the Improvements and
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tangible personal property located thereon, for the balance of
the term of this Agreement. AA may make such assignment or lease
without City approval to (i) Alliance Airport Authority, Inc. , a
Texas non-profit corporation, or (ii) any parent, subsidiary or
other affiliate of AA, or any successor by operation of law of AA
or of any such parent, subsidiary or other affiliate, including,
but not limited to, any successor as a result of any merger,
consolidation, or other reorganization thereof (whether such
successor is a corporation, business trust, or any other type of
entity). Any assignment or lease to any party other than to one
of the foregoing entities shall require the prior written
consent of the City, which consent shall not be unreasonably
withheld.
VII.
NOTICE
All notices called for or required by this Agreement shall
be addressed to the following, or such other party or address as
either party designates in writing, by certified mail postage
prepaid or by hand delivery:
AMERICAN AIRLINES, INC.
4200 American Boulevard, MD 1C06
Fort Worth, Texas 76155
Attention: Managing Director of Taxes
with a copy to:
Johnson & Gibbs, a Professional Corporation
100 Founders Square
900 Jackson Street
Dallas, Texas 75202-4499
Attention: William M. Blackburn
CITY OF FORT WORTH, TEXAS
City Manager
1000 Throckmorton
Fort Worth, Texas 76102
VIII.
CITY COUNCIL AUTHORIZATION
This Agreement was authorized by Resolution of the City
Council approved at its Council meeting on the 22nd day of
August, 1989, authorizing the City Manager to execute this
Agreement on behalf of the City.
IX.
BOARD OF DIRECTORS AUTHORIZATION
This Agreement was entered into by AA pursuant to authority
granted by its Board of Directors on the 19th day of July, 1989,
whereby one or more officers of AA were authorized to execute
this Agreement on behalf of AA.
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X.
SEVERABILITY
In the event any section, subsection, paragraph,
subparagraph, sentence, phrase or word herein is held invalid,
illegal, or unenforceable, the balance of this Agreement shall
stand, shall be enforceable and shall be read as if the parties
intended at all times to delete said invalid section, subsection,
paragraph, subparagraph, sentence, phrase or word. In such event
there shall be substituted for such deleted provision a provision
as similar in terms and in effect to such deleted provision as
may be valid, legal and enforceable.
XI.
ESTOPPEL CERTIFICATE
Any party hereto may request an estoppel certificate from
another party hereto so long as the certificate is requested in
connection with a bona fide business purpose. The certificate,
which if requested will be addressed to a subsequent purchaser or
assignee of AA, shall include, but not necessarily be limited
to, statements that this Agreement is in full force and effect
without default, if such is the case, the remaining term of this
Agreement, the levels of tax abatement in effect, and such other
matters reasonably requested by the party(ies) to receive the
certificate.
XII.
AA STANDING
AA, as a party to this Agreement, shall be deemed a proper
and necessary party in any litigation questioning or challenging
the validity of this Agreement or any of the underlying
ordinances, resolutions, or City Council actions authorizing
same, and AA shall be entitled to intervene in said litigation.
XIII.
APPLICABLE LAW
This Agreement shall be construed under the laws of the
State of Texas.
XIV.
COUNTY BOUNDARY DISPUTE
The parties hereto acknowledge the existence of a dispute
(the "Dispute" ) between Tarrant and Denton Counties over the
precise location of a portion of their common jurisdictional
boundary. It is not certain, as of the date of this Agreement,
whether or not the Premises, or a portion thereof, lie within the
area subject to the Dispute. In order to adequately provide for
the abatement of ad valorem taxes as provided herein, all
appropriate Tarrant County and Denton County taxing jurisdictions
have entered into this Agreement. Provided, however, that the
execution by such parties of this Agreement is without prejudice
to any such party with respect to the ultimate resolution of the
Dispute or their relative positions in such Dispute.
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XV.
RECORDATION OF AGREEMENT
A certified copy of this Agreement in recordable form shall
be recorded in the Deed Records of Denton and Tarrant Counties,
Texas. 7
EXECUTED this G� day of August, 1989, by the City.
EXECUTED this day of August, 1989, by AA.
ATTEST: CITY OF FORT WORTH, TEXAS
i id 1 C L Lz-t I By:
s� t Ci tylSecretary Dougla arman, City Mana4er
AP�ROVED AS 'O, FOR
Wade Adkins, City Attorney
AMERICAN AIRLINES, INC.,
ATTEST: a Delaware corporation
By: X L
Name: s :ITC ,u
Title: IVIAIIAG
Contract Luthorizatioa UUMURAlt REAL ESTA TE
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CITY MANAGER'S ACKNOWLEDGMENT
THE STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Douglas
Harman, City Manager of the City of Fort Worth, Texas, a
municipal corporation, known to me to be the person and officer
whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said City of
Fort Worth, Texas, a municipal corporation, that he was duly
authorized to perform the same by appropriate resolution of the
City Council of the City of Fort Worth, and that he executed the
same as the act of the said City for the purpose and
consideration therein expressed and in the capacity therein
stated.
