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Home My WebLink AboutContract 28109� rs � i� �, �. STATE OF TEXAS COUNTY OF TARR.ANT I I' , ' i,l CI`�Y �E��AR� � .�� 3NTRAC`I" �� e . � � � � , CYTY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN THE TAX INCREMENT REINVESTMENT ZONE NUMBER �OUR, CITY OF FORT WORTH, T'EXA,S ("AGREEMENT") This Agreemant is made and entered into by and between City of Fort VVorth, Texas ("City"}, a Texas hame-ru�e municipalify, and Tarrani County, Texas ("Taxing Unit"). WITNES�ETH: WHEREA�, on November 25, 1997, the City af �ort Warth City Council approved Ordinanc� No. 13259, establishing Tax Increment Reinvestment Zp�e Number Four, City of Fort Worth, Texas ("TIF District"), zn accordance with t,�.e Ta.�c �ncrement Financing Act, as amenc�ed (V.T.C.A., Ta�c Code, Chapter 3� 1) (the "Act"), to promote de�elopment and redeveloprnent in the medical district area af the City of Fort Warth through the use of tax increment financing; and WHEREAS, the Act pravides that each ta7cing uzut levy#.ng taxes an real groperty in a reinvestment zane is not :requixed to pay inta the tax increment fund any of its tax increment praduced from property �Qcated in fhe TiF Disirict unlass such taxing unit enters into an agreement to do so with the governing body af the municzpality that created the TTF District; and WHEREAS, a ta7c incremen� �greement under the Act may be entered into any ti.me before or after the zone is created, and such agreement may include any canditions for paymen�t of the tax increment into the fund and must specify the portion of the t� increment to be paid into the tax increment fund and t1�e years for which that tax increment is to be �aid into th.� taac i�cremenfi fund; and WHEREAS, City and Taxing Unit wish to enter inta an agreement defining the terms and canditions under which Taxing Unit will contribute a portion of its tax increment to th� TTF District Tax Increment F�nd; NOW THEREFURE, City and Taxing Unit, in consideration of the terms and conditions and covenants contained herein, hereby agree as follows: ARTICLE I. DEFINTTIONS Terms not aefined herein shall be construed as defined in the Act hexeznafter de�incd, ar through norrnal usage if nat defiu�.ed in the Act. The �ollaw�ng terjms shall have the following meanings when used in this Agreement: a. "Act" shall mean V.T.C.A., Tax Code, Chapter 311, the Tax Ir�Er�ment Financ�n�_ _ Act, as amended. . .. , 1 ' ��Il�'�" ��f��' :I �_ - - � � �� , � b. "Captured Appraised Value" shall mean the total net taxable appraised value o� the reaI property located withan the T�k' Distnct for tha year less the Tax Increment Base of the TIF Taxin� Units. c, "Plan" shall mean the Praject and Financing Plan for the development or zedevelopment of the T�' District, attached h�reto and marked Exhibit "A". d. "TTF District" shall mean Tax Increment Reinvesiment Zone Number Four, Cifiy of Fnrt Worth, Texas, established hy ihe Cit� Council Qrdinance 13259, on Nove�nber 25, 1997, a capy of which ordinance is attached hereto and marked E�chib'rt `B". e. "TxF Ta�ing Unxts" s�iall mean thos� political subdivisians of the 5tate of Texas authorized to impose ad valorem taxes on praperty �ocated within the TTF District. f. ��T�x Increment" shall mean, far any given year, the amount af real praperty taxes levied and collected by a T�'F' Unit fvr th� year on the Captured Appraised Value af taxa$Ie praperty located in the TIF District. g. "Ta� Incr�ment Base" shall mean ihe toial apprais�d value of all real property taxable by the TIF Taxing Units and located in the TIF District on 7anuary 1, 1997, the year in which fihe TIF Dist�ct was established. h. "Tax �ncreme�t Fund" shall mean a fund consisting af all the Tax Increment deposzts, all revenues from the sale of tax increment bonds or notes, revenues from the sale oi any pr� Financing Plan, the TIF District. �perty acquired as part of the Praject Plar� and Rein�vestment Zone and ather revenues to be used in the development o:r redevelopment af i. "TotaI Tax Inerement" sha�l mean the cumulatz�e total amaunt of Tax Incremen# to be paid into the Tax Increment Fund by the Taxing Unit during the term of this Agre�ment, which amount shall not exce�d that amount set farth in Article TII. ARTICLE IY. AGREEMENT TO PARTICIPATE AND PAY TAX INCREMENT iNTO THE TAX INCREMENT FUND except the following: Pursuant tQ a Resoluiian, duly adapted by its governing body, a copy af whieh is attached hereto as Exlaibrt "C", the T�ing Unit agrees ta participate in funding o� the TIF District and annually shall �.eposit into the Tax Increment Fund one hundred percent {lOQ%} o#' it Tax Incrernent, as set f�rth in Article liI, not to exceed the Total Tax Iz�.crement, as set �arth in Article III., or until the Term of this agre�ment is reached, a. Any fitnds which were levied by Taxing Unit but were no� collected; b. Any fund equal to tax re�unds repaid by Ta��ng Unzt to taxpayers owning real property in the T1F District; 2 c. Any funds which represent penalty, interest ar attorney's fees on any delinquent ia�c payments made to the Taxin� Unit by taxpayers owning real property in ihe TIE' District; d. Any taxes uncollected by fhe Ta�cing Unit due to agricultural or other ad valorem tax exem�tions. ARTICLE III. LIMITATIONS 4N TAX INCREMENT DEPOSITS AND USE OF FU1�iDS The Total Tax Increment to be paid into the Tax Increment F�nd by Taxing �nit sha11 nat exceed $4,040,000. The maxiamum amount of "project costs" (as defined in Section 311,002 of the Act) that may be paid through T� �x�.cremen.t deposits c�irectly and/or through d��elopment agreements or other obligations of the City secured by Tax Inc�ement depasi.ts i.s $60,400,000.00. This Agreement is based on the foliowing conditions, and the City agrees and acknowledges the Taxing Unit's right �o enforce the conditions contained herein by injunction or any oth�r lawful maans in tha event one or more of such conditions are not satisfied, to wit: a. The Tax Increment deposited inta the Tax Increment Fund by the Taxing Unit, shall be used ta pay project casts for infrastxucture improvements a� other public improvements as set forth and identified in the attached