HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2012-04RESOLUTION
CCLGC-2012-04
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Acceptance of Assignment 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)
by the Fort Worth Local Development Corporation 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 Central City Local Government Corporation (the "Corporation") was
incorporated on May 3, 2005 under the provisions of Subchapter D, Chapter 431 of the Texas
Transportation Code and Chapter 394 of the Texas Local Government Code organized for the
benefit of the City of Fort Worth (the "City"), specifically for the purpose of aiding, assisting,
and acting on behalf of the City of Fort Worth in the exercise of its powers to accomplish any
governmental purpose of the City and in the promotion of the common good and general welfare
of 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 II.A 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
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 Fort
Worth Local Development Corporation ("FWLDC"), or its assignee, 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
WHEREAS, the FWLDC desires to assign its rights under the TIF Board action to the
Corporation, which will be the owner of the Parking Garage.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the President is hereby authorized to execute documents necessary
to effect acceptance of the assignment of the FWLDC's rights under the TIF Board action, and to
enter into 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 another
public entity.
Section 2. That this Resolution shall take effect immediately from and after its
passage.
Adopted this 6tt' day of March, 2012.
Approved f �1 ek. Xt tx �
Kathleen Hicks -
President