L�TN
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
1989.
Notary Public in and for the a e
of Texas
My Commission Expires: "" * CAROL ANN RAY,Notau ubllo
-a 7-93 in and for tho State of Texas
My Commission Expi .2—.27—q3
CORPORATE ACKNOWLEDGMENT
THE STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for said State and County, on this day personally appeared
e�oE 13_ K i7c N�UG being th9t1 NA6rN45,2 TX-i?4gP. ReAkr*-r rEof
American Airlines, Inc., a Delaware corporation, known to me to
be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the
act of the said American Airlines, Inc. , a Delaware corporation,
and that he executed the same as the act of said corporation for
the purpose and consideration therein expressed and in the
capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
UG US? 1989.
Notary Public in and for the to
TcXfl s
My Commission Expires: of
a -a 7- 93 a�
yO� CAROL ANN RAY,Notary Public
in and for the State of Texas p
e E*� My Commission Expires Ln-a7 !3
o.
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SIGNATORY PAGE
County of Denton, Texas
STATE OF TEXAS §
§
COUNTY OF DENTON §
DENTON COUNTY, the undersigned taxing unit, to the extent of
its jurisdiction over the Premises, joins in the execution of the
Tax Abatement Agreement between the City of Fort Worth and
American Airlines, Inc., for the purpose of granting abatement of
ad valorem taxes in the manner and in accordance with the terms
set forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by the minutes of the
Commissioners Court fi f en(Dn County, Texas, at its meeting on
the day of t ,� 1989, whereupon it was duly
determined by appropr' to order that the County Judge would
execute the Agreement on behalf of Denton County, Texas.
COUN Y OF DENTON, TEXAS
5�
Attest: ,
is Burgess, Ounty Judge
J
nt Clerk
L
Approved $s to- Form:
District Attorney
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF DENTON §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Vic
Burgess, County Judge of the County of Denton, Texas, a
subdivision of the State of Texas, known to me to be the person
and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said
County of Denton, Texas, a subdivision of the State of Texas,
that he was duly authorized to perform the same by appropriate
order of the Commissioners Court of the County of Denton, Texas,
and that he executed the same as the act of the said County for
the purpose and consideration therein expressed and in the
capacity therein stated.
GIVEN
UNDER MY HAND AND SEAL OF OFFICE this day of
1989.
No a-ry PublicC in and for",die
My Commission Expires: State of Texas
°}
• " LINDA SUE BAGGET7
NOTARY PUBLjc
• "S N
E OF TEXAS -9-
"` Cn ^ cxp 5-12-90
SIGNATORY PAGE
Northwest Independent School District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
NORTHWEST INDEPENDENT SCHOOL DISTRICT, the undersigned
taxing unit, having jurisdiction over the Premises, joins in the
execution of the Tax Abatement Agreement between the City of
Fort Worth and American Airlines, Inc. , for the purpose of
granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by appropriate resolution of
the Northwest IndeFrnd nt School District Board of Trustees at
its meeting on the %'`h=--day of C.'c.at-?t� N 1989, whereupon it
was duly determined that the Boartd President would execute the
Agreement on behalf of the Northwest Independent School
District.
NORTHWEST INDEPENDENT SCHOOL
DISTRICT
A be Dill, President,
Attest. " r t Board of Trustees
Sec etary, Northwest
Independent School District
Approved as to Form:
Attorney for Northwest
Independent School District
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in
and for the State of Texas, on this day personally appeared
Phoebe Dill, President of the Northwest Independent School
District Board of Trustees, known to me to be the person and
officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said
Northwest Independent School District, a corporate body politic,
that she was duly authorized to perform the same by appropriate
resolution of the Northwest Independent School District, and
that she executed the same as the act of the said Northwest
Independent School District for the purpose and consideration
therein expressed and in the capacity therein stated.
IVEN U ER MY HAND AND SEAL OF OFFICE this day of
1989.
Notary Public in and for the
State of Texas
My Commission
q Expires:
// /�
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SIGNATORY PAGE
Tarrant County Water Control and
Improvement District Number One
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NUMBER
ONE, the undersigned taxing unit, to the extent of its jurisdic-
tion over the Premises, joins in the execution of the Tax
Abatement Agreement between the City of Fort Worth and American
Airlines, Inc. , for the purpose of granting abatement of ad
valorem taxes in the manner and in accordance with the terms set
forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by appropriate resolution of
the Tarrant County Water Control and Improvement Distri�t Number
On Board f Directors at its meeting on the �..----day of
(1 � , 1989, whereupon it was duly determined that the
Board President would execute the Agreement on behalf of the
Tarrant County Water Control and Improvement District Number One.
TARRA T COUNTY WATER CONTROL AND
IMPPVEMENT DISTRICT NUMBER ONE
Attest:
Burford I. resident
L«• 'Y�. 1
Secretary, arrant County _.