Pians, and shall not include any costs far administ�ation, overhead, or mana�emeni of the TIF District, or cosis for municipal or educationa� facilities. b. If the P1an is arnended, the Tax Ii7.crement c�eposited into the Ta�c Tncrement Fund by the Taxing Unit may not be used for any infrastr�zcture improvements or other public improvements not addressed by the Plan unless the amended Plan is approved by the governing body af�he Taxing Uriit as an amendmenf to this Agreement. c. As defined, the Tg' District shail include real properties located within the boundaries as d�scribed in Ordinance No. 13259. If the T1F District is expan,ded, the Tax Increment deposited into the Tax Increment Fund by the Taxing Unit may nat be used far any infrastructure impra�ements or other public imprflvements in any portion of the expanded area of the TIF District unless appro�ed by the gov�rning body of the Taxin� Unii as an amendment to this agreement. ARTICLE N. F'YNAL ACCOUNTYNG OF TYF FUNDS After all project costs have been paid or at the time af the tarnainatian of this Agreement, the City shall prcpare and provide th� Taxing Unit with a final accounting of the funds deposited to and disbursed from the Tax Increment Fund. Any funds remaining in the Tax Increment Fund fallowing the final accounting by tbe City shall be paid to tihe Taxing Units in proportion to aach taxing unit's share of the total amount of Ta�c Increment paid into the Fund, 3 ARTICLE V. RESPONSTBILITY FOR ACTS Ci�y and Taxing Unit shall each be responsible fQr the so�e negligent acts of their o�'ficers, agents, employees ox separate cantractvrs. In the event of joint and concurrent negligence of both City and Taxing Unit, responsibility, if any, shall be apportioned comparatively in accordanc� wifih laws of the State of Texas, without however, wazving any gavernmental immunity available ta City and Taxing Unit under Texas 1aw and wzthout wai�ing any defenses of the parties under Texas Iaw. ART�CLE V�. ADMINISTRATION OF AGREEMENT Tius Ag�reement shall be admirustered o� behal£o£fhe City by the City Manager's Offiee of the City, or the designee thereof. ARTIC`LE VII. DELIVERY ADDRESS Whenever thi.s Agreement requires o�r pernuts any cans�nt, approval noticE, zequest, proposal, ar demand from one party to the other, the con.seni, approval, natice, reques�, proposal, or demand must be in writing to be effeetive and shall he delivered to the party intended to receive it at that party's address shown below: If intended for Ciiy, to: If intended for Ta�ing Unit, to: Economic De�elopment Director City of Fort Worth 1.000 Throckmorton Str�et Fort Worth, Texas 76102 Tarrant Counfiy Administrator's �ffzce 100 East Weatherford Street Suite 404 Fort Worth, Texas 76196-Q609, ar to such other address as either party may request, �i.n writing, from time ta time. ARTICLE VYIT. GOVERNING LAW A►ND VENUE This Agreernent is mads subject to the provisions of the Charter and ardinances of City, as amended; �he Texas Con�titution, codes and statues; and alI other applicable state and general laws, regulatians azxd requirements, as amended. Venue far any cause af aciion arisin� hereunder shall lie exclusively in Tarrant County, Texas. ARTICLE I�. TERM This Agreemen� is effective upon execution by aIl parties, and shall include payment �or an.y tax increm�nt dariv�d from ihe 20Q0 and �Op1 tax yeaxs, for which taxes were due January 31, 2001 and 7anuary 31, 2002, respectively. The Agreement shall contiu�ue through December 31, 2022, or u.ntil such time as the Total T� Increment has been paid inta the Tax Increm�nt Fund by the County or the maximum amount of praject 4 costs have been paid through Tax Incrernent deposits, as set forth in A.rticle ITT, whichever event shall be fihe fixst to occur. ART�CLE X. ENTTRE AGREEMEI�TTIAMENDIVIENTS This Agreement embodies the complete understanding of Ciiy and Taxing Unit, and shall supersede all oral written previous and contem�o:rary agreements between th�: parti�s relating to matters herezn. This A�reement may be amended, modified, or supplemented only by an instrument in writing executed by City and Taxing L1n�t, a copy of which will be provided to all T]F Taxing Units, and must be consented �o in writing by such TIF Taxing LTnits. Any alterations, additions ar de�etions to the terms of this Agxeeme�t requ�ixed by changes in federal, state or local law or regulatians wi�l be automatically izico�parated into this Agreement withaut wriiien a�nendment, and shall become effective on ihe date designed by such 1aw ar xegulation. EXECUTED this, the �.-, day of - , 2002, by ihe City, signing �y and through iis City Manager, dul.y authoriz�d by � No. �- � q 27 C , and an the !� f'In day of f� ui'D btn" , 2002 by Taxing Unit, signing by and through i�s County Judge, duly authorized by Caurt Order No. $� 1'7Q . APPROVED AS TO FORM AND LEGA.LITY By: � / ./ l�eter V'alcy � Asst. City Atto�ey CITY OF FORT WORTH, TEXAS By; : .� . � �— - — Reid Rectox Ass�. City Manager ATTE�I'� By: � Jl""_ �i �,� '� - � - ,_ �Y Glaria 1'ear� n City Secreftary APPROVED AS �'D FOR11� , y ! By; _ ,� r��y - , � Ra e As��striet Attorney ATTES�': '_ � /�� ' , /_ �r�- By: � �•��'.:�.�•_ �uty Cdurt Clerk TARRANT COLTNTY, TEXAS , , .,- � _ By��. � _,�.:�--ft. , 1 _ Tom Vandergtiff � County 7udge -��a� ��C�� [��'�P`� � �e rfGU��I��IU� tli�dll4 Exhibit ccA�� y ��►S �� T� INC�11�i�T F�1�1�1�I�G DISTRIC�` �� 5��xth.side ��la�� st��t � �� ,� ;: L � �I � � August 30, 1999 []pdated 5-28-02 iAX Ii��E1Vi �'I�V�N�� 15�'�[�� #�4 �A�� c��i��Ys CbAPi�Fi 1 - �XECU'iIVE SiJMM,4RY Ci�A�TER 2 - INiRODIiCTION iax increment �9n��c�ng �roject and �in�nc� Plar�s TI� Ir�cr�rnent �inancing th� Proj�c4 I�art Worth So�ths€de �evel�pment t]i�trict CHAPT�R 3 - �RO�ECY P�AN �ac�graund Yax tncrement �'inancing D�strEot #4 �xisting Uses and Cant�itir�ns Land Use Descriptian Transpartation Visual Charac4eristics Histaric Resaurces Development Conce�ts Prajects by C�t�gory �ropose Changes af Municipaf Qrdinances Nan-Prot�ct Costs Relocat4on �lan GF�APT�F� 4 - �iNANC� PLAN �conornic impact �ax lnarement Bac�zground �ro�ectio�s With and With�ut il�' F�roJect �i�ancing Project �tements by Category Prajeat Cast Assumptians �rojected �imeline af �xpenditures -1999 thru 20�6 CH�4�'T�R 5- VALUA'TIQf� UPDAT� AND INCREAAEIVT PRQ!]�CT�Oi�S Ct�APi�Ft 6 - ABAAINISiF�iiV� �X��NS�S CH��R 7-�OARe OF �iR�Gi�R� & SUPPOR�' S�A� CF�A�T'I�� - M��TING Al"s�WDA5 & #�ANC�UiS �� 3 4 4 4 5 7 7 8 � 9 �a 1Q ia 13 1� 15 16 1i 18 18 2� 22 25 26 30 3i 33 34 3� 37 AF'P�NDIC�S �ort Worttt Sa�thskde �evelapment District S#rategic Pian �xecutive S�mmary - �cteber 199� Pr�limina�ry �inance Plar� - November 1 a, 1997 �r�c�ement �eta�ls �y �'axing Jurisdictian �x�iibits I thraugh N- 1998 estimates Chronology o� ��ents - Allay 199� to �ate Adapting �p�inance Na.i3259 on N�vember ��, 1997 Substitute carrect property descr�ptian to �rd9nance 13259, 12/� 6/9T Ordinance No.13919 a�praving �roject & �Inance Plan - �131199 Inte�-Eocal Agreement� between #he Ci#y of �ar� Warih and: Fari Wart� f�dependent Schoot �istrict - August 31, i 999 i'arrant County �arrant Caunty College �arr�nt Caunty Hospital District iarrant Regidnal Water District T1F �na�l�ng Legislatio� � � �JCHI�I�S A. 8. � �. �'. � F�. f. J. FC. L. M. N. 4 �. � Ae�ial phatograph of �ort Wort� Southside �evelo�ment Qistriet Allap of �I� �aundarl�s �nd Us� �evelo�ment Concepts Map Cr��h of �ax�ble Real Property Value Change - 1994 thraugh 199y ilF Increment ProJections Tax Revenues Wlth and Without Refnvestment �one ��aph �f Rever�ues WitFi and Witi�aut �einv�stment �one il� �r�cpement Frajections � City of �or� Wanh �I� Ir�cr��ent Proj�ctians -�ort Warth Independent 5choal �istrict i°IF Increment Ptojections � Yarrant Caunty TIF� �ncrement Projsct�ons � "Carrant County College T3�' Incremen# projections -�arrant County Hospita� District TiF Increment Projectians � Yarrant RegEnna� Water Distriot Projact �lements by Categary Pr��ect Casttng Assumptions Project lmplementaf[on Timeline - 1998 throc�g� 2�� 0 2 3 4 5 fi 7 � s 10 �Z 12 13 14 15 -_,c, 5 6 12 17 20 23 24 TA� 3 �'A� 3 TAE� 3 TAB 3 TAB 3 T�08 3 27 30 31 � lsfl�r�r�� X��III� SUNVNYA�Y P�rpe�e �ievitalization of �ort Warth's near Southside �roperiy valu�s b�tween '94 -'97 decreased S% in TIF �istriot vs, inareasing 23% in the County and increasing 16% in the Ctty. �o��i�� 2,�70 Parcels and 1,33Q Owna�s �arg�fy aoinoident with �ort Worth Southsids Development �Estrict Large exempt pro�erties - Harris, Gook Childrens, and J�5 hospitals Carvad out �ropert[es enjoy City histarical property t�c exemptions 3.33°/a ot value and �.�4% of Eand area within TIF is r�sidential �e�je�i� Fart Worth Sauth �u9aster Develo}ament Pfar� Southside Medical Distriot Strategic Redevelopment �lan - May'95 Pay as yau go, or developer financed infrastructure fnvestments ��lu�ilon Properry inside TfF houndary valued at $�20 million hefore carve auts , Taxable Vaiue 1-1-97 Taxable Value i -1-98 iaxable Value i -1-9� T�xahle Val�e 1-1-DO i�xable Value 1-1-�1 � In��rr�gr�� hrough January 1, 20�1 property values fncreased $23.� millian. iax ��s i�e� City IS� �o�nty Hospltal �istrict �C Wat�r District �OtB� $�30 milifon �ase Value $�26 million {1,�%y $2�2 million { 1 , 5 %} $235 miIIIQn 5.8% $2�3 million T.7% $ a.�65000 $ i.641100 � 0,274785 $ 0.2340�0 $ 0.1064'10 � a.��onan $ 3.14�1385 �� •years - January �, 199i �tntil Decemfoer 3�, 2022 ' T _.�per $i 0� in value� F'ercentaqg 27.59% 52.24°/a 8.7Q% �.45% 9.39°fo ��.o�a l U � 6�fl 1 ��s�F� �i�w Increment projeo#iong suggest il� will reach �6Q mill�an ca� fn year 19 ��rii�ip�tien Peil six taxing jurisdic#ions are participating fully �W'�SD ta de�icate �0% af tts contri��tian ta schoo� prnjects in TIF Cou�ty caps contribution at �4 millian �lospital Distrfct caps its contri�utior� at �3.5 million 2 �b��T�R � INT`R�D�IGT'IC�IV Tax lr��r�rmer�� in�r��i�g A 7ax Increment Financing District ('i°IF Dis#ract) is an �conomic de�elopment toal used by local go��rnments to finance �ubCic lmprovements within a def9r►ed geagraphic area. il� Districts are created to strengthen existing pos�ti�e conditions and attract new develapment. T'he purpose of Fort Worth T}� Na.4 is to: o Attract new investment and encourage revitaiization of the near southside af �art Worih whicF� is an area t�at will cor�tinue to decay witho�tt TEF financed infrastructure, m Creat� redevelapment moment�m that will create substantial finar�cial gains to Zocal taxing jurisdictlons �oth during and beyond the life af the TIF. � Recreate an economically via�le, mixed-use, aentral city neigt��orhood. o Leverage the resaurces and ertergy of an existing community based revital(zatian lnitiative, �ort Wart� South, to recogr�fze the gaal of revitalizing the �istrict. � 5erve a� a catalyst for ti�e revitali�ation of areas ad�acen# to the iIF, Tf�e tax increment iinancing tgvhnique was first �sed in the 1970's in Cal�fornia ta re�italEze deteriorated c�ntral clty neighborhoads, il� No,4 has iaeen created for the same p�rpose. Chap#er 311 of the iexas Lacal Govarnment Code fis the legislatian that governs �a7c Increment �inancing. A�ity may m�ke an area e�igible far tex increment flnancing by designating a"reinvestment zone", also known as a"tax incremertt finance dlstrict". Designatian of a TI� district usually occ�rs aft�r petitians from the owriers nf 5� % of tF�e assessed vai�e at a certain geographic area ask the City to create the district. A TIF district may also be created without a pe#ition af the ow�ers by c�irec# actian af the City Gouncil. TIF 4 was areated hy such an action to a�ofd the tim� consuming tas� of securing endarsemen# fro�n the 1,330 affected proper�y owners. A iIF distriat alEaws #or the tax inoremen# generated trom apprec�ating property va;lties within #he area to be dedicated to n�w puF�lic improv+�ments within the same area. As tE�e assessed �alue of �ro�erty wit�in a i�F distriot increases over time, a� increase i� the taxes collectecf from the additinnal va[ue is captured kn a tax increment funti. These f�rnds are then used ta #inanae new pubiic improvements with 9n the district. 