Water Cont 1 and Improvement
District Num ne
Appr�2d-p? o For76
Legal Counsel
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in
and for the State of Texas, on this day personally appeared
Burford I. King, President of the Tarrant County Water Control
and Improvement District Number One Board of Directors, known to
me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the
act of the said Tarrant County Water Control and Improvement
District Number One, that he was duly authorized to perform the
same by appropriate resolution of the said District, and that he
executed the same as the act of the said Tarrant County Water
Control and Improvement District Number One for the purpose and
consideration therein expressed and in the capacity therein
stated.
GIVEN UNDER MY 1989D AND SEAL OF OFFICE this �7 �( day of
Notary Public in and for the
My Commission Expires: State of Texas
a N&WYNIACStateefTexaS
r My CaWn"nE,W"JAY it,109
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SIGNATORY PAGE
Tarrant County Junior College District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY JUNIOR COLLEGE DISTRICT, the undersigned
taxing unit, to the extent of its jurisdiction over the Premises,
joins in the execution of the Tax Abatement Agreement between the
City of Fort Worth and American Airlines, Inc., for the purpose
of granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by Board Minutes of the Board
of Trustees of Tarrant County Junior College District at its
Board meeting on the 14th day of September, 1989, whereupon it
was duly determined that the President would execute the
Agreement on behalf of the Tarrant County Junior College
District.
TARRANT COUNTY JUNIOR COLLEGE
DISTR,ICCTT�
J-lArrdis Bell, M.D., Pre.sident,
Board of Trustees
Attest:
S,ecre'�ary,,
Tarrant County Junior College
District Board of Trustees
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared J. Ardis
Bell, M.D., President of the Board of Trustees of Tarrant County
Junior College District, known to me to be the person and officer
whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said Tarrant
County Junior College District, that he was duly authorized to
perform the same by appropriate resolution of the Tarrant County
Junior College District, and that he executed the same as the act
of the said Tarrant County Junior College District for the
purpose and consideration therein expressed and in the capacity
therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
September, 1989.
Nota ublic in and r he
z T
My Commission Expires: Stat of exas
F .pert
JEAN S?EPP
COMMISSION EXPIRES
MARCH 31,.1993
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SIGNATORY PAGE
Tarrant County Hospital District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY HOSPITAL DISTRICT, the undersigned taxing
unit, to the extent of its jurisdiction over the Premises, joins
in the execution of the Tax Abatement Agreement between the City
of Fort Worth and American Airlines, Inc., for the purpose of
granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by the resolution of the
Board of Managers f the Tarra Coun y Hospital District, at its
meeting on the !�1 M' day of 1989, whereupon the
Chairman was d y authorized to execute the Agreement on behalf
of the Tarrant County Hospital District.
TARRA OUNTY HO. L DISTRICT
i
C airman, -
Attest: oard of anagers
-� .
Secretary, T a t County
Hospital Di rict
Approved a to or
,
General Co nsel--
ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared
(2e0aelp L ui$E,-, D O, , Chairman of the Board of Managers of the
Tarrant County' Hospital District, a political subdivision of the
State of Texas, known to me to be the person and officer whose
name is subscribed to the foregoing instrument and acknowledged
to me that the same was the act of the said Tarrant County
Hospital District, that he was duly authorized to perform the
same by appropriate resolution of the Board of Managers of the
District, and that he executed the same as the act of the said
Tarrant County Hospital District for the purpose and
consideration therein expressed and in the capacity therein
stated. a
GIVEN UNDER MY HAND AND SEAL OF OFFICE this N50) day of
1989.
Notary Public in and for the
State of Texas
My Commission Expires:
�f q 2 CAROL ANN RAY,Notary Pubflo
°2 -02 / 3 in and for the State of Texas
,°� `� �f�y
My Commission Expfles a2 v[ /
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SIGNATORY PAGE
County of Tarrant, Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
TARRANT COUNTY, the undersigned taxing unit, to the extent
of its jurisdiction over the Premises, joins in the execution of
the Tax Abatement Agreement between the City of Fort Worth and
American Airlines, Inc. , for the purpose of granting abatement of
ad valorem taxes in the manner and in accordance with the terms
set forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by the minutes of the
Commi s'o jers Court of Tarrant County, Texas, at its meeting on
the t( 1 day of 1989, whereupon it was duly
determined by appropriate order that the County Judge would
execute the Agreement on behalf of Tarrant County, Texas.
COUNTY OF TAR ANT,- TEXAS
Attest: Roy 4Ensh, Co ' ty Judge
"-
Cou �y Clerk
Approved 7s to,,
Disttic ttorney
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Roy
English, County Judge of the County of Tarrant, Texas, a
subdivision of the State of Texas, known to me to be the person
and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said
County of Tarrant, Texas, a subdivision of the State of Texas,
that he was duly authorized to perform the same by appropriate
order of the Commissioners Court of the County of Tarrant, Texas,
and that he executed the same as the act of the said County for
the purpose and consideration therein expressed and in the
capacity therein stated.