3 ,,1.; As specifiAd by Sta#e law, a�i� �istrict Board of 9irectars must �e appointed to o�ersee #he administratiar� of the i4� c�istrict and fund. Additianally, State law requires t�at proJect and fi�ance plans be d�veloped as pfanning and infarmatian tao�s En the administratian of the i1F district. Pr�j��4 ��d l�tn�� Pl�ns The �ax {ncrement Finance Distr�ct �'roject ar�d Firtance Plans represent a study that pra�ects the �otential sv�rces and uses of tax increment do�lars. An econ�mic impact stutfy a�d o��rview Is provided in t�� Finance Plan along with es#imates on the potential revenue tt�at wi11 be available ta fund projects, ihe Finance �fan also autlines how TI�' �istrict increment rnay be used ana shows the time ov�r which expenses will be incu�red. A praject plan pravides 9nformation on the c�rren# land uses wlthin the districi and pro�}des fnformation o€ t�e development ta occur. !t a�so provldes informatlon o� relocation af indivi�ival� affgated by the TI� Dlstric# and costs assaciated wiih non-TlF �istrict public impravements. General, tFie items discussed in the �roject a�d �inance Plans meet requirements specified under State Law that goverr� iax f�cremer�t Financing. il� Ir�crem�nt iIF District Yax Innrement is created when new ta�cable developmen# occurs within an established TIF �istrict. After Ets creatior�, the appraised value af the TiF ❑istrict praperty becomes the base value fvr the p�rpase of Tax lncremet�t �inancing, AEI taxes aollected from that base �alue coniinue to flow to the lacal go�ernment entlties that tax within the district. Taxes coAected from new taxahle �alue within the YIF �istrict become the source of the TiF pistrict tax increme�t. This increment flaws into the �i�' ��strict �urd which is managed by the C9ty's Finance Depar�ment. `fhe smaunt o} Encremen# that is captured in the �IF District �'urrd in dep�ndent on the participatian of local taxing entlties, A local taxing entity may chvose to participate irt Tax Increment �inancing by dedlcating a portion of its tax increment to the TI� 8isirict Fund. TF�e �articfpatian af an entity in Tax Increme�t Firtancing is accomplisheri thraugh an inter- local agreement between the enfity and the City. Firt�ncing fh� Pr��;��4 New public infrastructure investments within i�F C�istrict #4 are expected to be funded on a pay-as-you-go �asis using avaiiahle cash incremer�t as it is created. At #his t�me the D�striat does nok expect to uss p�hlic debt ins#ruments to iinance improvements, The [}Istrict wi11 enter inta development agreements with investars, properiy awners, and developers to reimburse over time the cash investments they make ir� new publia infrastructure assaciated with private deveiopm�nt, 4 ��', .,.. � �''�� r � ; a+ \ . 4 .:)��+. � �� a � `*� � ~`��. � :. ' �.._a', : .,�: L rR •� y-��¢ .:�t:'s.�«s . ;''' �� '�'�x� p ' f �7�"'.,`� •7� fiu' � � i �' ;'�,e � i. �,�� c �� , ��'t_:. j ��E`e� � � � � � . Y ` .5��',. � �"` ` �� ,� l'+ .�� V�� 2' ;$;... �� '' =� �,s'�, ' ,� r � ��x:~'' ' �1:M�� ; j'�1 �' � a ^��, � ' �'J�` •,�_ .F _ �. t1y. `,��i.4`�i��'��,; . 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' � . f �� "*�n � ;�• *. `t:C ;� h, :r`�, � � �� ' '- ' .:F l. � ♦� 1 � ' .. - � �, '�v�. � . :y:��+.l;� � „y, �;, � ,� .� . , : �4 . ,�. ,-y,,.. �q, . �. �;� Y,�= .4 1 .. � �� . � y ' �` - a \ ":ty p��i � . �' i��} :'Yr,�'y��;,,'�r-''�u' .•�?j�]j�� ' � '. � + ' . . � ` .. :G'�,^J� �*: r : '^.-f[. � . ,W`a' ��t } ` �* d .� � � � e�y ` j ��' t�� ` ' 'T. • s ��.� ',,�. .��M.M�- �,� � . .4` .. '. e � ' ': r � :� , . , � . �`t . �� ,.y`.i . #`�..,.�.''., � �;+;'L ` . - ' . �. � ` �� \ � � �' Y' � ;i4`ii. ''' , ! t . ; �' .- � ` , �4� , � . � }� �+]`' �.�� \ { �.�,1�rT � � !^.: : Y4` 4 , � � ,. .'� , + ' 'F' ��e � � - , . '�•� - � ��a �� k ; ,, x ,�� r. - , �u :�'. �; .• � � � .t.�. � ♦ '�+.1i,h 1a �\ tr` ' ,, .� � ' YY� i �� ry 4 ..� � .`� • t � d .� at' .,ii' ��. r �11 . ' c ' 1. ��`��i+';�k��,, :� M� . �7u ♦ $ ."c, y. � •� t + „-. . � � +�"r e• � '� '� '%y� `�ii t• t + �" ,1"•,. •, `��:�, ..`� �,�r , Gi„ �i �r�:� c� ` �rr. _ � � . � � =�'� � . �y , ,k � ��` �' • �(d � ' 4 �J�{,s'i ��p, y. �j!� y � �` � �^>...:.:[+�+'" . { . /— ,. TM f.� •�,�"`:�.• •#; � ,t ��.�� ``�".� �.; ,,.A�- . .. �:: ��;"�i:��!:�. � �� PR�J��T �L��i �a��s�r��nd In May 199� t�e City Coun�cil adopted the Souihside Medical District Strategic Pla� (see A�pendix R- Sauthside M�dical Ristrict Strateg�c �lan -�xecutive Summary). This Plan estab![shed the framewark upon w�tich the re�itatization of f,4Q0 acres commoniy known as the Medlna! District, �ocat�d immediately south of tF�e Central �usiness District, would move forward. The P1an was spot�sorecf by the City of Far� Worth, the �ort Worth Transpartatian Authority, ar�d rrtany private businssses located within the District. ihis $15(},000 two-yea� �lanning ini#iative was sigNfican# in many aspects inclt�c3ing the amount o� input ar�ti revie+N fro'm citizer�s, lausinesses, ga�ernment, property owr�ars and communiiy stakeholders, It profiled the histary, trends, opportunities and chaHenges of th� neighborhaod, a�d mast Importan#ly estahtished a stratagy for implementing the revitalizatiort plan. The plan envisioned the need ta create � iIF to support and encoura�e private in�esfiment. 1t wauld allow the �ity to use its pow�r of condemnatinn to acquire private property �n atder ta �arry out an area-wide redeve�opment strategy ior the district. The pri�nipal ac#ivities of the 7�f� [�istrict w�r� td provide funding fnr major capital imp�ovemen#s and to pro�ide funding far �ublic infrastructUre which encouraged private i�v�stment. T�e �1an recognized #hat im�rvvements in publia infrastrc�cture wou�d be needed io attract r�ew ir�vestment. �he cos# af the required infrastructUre exceed the City's narmai tcanding amounts and the improvements are needed fn advance of the City's narmal funding cycle. See �xhibit A- Aerial Photo af Fort Worth Saut�. �ax I��r��t R�f�v�st��# ��n� I��e ��up -�stablis�ed November 25, 1997 On September 23, 1987, The �ort Worth City Ca�ancil passed Resolutiar► Na. 233� whic#� set No►►amber 25, 1997 as the date for a public hearirig to be held befare the City Counci[ r�garding the desigr�ation of this property as a reinvestment �orre, At the conciusinn of the publla Fiearing on Navember �5, 199i the City Cor�ncil passes �rdinance No. i3�58 crgating �ort Worth �'ax Increment Rein�estmer�t Zone Number �our. Prior to t�te City Council ap�raval, the �one received supp�r# and resalutfoRs of intent to par�icipat� fram ather taxing entities, inclu�firtg the �'ort Worth lndependent 5chaol District, Tarrant County, The Yarrant Gounty Hospital District, Tarrant Co�anty �lunior Gol�ege System, and trye iarrant Caunty Water Contro! Districi #� . The 2a year term of the Oistrlct toolt affect on January 1}� 99�. !t is scheduled tv terminate on I]ecember 3t, 2022 or wha� the incremental tax revenues contributed to the ❑istrict reach $60 million, whichever corr�es first. See Exhi�it �- Map af 71F eoundarfes. 