IVEN U _DER MY HAND AND SEAL OF OFFICE this c� day of
1989.
Notary Public in and for the
State of Texas
My Commission Expires:
P;
�r
F:\WMBb\06349\0009\Abatemnt.13 —14-
v
EXHIBIT "A"
TO TAX ABATEMENT AGREEMENT
POLICY STATEMENT
ADOPTED BY THE-EORT WORTH CITY COUNCIL ON AUGUST 1. 1989
CITY OF FORT WORTH POLICY STATEMENT
ON TAX ABATEMENT TO
QUALIFIED COMMERCIAL/INDUSTRIAL PROJECTS
(GUIDELINES AND CRITERIA)
I, GENERAL PURPOSE AND OBJECTIVES
The City of Fort Worth is committed to the promotion of high quality
development in all parts of the City, and to an ongoing improvement in
the quality of life for its citizens. Insofar as these objectives are
generally served by the enhancement of the tax base and expansion and
diversification of the local economy, the City of Fort Worth will , on
a case-by-case basis, give consideration to providing tax abatement,
pursuant to the Property Redevelopment and Tax Abatement Act ,
V,T.C.A. , Tax Code, Sections 312.001 through 312.209, as from time
to time amended, as a stimulation for economic growth and
diversification in Fort Worth, Priority consideration will be given
to those projects which result in little or no additional cost to the
city and/or projects which create greater than 1,000 new jobs. It is
the policy of the City of Fort Worth that said consideration will br
provided in accordance with the guidelines, criteria and procedures
outlined in this document. Nothing herein shall imply or suggest that
the City of Fort Worth is under any obligation to provide tax
abatement to any applicant. All applicants shall be considered on a
case-by-case basis.
According to Texas law, Property Redevelopment and Tax Abatement Act ,
V.T.C.A. , Tax Code, Chapter 312, the City of Fort Worth may grant tax
abatement on the incremental value of a particular property that is
improved pursuant to a specific development proposal which meets thv
economic goals and objectives of the City. The abatement will apply
only to the incremental increase in valuation. The abatement w:: :
also apply to tangible personal property located in the reinvestme..
zone after the execution of an abatement agreement, includit.,
inventory and supplies of certificated air carriers (Note: Senate
Bill 1312 and House Bill 2043, Acts of the 71st Legislature, Regular
Session, 1989) . Tax abatement will not be ordinarily considered fc:
projects which would be developed without such incentives unless :t
can be demonstrated that higher development standards or othe:
development and community goals will be achieved through the use of
the abatement.
Based on the general purpose and objectives and in compliance with t:.*
intent and tenets of the Texas Property Redevelopment and Tax
Abatement Act, the City of Fort Worth will establish reinvestment
zones for economic development purposes. Within the reinvestment Zones
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there will be permitted tax abatement of the increase in value of
real and tangible personal property, including inventory and supplies
for certificated air carriers, flax abatement will be offered only
within designated reinvestment zones and only to those industries
identified in Section III, Definitions, "Eligible Industries".
II. CRITERIA
Any request for tax abatement shall be reviewed by the City staff for
recommendations to the City Council. Its determination shall be
based upon an evaluation of the following criteria and any 'other
relevant information and material , which each applicant will be
requested to address in narrative format. Any proposed project must
conform to the general guidelines specified below:.
• Any request for tax abatement must involve a development project,
excluding land, with either (i) a minimum incremental increase in
value of 25 million dollars or (ii) a minimum cost of 25 million
dollars.
• The project must make a substantial contribution to development
efforts in the City by enhancing either additional development
activity or furthering redevelopment and preservation activities
within special planning areas or be located in a special
development zone of the City such as an Enterprise Zone.
• The project must have high visibility, image impact or be of a
significantly higher level of development quality than that which
currently exists in the City.
• The project must serve as a catalyst and prototype for additional
development of a higher standard or development of an additional
industry which has been identified to be an asset to the community.
• The project must generate a higher concentration of employment
potential than would otherwise be achieved.
• The project must enhance property value and complement other land
uses in the project vicinity.
Applications for tax abatement incentives should provide a written
narrative detailing how the proposed project relates to the criteria
established above and the issues listed below. In addressing the
following issues, the applicant should indicate the appropriate time
frames in which the proposed events and/or resulting impacts will
occur, where applicable.
Additionally, it is understood the information provided will be, out
of necessity, estimates only. The applicant should endeavor to
provide the most accurate estimates possible based upon available
information. The applicant may be requested by the city to describe
the logics/methodologies utilized to supply supporting documentation.
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1
EMPLOYMENT IMPACT
Number of new jobs created in Fort Worth.
Percentage of new employees which will
(a) come from outside the City of Fort Worth and
(b) from outside the State of Texas
Types of jobs created.
Total projected annual payroll of the newly created jobs.
PROROSED IMPROVEMENTS
Identify and describe the kind, number and location of all proposed
improvements to the property, as well as the land area and cost, and
discuss the development schedule of the proposed improvements. In
addition, City staff may request the square footage of the proposed
project.
Identify the infrastructure construction which will be required to
serve the proposed project and the estimated cost of said
construction.
FISCAL IMPACT
Amount of real and tangible personal property value added to the tax
rolls.
Amount of direct sales tax generated.
Proposed project's effect on existing businesses and/or office
facilities.
Cost to the City of Fort Worth to provide municipal services to the
proposed project.
COMMUNIT IMPACT
Effect of the proposed project on the local housing market.
Environmental impact, if any, created by the project.
Compatibility of the proposed project with the City's comprehensive
plan.
Rezoning and platting/replatting required.
Impact on local school districts.
Impact on the County government,
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I
Impact on all other taxing entities,
Impact on the City of Fort worth,
The criteria outlined in this section will be used by the City staff
to determine whether or not to recommend to the City Council that it
is in the best interest of the City of Fort Worth and other affected
taxing entities that tax abatement be offered to a particular appli-
cant, Specific considerations will include the degree to which the
individual project furthers the goals and objectives of the community,
as well as the relative impact of the project on the community.
III. DEFINITIONS
"Eligible Industries": Certain types of business investment show high
promise of creating new jobs, new income and positive economic
spill-over effects beneficial to the City, As a result, tax
abatements will be eligible only to certificated air carriers
and industries in Major Group 45, "Transportation by Air", as
described in the ClassiJj,ggtion Manual , U.S.
Office of Management and Budget, 1987. A copy of Major Group 45 of
the SIC Manual, is attached hereto and made a part hereto by reference,
IV, GUIDELINES
After following and complying with all statutory and other require-
ments and after a determination is made that a tax abatement agreement
should be entered into with the applicant, the value and term of the
abatement will be determined by the following guidelines:
MINIMUM ELIGIBILITY REQUIREMENTS
1. The project must be an eligible industry as defined in Section
II1. Definitions.
2. The investment in new facility (structural improvements to land)
must result in a structure or structures having either a minimum
added value of twenty-five million dollars (excluding land) or a
minimum cost of twenty-five million dollars (excluding land) .
3. The project must comply with all criteria defined in Section 11 .
above.
TAX ABATEMENT LIMITATIONS
1. The rate of tax abatement for any tax year shall be 100% of the
incremental increase in value of real property and tangible
personal property, including inventory and supplies of the
certificated air carriers.
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2. In order to qualify for the (100%) tax abatement, the owner of the
subject property must meet the following minimum threshold
eligibility requirements:
a. Construct and equip within the reinvestment zone a structure
or structures having either a minimum added value of
twenty-five million dollars (excluding land) or a minimum cost
of twenty-five million dollars (excluding land) .
3. To determine if the project meets the minimum eligibility
requirement, the applicant will certify to the City Manager's
office the cost of the new improvements for which the abatement is
requested.
4. The tax abatement period shall not exceed fifteen (15) years.
5. Any tax abatement granted a project will become effective on
January 1 of the year following the issuance of a Certificate of
Occupancy (CO) for the new facilities unless otherwise specified
in the tax abatement agreement. The total acreage of the project
shall be assessed at 100 percent market valuation upon execution
of the abatement agreement, unless otherwise addressed in the tax
abatement agreement.
6. If a project is not completed as specified in the tax abatement
agreement, the City has the right to cancel the abatement
agroomont and abated taxes shall become duo to the city and other
affected taxing units as provided by law.
V. PROCEDURAL OVIDELiNES
Any person, partnership, organization, corporation or other entity
desiring that the City of Fort Worth consider providing tax abatement
to encourage location of operations within the city limits of Fort
Worth shall be required to comply with the following procedural
guidelines. Nothing within these guidelines shall imply or suggest
that Fort Worth is under any obligation to provide tax abatement in
any amount or value to any applicant.
Pteliminary Application SteR1
it
A. Applicant shall submit an "application for tax abatement
B. Applicant shall address all criteria questions outlines in section
II above in letter format.
C. Applicant shall prepare a survey map showing the precise location
of the property, all roadways within five hundred (500) feet of
the site, all existing land uses and zoning within five hundred
(500) feet of the site and the kind, number and location of all
proposed improvements.
-5-
D. City may request applicant to provide substantiation of the
• economic feasibility of the overall project to assist in
determining the long term benefit to the City.
D. A comple'ta' lagal description of the property shall ha provided.
F. Applicant shall complete all forms and information detailed in
items A through E above and submit them to the City Manager, City
of Fort Worth, 1000 Throckmorton, Fort Worth, Texas 76102.
Apalication Review Steps
0. All information in the application package detailed above will be
reviewed for completeness and accuracy. Additional information
may be requested as needed.
H. The application may be distributed to the appropriate City
departments for internal review and comments. Additional
information may be requested as needed.
1. Copies of the complete application package and staff comments will
be provided to the City Council .