7 TIF District #4 has been created to provide funding for new ��btic infrastructure to support the revitalization and redeve[opment afi t1�is area. The baur�darEes of TIF �ist�ict #� are s{ightly sma!!er than the Develapmer�t District, but ior practical pur�ases the two are cangruent. �ort Wnrth Southside �e�elopment District, Inc. is a 5Q1(c)�4} non profft deveio�mer�t co��any that carri�s the same name as the geographic district. ihe organf�atiar► is commanty lanown as �ort WortN �auth, Inc. It was created in May 199� to �riv� th� revitallzafia� of t�e area En�tiated the creat{on of �einvestment �one 4, �xi�it�g �I��s a�nd �ot��li4io�� ihe r�ear svuthside is one of the oldest neighb4rhaods in the City, and has experienced significanf changes to its ariginal characteristics. ihe natural to��graphy of the District is generalfy flat, with na major land farms or drainage patterr�s that would pra�id� significan# limitations or constraints t� develapmer�t. Yhe physical attridut�s af tf�e ��stNct are t�erefore i�fluenced almast exciusively by the historic develo�ment patterns and ather human-related factors. Follawing is a summary of these characterist�cs: I�nd Use Th� Southsi�e Medicai Distrlct !s a large area conslsting of a diversity af land uses ranging from single-fiamily homes to high-rise medical facilities to industriai at�d warehousing uses. �xhibit C{Land Use Map} identifies ger�eralized Eand-use zanes. �ailowing is a summary of th�ese land usBs: � Major med�cal institutions and assoaiate suppart �ses are generally lacated in three co�e ar�as as described bel�w. Uses in these core areas include high-rise me�lcai facitities, emer�ency rooms, C�DCtflfS' offices, mediaal suppfy esta�llshments and other support serrrlces. ihe �or�Fiwest area is the largest and includes �laza Medical Genter, Cook Children's Medical Center, Harris Methadist Fort Worth Medical Center, Vencar bospital �ar� Wo�th, an� N4edical �roup af Taxas. Located in the southwest quadrant a# the �istrict are All Saints Hnspital and the Moncriet Cancer Genter. John P�ter Smith �lospi#a� a�d Heritage St. Joseph Garden's are loca#ed in the sautheast quadrant, � Raiail c�ses are ger�erally iimited to restaurants ar�d srnalf shaps in one and iwo- story buifdings with a noticeable absence of rrtajor gracery and �epar#ment stares. Smaller retail uses are generally laca#ed a�ong rnajor arterlals. �ecent rerritali�ation aiong Magnai�a Aver�ue has res�lted in the development of sigr�ificant retaillrestaurant uses aiong this corridar. �ffice uses are genera�ly assaclated wit� and located in close prox[rriity to the medical institutions. Uses range from sma�! affice buildir�gs to larger, mid-rise of#ice buildings. B � Industr�al uses are concentrated alang the norti�ern and eastern sides of the District. �s�s inalude {ight in�us#ria[ and warehause uses. � Singie-famiIy residential uses are gerierally conce�tratsd in tv+ro zones, one sauth af Rosedale and the other r�or�h of Rnssdale. ihe area south af Rosedafe, particularly that area encampassed by the �airmo�nt Histflric Dfstrict, has shown recer►t signs af revitali�at�on and inciudes the most stable neighbort�aads vf tire Distrlct. Designation of this a�ea as a Natianal Regis#er H9staric Distr�ct has contrii�uted to the recertt re�itallaation. While single-famiEy hornes are the �redominant lan� use, multifamily buil�ings are scattered throughawt the area. The nort�ern residential �one is generally less stable and has experie�ced signZf9car�t dec[ine and intrusian n# inc�mpatible uses s�ct� as industrial, This is particularly true for the residential area be#ween Main Street and #he railroac� tracks, where vacant land a�d a3�anda�ed buifdings predominate. Residential uses are generally fimited ta singFe-family hnmes. 5ingie-family uses are also located east of the Burlington Northem Sante Fe and l3nion Pacific Hai4raad tracks as weil as east af lnterstate 35. Multifamily residential uses are scattered kl�roughout the District an� range from smatl, indepertdent apartmant build�ngs to a t�igh�rise apartment tnwers. Cammunity factlities are p�tblic and semipubiic facllities whlch serve and pramate ihe safety, educatianal welfare, recreat�onal, entertainmeni and spirituai needs af the aammunity, These uses include the nurnero�s sci�aais and c�urches that are scattered thraughout the District. Public schools inciuded irimble �echnica) �[igh School, Van Zandt-Guinn �lementary School, �e�avala �I�mentary Schaol, and L,illy �. Clayton E�ementary 5chool, and the Accelerated F�iigh Schaal, Dedica�ed park iar�d a�d reereational facilities are limited ta �Ere 5tation Paric (l.a acres}t north of Alle� and west of Hemphill, and Fairmour�t Park(,75 acres} In the Fairmount i�istaric D�strlct. Vacant and �ndeveloped land is scat�ered throughout the District. Vaca�t parcels tend to be fewer in the areas to the south and immediateEy adjacent to the hospitals and in greater number in the industria! ar�d single-family areas ta the nor�h and east, ihis is par�icufarly true for t�e area between Main �treet and t�e raiirflad tracks. Abo�t 30% of the 1,�400 acres Is vacar�t land. irans�ortation ihe 5outhside Medioal District cUrrently exists wit� a framewor� ior rfladway, public #rans�ortation, and parking fac9lities that offer both chalEenge a�d oppartunity for the future. ihe proximity ta tF�e C�D, the reconstruction o# Ir�terstata 30, the c�eation of a raii mass transit terminal at the T&P Depat, and the 9 continued redeveiopm�nt of th� �istrict itself, suggests a significant transItion per�od, #�ubli� Transportation in the Distr�ct is provided by the �ort Worth