Consideration of the- ARR U cation
J. The City Council will consider the application at meetin;s
conducted pursuant to the open Meetings Act and the Property
Redevelopment and Tax Abatement Act. Additional information may
be requested as needed.
R. The City Council may consider a resolution calling a public hearing
to consider establishment of a reinvestment zone.
L. The City Council may hold the public hearing and determine whether
the creation of the reinvestment zone would contribute to the
retention or expansion of primary employment or would attract
major investment in the zone and would contribute to the econom: _
development of the City.
M. The City Council may consider adoption of an ordinance designat-%g
the area described in the legal description of the propos•j
project as a commercial/industrial reinvestment zone for tax
abatement.
N. The City Council may consider adoption of a resolution
approves the terms and conditions of an agreement between the City
and the applicant, and governs the provision of the tax
abatement. At minimum, the agreement shall include u e
following:
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t. General description of the project;
2. Amount of the tax abatement
3. Duration of the abatement;
4. Type, number, location and time table of planned
improvements; and
5. Any specific terms and conditions to be met by the applicant.
0. The governing bodies of any affected independent school district,
Tarrant County or Denton County, and all other applicable taxing
units may consider ratification of and participation in the tax
abatement agreement between the City of Fort Worth and the
applicant.
P. Should the terms of the agreement not be satisfied, the tax
abatement shall be subject to cancellation as provided in the tax
abatement agreement, and all abated taxes shall be paid to the
City of Fort Worth and all other taxing jurisdictions
participating in the tax abatement agreement as provided by law.
If a project granted a tax abatement ceases to operate or is no
longer in conformance with this policy statement, the tax
abatement agreement shall not be in effect for the period of time
during which the project is not operating or is not in
conformance. The City of Fort Worth may negotiate with the
recipient of a tax abatement to waive the recapture provisions or
to terminate the agreement.
Q. The City of Fort Worth reserves the right to verify the
applicant's credit worthiness prior to granting a tax abatement
and to review the financial condition of the project during the
term of the abatement. The City of Fort Worth also reserves the
right for a representative to inspect the facilities of the
applicant during the term of the abatement and to verify the
information provided in the tax abatement agreement. Provisions
to this effect shall be incorporated into the agreement.
VI. EFFECT OF SALE, ASSIGNMENT OF LEASE OF PROPERTY
No tax abatement rights may be sold, assigned, or leased unless
otherwise specified in the tax abatement agreement. Any sale, assign-
ment or lease of the property which is not permitted in the tax
abatement agreement results in a forfeiture of all tax abatement
rights as to the property sold, assigned or leased, unless the city
agrees to ratify the transfer.
-7-
V7
M&Jor Group".—TRANSPORTATION BY AIR
77W Wgjor Group as a Whole
This ma*by' iaaluda aFibiishments engaged in furni hang domestic and foreign
nraaeporfation by air and aLo thm operating-UVWU and AYW ilelds and
nil eervieee.FmWilshmeats II�� •
primarilyy eappd in psrforming esvioae which may incidental
vas+irP)aaa(6-9,crop dusting ad earW pbotcgmAY)are cJaa f a000rdiag to the
Service performed.
451 AIR TRANSPORTATION.KMCDULMD.AND AM COURM 8MvIC=
4612 Air Tranapft"Wa.Scheduled
Estobliab ntt primarily engaged in fyrraishing air traaaportetm peer re.
War routs and an regular schedules.This indastry fn¢ludas Alaskan Msriwv
operating over regular or irregular routes.
Air gee.enuntftr.a,w Air w.eawmvr,a"AM
461E Air Courier devices
addressed ea parcels,and packages(generally under 100 pm axospi
by the U8 Postal Service.While then estab)(shments deliver hags,paso ls,
and packages by air,the Initial pick-up and the Mal delvery are oRen wade
by other modes cif tranaportatioa,ouch m by Uwk,bicycler or mooreyda.Sep
agate establiahmeata of air oounw oompaain engaged in providing pick wv
and delivery oW"drop-aff paints,,;or dislrlbutioa aewten are all OlasaffW in
this industry.Blstab mmeats of the U.B.Patel 8svlm are claaei!!ed in Indur
try 4811:and establishments AuanddDg delivss7 of individually addressed let,
Wm M=I&Or packages(generally under 100 pounds)other than by air are
clawiMd in Industry 4216.Establishments primary eogagad in undertaking
the transportation of goods it=shippers to receivers for charges covering the
SCUM transportation,but making use of Other tr+nsPO*tatim establial amte
to offset the entire delivery,are elaeedled in Industry 4781.