Transponatint� Authority's fi�e primary �us routes and by MITS �ahicles. �arking in the northwest quadrant is cansidered adequate, but future grorrv�h in tF�e medical sector is requiring consideration of additianal pa�'�ting struc#ures. There are parhing deficiencies araund Jahn Peter Smltt� Hospiiai a�d at scattered oific� or restaurant locatia�s withiri the area. Visual CF�aracteristics The visuai and landscape quality af an urban environment contributes slgnificantly to the quality of that er��ironment and the image that people have of that area. FoJlow#ng is a brief surnmary of the vlsual and landscape characterist)es of the Dtstrict. � The mast significant view within the District is nf the dawntown Fort Warth slzyline. • Significant "landmar�C" t��ildings within the �istrict are limited to hig�- rise medical faciai#ies, particu(arly Harris Methadist, Cook Children`s, Plaza Me�icaf� Jahn Peter Smith and St. Jaseph Cardens. In addition there are a number of signifi�ant historical strua#ures. � Alang most arteriai streets, inconsistent land uses, architectural character, buiEding set backs, and streetscape treatmer�t contribute to tha lack of q�ality street enviranments and the inabiiity af tt�ese streets to �stablish strong urban farm. � Overail, the �istrict lacics consistency in fantlscape trsa#ment, resui#ir�g in the absence of readtiy iclentiiia�ls imaga or identity, Significant iandscaped spaces are llmited ta a�eas within the campuses af the medfcai institutions and on a limited n�mber af tree-liner� street ln the alder residential nelghk�orhoods. F�istoric �esaurces 'The District �as more than 100 structures selected or elig�hi� for the Na#ionaf Resister of Historic Places. �3edel�pnien4 C�r�cepts �.acf� of a strang land use policy and supporti�g �oning has contributed to deteflorating land �alues and sut�stantIalfy deciining residentia[ base within the �istrict. The conceptval plan far ti�� revitaliaation af the �eveiopment District fs based a� the nead for a rational land use pattern, reinfarced �y �aning. It wilt provide a foundat�on for grarrvth and stabl{ity, as well as a framewark within wF�ich �vth shor#- and long-range dec[sions ara made abqut physica� 10 deveiopment af the �istrict. �lements addressed in the plan incl�de la� use and redevelo�ment a{�portunities, urban design and open space, and transpor�atian and parking (see �xhi6it � - Developm�nt Concepts). ih� Strategic Plan has foeen deveEnped as a gu�de �or the revitalizatian and future d�vefopmer�t af the �Estrict and surround�ng neighbarhaods. The phy�ical planning concepts that serve as the frarnework for the plan are as fo�lows: ��ieinforce existir�g medical institutians by providing opportunit�es for expar�sion and encauraging t�e development of ineciical-o�iented ser�ices in ciose proximity. 0 5tabillze ar�d enhance existing viable neighborhoods by encourraging infil� or appropr�ate uses and prahibiting devefopment of incampatible uses. v�rovide additional appartunities with the de�elopment of a mared use/residential district at Hemph�l! Streat ar�d Rosedale Street. ��ro�lde an eco�omic stimulus for the exis#ing Magnolia Avenue commer�ial corridor �y �ncouragin� the d�ve{opment of affice and residentiai uses in areas immediateiy adjacent to the corridar. o Pro�ide for the develapment pf a community-oriented retai! center to serva the needs of �istrict emp�oyees artid residants. o �ncourage the deve�opment of high-q�ality, freeway-ariented camme�cial devela�ment along the planned reaiignment of Interstate 3�, � Pravide #or n�w ��siness grawtF� and job creatlan wi#hin the �fstri�t through the estab�isflment af a Yechnology F'ark and Vickery Business Dis#rict. o Provlde for lang-term, maderately priced hotei accammodations. o Encaurage a stimulus for economic r�vitallzatEon af the E�a�s Avenue Corridor by er�couraging �f�eeway" oriented develoQm�nt at t�ie Rosedale Street ir�terchange witF� Interstate 35W. • Establi�h rede�elnpment opportunities that wiA serve as a catalyst far the revita�ization of the []istrict an� sureounding areas. i1 �� • �1 � � �� N , ; C �,�i�, �� :� � �, � ,. �tFlii T� n � '� � I � � ,p• � II � � ��{'� !� i� � �� n d ,� � ; ' ��E �tt �� D �� ,�' ,' . . �� . .. ...... .. �...... � ; �/ _� � 51M� f v� � I � �� ::. �� ; }�oa � f� C �� (i � � ,� � �� ;� �i �� ....i � 1�� o��, ' o❑� . _. ..... .... ...._... ,,,,�Qa � � 1 �� n�� I �� a�� u .� � � � � � � � � . � � � � y � O �� U � � 9G r`�i � ._ . � ____; � i___r u�� ,� � � �—a--+' � I S � � � o i� �i � . ��° � � � �� L� � t � �[3p � � �, •� � — 0 C6�. _ * ^N , �� _ 0:�;-�- � F ,, - iC W� ,� �� q ' i � �}, �w�sanao ' ' ❑ ' � � ❑ t � �� f '. r .: s �,�„ ��:- ;L7 ❑ �� c,za �:, � ; �f «� � � p�] � }� ,� ,- t�'.. �� , � a� �. - �� _ .� �a000 ��......__.. .. . ..... ._. �� .. .� �� .... ......... . .............._.... _ ...... rs- � ,.a �,: � ��s��❑ � � �� i� � �� ?�. � �i� _ �� 0 y m p ,�,hI[ I � � �� I YI ��o� � � o� �� i�i��.�, -��. � ��a ° �, � �; a�� _ �' 90 � �� 'y,� e u _ �.4..a9r �.....�..... .. � �� a �� ;��❑ �' G C� — � � •-:� - y� ��s �` � � il ❑ ;� \ ��\ k`ti � � i �4 � .�� \ -�: � •' �5 "� � ! . � J . � �� '`� � L � : � � � � ,� �� , �' �� :,�z�� r��f� - �� ;t�� ` � � � - .'" ;�� .� . �o a � ��.� �� oa ��-� :..,, C�� ' - �:. �� UC � ��. � �• , 1 � :� �� 4 � ,�«��. �� .K�. _ �[i'Adll oo� _ ��g� b031�D3 s� WI� NVJtl90X3M � �.�: �� wp � ��,�, �� _ ��,� "••• 3rawo y� i wt+ �� E� �, .! �.';.. - ��I�. �� ,...... . �,. � �j . .��.. .l �� ;�� ❑ 0� ` �� ...I❑ — .��a -� *= i ..�� . IMrrWW1 �� /1 ' ,� � W�� ,�.� ro,� t�tte IBftYIJ Int[ ' --_ �� u � � I.,�� T � f� � —� � � � � W 2F ¢ � 4 �na W � — ? �� LL � � � � N� B y` w � u� � � �� n � ��s Pr�Je�f� �y C�4��ry The foltawing flst of projects has been compiled from infarmation in tF�e Sauthside M�dical �istrict Strategic Pian (Sasaf�i & Assaciates - May 1995) ar�d from th� angoing work af Fort Worth South, Inc. it is a list af potential public infrasiructure �roJects that support th� rede�elapment af the Reinvestment �one and eould be financed by the increment prajeated o�er the 25 year term af the TEF. These investments wauld serve as an incentive iar private sectar investment. The nature of thfs revitaiization effectiveCy stimuiate rein�estrr�ent. planned inr►estments, The failowing �ist includes most 1. �iesidential project w�ll require praject and financing flexihflity to ihey are grouped by category ta s�ggest the scope of of, but nat al�, fi�e�y prajects: 3a,000 pea�l� wor� in t�te Medical District. 2% of that population also live in the area. A survey of workers indiaated that fi% wauld liue in the area if suitable accommodations were availabie. This factor places new residentia� canstructlon high an the Ifst �f priarities for the TIF. �i we are able to bring bar.i� residents the ather elements vf the master revitalixation plan wfl� alsa begin to de�+elog, �'�F expenditures wil! �ae made on public infrastructure placed in the public right af way that supports the constructian af new resfdences, ie ct�rbs, sfd�wallts, landscaping, Ilghting, �tilities, etc. Niulti=�amily, New / Maderate �ncome Rental Apa�rtment Cornmunities Niu#ti��amily, New / Markat Rate Fiental Apartment Gommunities Tow�homes far Purchase - Oleander WaIF� - Hurley to Coilege Sir�gle Famlxy �lomes - Vintage Go[lection 2. Retail As the number of peaple I�ving in the OEs#rict grows the need for retail services will also grow. Actc�ally these two sectors wil� develop tagether. TI� resources dediaated to ti�� retail sectar will focus on encau�agt�g in�es#ors to develop t�ose services needed by the residents and emptoyees of local �usinesses. Rosedale / �iemphill Neighborhpod Sho}��ing Center Gracery, fast foad, & retail lnfrastructure, uti�i#ies, parking Village Square - One aore park with surrounding 1a-2Q,Q00 sf retail �laxa with fountain, lar�dmarl�, lanrlscaping, etc. 13 3. B+�siness Develapm�nt 5ites With the enticement of financial support from a TIF we anticipate interes# fram developers who see r�alue in developing vacar�t and underutilizsrl fand. `�hree high potential projects are identified belaw. VickerJi �o�le�ard �usiness District - he#ween I�endersan & Main Hotel/conference Center Technology Park -�ast of South Mait� Street �. Streetscape 1�ou�evard / Parkways 1 Gateways MagnoNa Street - Hernphilf to South Main Oleartder �treet - burl$y to CQliege South Main Street -#rees, fighting, sidowafks �osedale Street - landscaped median � parkway, irr�gatlon, utiiities Vickery Bouls�ard - iandscap�d median and parkway Hemp#�ill 5treet - IandscapiRg Pennsylvania/F#attie Streets - Iandscapit�g �lenderson �venue - Intersec#ton & boule�ard impravements Pa. & Rosedale Qther Streets - S�mmit, �ighth, Jer�nings, Alienr &�Vall5 Street F�urniture �enches, �ubiic ArtT Sculptures, Yrash Receptac�es, Transit 5haiters Decorative �ighting not included in ather prajects Ga#eway features and signage to signlfy entry into the District at: Summit Avenue over�ass of 1�35 Nendersan ai rallroad under�ass Hem��ill at raiiroad underpass J��nings at railraad �nderpass 5outh Main at railr�aad und�rpass i�attie at 1�3� Ros�dale at I-3� Aqen at South Main Hemphill at Allen �lghth at Rlien Ras�daie at �orest Par� 5. Parks Goal ta create 50 acres of new �ub�ic &�rivate green spaces Pocket and linear parks thraughaut tl�a District incorporated into projects �lant It ��00 treescape - John Denve� Foundatiort, Cancer Surrrivors Park Uillage Sq�are - Plaza features, Ga�ebo and L.anc�mark T'awer Tr9mble Technical H9gh Scilool - Hecrea#ional Park / Playing fleids iralley Stops - V11ii�in trartsit lin�ages to Downtown �4 E. SCh0015 Th� quality of the facilities on the school campus's and in the areas lmmediately ad}acent to the schoals wit�fn the District need to b� improved. TIF' f�nds can be used ta su��i�ment FVIf Independent Schoal District capital s�encfing to expand, frn�rowe sc+��lement #I�ese faciEities. 7. 5ignag� Emplay Gity uvida art�riaE directional and informational signage as suggested ir� the Linkag�s 5tudy within District. �. Parking Structures Vll�age Square - 5hared resldsntial & reta�l parking #aclNty ta support Magnolia retail activitles. 9. Administratian Expenses in this category reilect tf�a cas# af managing and administering the TI� �istrict. �p��a�d ��i�ng�� in RA�nicip�l ��df��r�� At the current time the il� �istrict does nat envisio� changes in building cades, zaning categories, or other mUnici�al ordinances, i�awev�r, the City is d�veloping a n�w Com�r�hensive �'lan which will reiiect ihe devefopment concepts and �and use suggestions af �ort IMarth 5aut�sicle Dev�lopme�t D€strict. NontlPro�e�i ��i� The nature oi il�' �istrict #4 is that #�ere wi11 he �urc�ases and in�estments made across many use catsgories and aver a targe geographrc area. il�' #4� is the largest reinvestment zone irt Texas. Almost all af the Investments made by the T!F will ha�e "non-�raject costs", ie expenditures an related �rojects tF�at wifl he reaeive fiRanciai partioipatEon from either public ar pr4�ate entities. Howev�r, it is nat �assihle to quantify the nan�project aosts at this time, other than to say that they are �xp�cted to �e far greater tF�art the TIF costs on any stng�e projeot. An exampl� of a�p�citic praject that wi#i serve to further c�efine the challenge of fdentifying specifically �o�-project costs is t�e Stata/City projBct ta widen W�st Rosedale Street from a faur lane street to a slx-lane divided bnulevard between �orest �ark Boulevard and i-3�. Yha �36.6 millian p�oJect is funded �0/50 by t�e state and city. Funds are nat available to landscape th� median �nd parkway along #he new street, estimated to cast $1.6 milfion. ihe TfF cauld c�ase #o partic�pate in the cost af Iandscaping the new bou4e�ard, but this is an 1� issue far futur� consideratia� �y the Tl�' Board af Direciors. If t�e TI� agreed to assume a pvrtian of the cost vf landsoaping an this projeci the related non-project casts would be $36.fi miElior�. Another sst o� patential investments are t� imprava facillties on or adjacent ta publfc school cam�uses within the Yl� f�istrict. �11� expenditures wou[d be made ir� connection with other expendituees by the �'ort Warth lndependen# Schaol �Istrict. The specific ISi� related projeots have nat been det�rmined bu# will be made over time as i'I� funding is availabie and !S� needs are matohed ta other develapmen#s in the District. �i�l��aiion �I�n