462 AIR TRANSPORTATION,NONSCHEDULED
465= Air Transpattagoh,Nonwh dmW
ion.Alm WdWW Primarily� 'gaged 1A i uvJmW g nonscheduled air traospoe•angspa MMW g a(+Plaaa sightseeing sevlow air tai servias� and helicopter POW in
transportation sarviose to.from,or woven low aispor*'bather az
not Air
A■Y.r.r rneA.r
278 erANDAW MDUMM"CLAge MAT ION
y+■+s
4" AIRPORTS.FLYING PMZ&AND AIRPORT TERMINAL MRVIc=
4661 Airports,Flying Ralf,and Airport Twm[, l der►ices
Ze(+blishments primary engaged in opemting and maintaining airportr
and 4ying in Vii.rspatrlsg(adept oa a Wtory bogie),maiataia.
ins.and storing aircraft and in f4lmishing Oooediaated handling ser keg far
aw''dbht Or Pesangsrs at airport&This industry ales includes private ataa&
8sbmeats primarily engaged in air traffic control operatina&government air
96621.Aircraft modifiaatiaa aastm and� Ind Prl=rgy facta7 type owerhaul of aircraft are damUW in Maanhe Mvjw Greap
87,sad flying&Ub maintained by atstisa¢Juba are da mw in Bemoan
Industry 7987.
Air■.b w.rd,w..r.e.-w.w.re Raw
AL-.a••w+We w wr.arr.we.
Aa:+ r.w..rrrr
Arr�a.m.gr+rw w
TRACT t
EXHIBTm ��g
TO TAX ABATEMENT AGREEMENT
PROPERTY DESCRIPTION
(Entire Tract)
BEING a tract of land out of the G. Overton Survey, Abstract No. 972, and the A.
McDonald Survey, Abstract No. 786, located is the City of Fort Worth, Denton County,
Texas, and being part of a tract of land conveyed to Alliance Airport., Ltd. as
recorded in Volume 2451, Page 412 of the Deed Records of Denton County, Texas, and
being part of a tract of land conveyed to Hillvood/1358, Ltd., as recorded in Volume
2512, Page 460 of said deed records, and being part of a tract of laud conveyed to
Hillvood/1358, Ltd. as recorded in Volume 2512, Page 471 of said deed records, and
being more particularly described as follows:
COMMENCING at the northerly northwest corner of said Alliance Airport, Ltd. tract,
said corner being on the east right-of-vay line of the A.T. 6 S.P. Railroad (100
feet vide);
THENCE South 24 degrees 16 minutes 15 seconds West, along said east line, a distance
of 228.70 feet to a point for a corner, said corner being the intersection of said
east line with the south right-of-way line of proposed Eagle Parkway (120 feet
vide);
THENCE South 65 degrees 43 minutes 45 seconds East, departing said east line, and
along said south line, a distance of 12.33 feet to the point of curvature of a
circular curve to the left having a radius of 1210.00 feet;
THENCE Easterly, continuing along said south line, and along said curve through a
central angle of 19 degrees 39 minutes 07 seconds, an arc distance of 415.02 feet to
the POINT OP BEGINNING:
THENCE Easterly. continuing along said south line, and along said curve through a
central angle of 14 degrees 30 minutes 20 seconds, and whose back tangent bears
South 85 degrees 22 minutes 53 seconds East, as arc distance of 306.34 feet to the
point of tangency;
THENCE North 80 degrees 06 minutes 47 seconds East, continuing„along said south
line, a distance of 1836.01 feet to a point for a corner;
THENCE South 9 degrees 53 minutes 13 seconds East, departing said south line, a
distance of 2600.00 feet to a point for a corner, said point being on the north
right-of-ray line of proposed Taxiway 'R' extension (300 feet vide);
TNUCE South 80 degrees 06 minutes 47 seconds West, along said north line, a
distance of 2600.00 feet to a point for a corner, said corner being on the west line
of said Alliance Airport. Ltd. tract, said corner also being on the east right-of-
way of a tract of land conveyed to the City of Fort Worth, known as the Alliance
Airport, as recorded in Volume 9279, Page 388 of the Deed Records of Tarrant County,
Texas, and Volume 2382. Page 209 of the Deed Records of Denton County, Texas;
THENCE North 9 degrees 53 minutes 13 seconds West, departing said north line, along
the common line between said City of Fort Worth tract and said Alliance Airport,
Ltd. tract. a distance of 1100.00 feet to a point for a corner;
THENCE North 1 degree 21 minutes 22 seconds West, continuing along said common line,
a distance of 364.73 feet to • point for a corner;
THENCE North 43 degree 37 minutes 08 seconds West, departing said common line, a
distance of 225.00 feet to a point for a corner;
THENCE North 73 degrees 52 minutes 55 seconds West, a distance of 421.87 feet to a
Point for a corner, said corner being on, said common line between said City of Fort
Worth tract and said Alliance Airport, Ld. tract;
THENCE North 9 degrees 53 minutes 13 seconds West, along said common line, a
distance of 103.14 feet to a point for • corner, said corner being on the easterly
right-of-vay line of a proposed street (60 feet vide);
THENCE North 24 degrees 16 minutes 15 seconds East, departing said common line, and
along said easterly line, a distance of 204.11 feet to the point of curvature of a
circular curve to the right having • radius of 430.00 feet;
THENCE Northeasterly, continuing along said easterly line, and •long said curve
through a central angle of 53 degrees 07 minutes 34 seconds. an arc distance of
398.71 feet to the point of reverse curvature of a circular curve to the left having
a radius of 490.00 feet;
THENCE Northeasterly, continuing along said easterly line, and along said curve
through a central angle of 68 degrees 56 minutes 11 seconds, an are distance of
589.55 feet to a point for a corner;
THENCE North 51 degrees 16 minutes 34 seconds East, Continuing along said easterly
line, a distance of 21.69 feet to the POINT OF BEGINNING AND CONTAINING 6,866,460
square feet or 157.6322 acres of land more or less.
TRACT 1
EXHIBIT "C"
TO TAX ABATEMENT AGREEMENT
PROPERTY DESCRIPTION
(Annexation Tract)
BEING a tract of land out of the G. Overton Survey, Abstract No. 972, located in the
City of Fort Worth, Denton County, Texas, and being part of a tract of land conveyed
to Hillwood/1358, Ltd., known as 'Parcel 6' as recorded in Volume 2512, Page 471 of
the Deed Records of Denton County, Texas, and being more particularly described as
foLlows:
COMMENCING at the northerly northwest corner of an Alliance Airport, Ltd. tract as
recorded in Volume 2451, Page 412 of the Deed Records of Denton County, Texas, said
corner also being on the east rigbt-of-way line of the A.T.S.F. Railroad (100 feet
wide), said point also being the southwest corner of said Parcel 6;
THENCE South 89 degrees 25 minutes 20 seconds East, along the common line between
said Alliance Airport, Ltd. tract and said Parcel 6, a distance of 2229.29 feet to
the POINT OF BEGINNING, said point being on the south right-of-way line of
Eagle Parkway (120 feet wide); proposed
THENCE North 80 degrees 06 minutes 47 seconds East, departing said common line, and
along said southerly line, a distance of 204.97 feet to a point for a corner;
THENCE South 9 degrees 53 minutes 13 seconds East, departing said southerly line, a
distance of 37.86 feet to a point for a corner, said corner being on said common
line;
THENCE North 89 degrees 25 minutes 20 seconds West, along said common line, a
distance of 208.43 feet to the POINT OF BEGINNING AND CONTAINING 3,880 square feet
or 0.0891 acres of land more or less.
Page 1 of 1
EXHIBIT "D"
TO TAX ABATEMENT AGREEMENT
PRELIMINARY SITE PLAN
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City of Fort Worth, T xas
Mayor and Council Communication
DATE REFERENCE SUBJECT:
NUMBER MAKING FINDINGS PAGE
NUMBER
8/22/89 C-11826 CONCERNING A PROPOSED TAX ABATEMENT loft
AGREEMENT WITH AMERICAN AIRLINES,
INC. , AND AUTHORIZING EXECUTION OF
THE AGREEMENT (TRACT 1)
RECOMMENDATION:
It is recommended that the City Council adopt a resolution (Attachment A)
regarding a proposed project on a 157.6322 acre tract of land (Tract 1 ) '
which Resolution:
A. Finds that the improvements sought are feasible and practical , and would
be a benefit to the land and to the City after the expiration of the tax
abatement agreement;
B. Finds that written notice of the City's intent to enter the attached Tax
Abatement Agreement (Attachment B) and copies of the Agreement were
mailed by certified mail to all affected taxing units in accordance with
state law; and
C. Authorizes the City Manager to enter into the Tax Abatement Agreement
(Attachment B) with American Airlines , Inc . , in accordance with the
Policy Statement on Tax Abatement to Qualified Commercial/Industrial
Projects (Guidelines and Criteria) which was adopted by the City Council
on August 1, 1989 (M&C G-8147).
DISCUSSION:
On August 1 , 1989, the City Council adopted M&C G-8147 which established the
Policy Statement on Tax Abatement to Qualified Commercial/Industrial Projects
(Guidelines and Criteria).
On August 22, 1989, in a previous action , the City Council established the
Tax Abatement Reinvestment Zone #2.
In accordance with the Council approved Policy Statement, the proposed Tax
Abatement Agreement would authorize an abatement of the increase in valuation
of the real and tangible personal property over its value in the year the
abatement agreement is executed. The abatement period shall be fifteen ( 15)
years for real and tangible personal property, and ten years for inventory
and supplies.
DH:w/6 APPROVED BY
Attachments : A - Resolution CITY COUNCIL.
B - Tax Abatement Agreement
AUG ZC 1989
SUBMITTFD FI1R THE hISPOSITI(IN RV C��U NC�L � PR ('FSSF' R
CITY MANAC�FR S
�FFICF BY David Ivory APPR�'vF
ORIGINATING UTHER F{iMF4NV8tarY O/the
DEPARTMENT HEAD Douglas Harman c,'v o} For. Worth. T x"TY SECRETARY
FOR ADDITIONAL INFO MATT N
CONTACT: �1ve�ey 6130
DATE