As sef forth in Section 311.011 in the Tax Increment Fir�ancir�g Act o# the iax Code, the Pra�ec# Plan for the Fort Wort� Rainvestment Zone Number Four must knclude the following element: A�tatem�n� of a me�Had et rel��4i�� s��s #Q b� c�is�lae��1 �s a ��suti of impEemcn�in� 4he pl�r�. Yhe projeci plan anticipates that #here will be no residences ar husinesses existing in the �raj�c# development area of t�e reinvestment xane when cie�elopment actl�ities commence. �f actlons by the T!F result in relocation of any persans, the Fiesidential Anti-displacement and �ielocation Assistance F'lan far the City af ��rt Worti� will go�ern thei� reiocatlon. While the need far reEocation Is nat envisianed, 9t is acknowledged that in t1�e event such relacation becomes necessary in carrying out tt�e pu�lic impro�emen#s funded by this TI� District, s�ch expe�ses wil! he t�e obiigation of t�e District. �h� relocati�n program is admin�ste�ed by the City's Ho�sirig and Human Serves D��artment. Shouid suc� a need arise, persans may appeal their oases through the established appeals proc�ss. �6 �� I�d�f�� PLAN � �c��i� I�p��t �tv�y �ort Wo�� 5o�th�i�e D�velapment District is f�cated immediatefy south o# �owntown Fart Worth. Its nefgH�4rhoods d�veloped early in the Ci#y's history and it �s nvw home to Tarrant County's lar��t concentratlon of h�spitals an� out-patient medica! ��rv�c�s. Man�afacturing and dist�i�utio�, r�si��noes, retail services and so�ools give the ara� a diversity af ac#iv�tles. I# is tF�e T�rrant Cflunty's second largest employment center with ovec 30,�00 errtplayees (Fort Wortt� C�� s 4o,0a0 errnp[�y�as}. Despite it� location �t the c�ossroads �f regionaf �reeways anc3 drarr�atic grc�wth of t�e health care industry, tax�ble rea! pr�per�y vaiue� fi the area hava not yet shown t�e Pesurgence since � 994 af �itFt�r Tarrant County o� t�e Gity of �or� Worth. �xhibit � 4itu�tra3es the �Iverger�ce af taxable property va)u�s si�ce 199A�. From i 994 t� 1��7, TarPant County t�xable r�ai property v�lues rose 23%. City ofi Fart Wart� values rose 16%. �ort Wa�th Sauth valu�s fell 8%. �xi�ibit � � 1i 5takehoiders in tha revitalization project ap�reoiate low real estate pnicas and appraised values. They see the prospects o€ ecanomic graw#h in this sleeping rri��lret as de�elapers and consumers bscome aware vf economic opporfuni#9es and a cammunityr drive pawering I�ort Worth South. Anoth�r measure of the depressed mar�Cet and readiness tor redevelopment in this significant parfi af ihe City and region is the ht�h percentage �f �acant land. Tax records indica#e that 22% of t�e privately owne�l �and area in tfie reinvestment zone i� vacant land with na struct�res of mat�rial value. The �art Worth Southside ❑evelopment District has creaied a awner�riven program to lift itseff hy #he baotstraps. VtlEfh argani�ational structure similar to Dawniawn Fart Warth, Inc., Far� Worth Southstde nevelopment �istrict, 1nc. has been in exis#ence since 1996. Fort Worth South is a a�i (c)(�4) nonpro#it, private, mem�er iunded operating corporation, It is associated with a 501(c�(3) nonprnfit faundation, Historic Soutl�side, I�c. founded in i 98�, ta support redeveloprnent. A three parly affort sponsared hy th� City of V�ort Worth, tl�e �'ort IMorth �ransportation Authority, and the businesses in the Medical �istrict f�nded and pradu�ed a strategic plan �ar the community in May 1995. Goals for �ott Worth Sou#h have 9ncE�t�ed cr�ation of a Tax Increment Financing program for financing of public impravements. �wners af property In the Southside cammunity believe the area wiil realixe more af its strang paten#lal far eco�arnic deveiopment then tax increment financing can be used to attract privat� r�deveia�ment. With tax iRcrement iEnar�cing a developer rnay canstruct apprnved puHlic improvement and antici�ata reimbursement trom the future tau flcws generate� �y trie �ssaciated devela�ment. iax lr��r�mer�g B��g��u�r�d Exhibit �(TIF Increment PrajectionJ presents t�e projecte� valc�e of rea[ property in TIF �4 a�er the 25 life of the reinvestment aone as well as the prajected incremental cash flows that wauld flQw to thv T1F tund assuming fula p�rtldpation �3y the six tax9ng jurisdiatiotrs. Yhe exhibit reftects actuaf 1998 Tarrat�t Appraisal Dis#rfct (TAQ) property values whlch �xceeded i 997 values by .5S°/a. ihis contrasts with a history af decEining vafues it� earlier years, It also reflects the feeling af the corr�munity that the trend of declining property �aiues has t�med positive. The cash flows are a product of t�e following �ariables: � i�e �ase year va�ue af real pro�erty in tha zone, less tf�e value of tax exempt proper�ies; �� Annual changes in taxable value of the zane; • F�ar��cipatian of the taxing jurisdlctians; � Ann�al cFianges ln tax rates; � Collection rate. Laaking at the history of Southsfde appraised value trer�ds and taoking forward, it is possible ta construct a foreca�t of rates af change in real property �atuss, The c�ange in market ap�ratsal expressed In �xhibit F(�I� Increment P�'aj�ction), and in Exhibits f through N(T�F Incremer�t Prajectior�s for ga�h taxing jurlsdlctian) which are {�resented in the Appendtx C, reflect the fo�lowing #actors: � After years af decli�e, aqgregate taxahle real prnpe�ty vaiues determined by TA� have risen each year after � 994 far Tarrant County a�d �'art Wortfit. Average annual value increase rates in the Gity since 1994 have �xceeded �%. � Real praperty valuations by T'AD within the pr�posed reinvestment zone showed same recov�ry of val�es in � 99�, but declines for 199fi and 1997. � Real estate ex�erts estimate that natianal valuss of real praperty have grawn 3% �D �% in i 997 and 1998. Mor� distant projectians are anyone's guess; if real estate is to remain an aitractive investment aitemative, praperty �aiue� need to out pace the ao�sumer price iz�d�x, which has been increasing approximately 3% a year, ��ecause the Fort Warth economy is anticipated to equal or better the grawth rate of #he natianal ecanomy far the intermediate future, reaf proparty val�aes ln the area should continue to grow at or aba�e natior�al rates. o A reasonab�e forecast for property values in Fort Wort� Sout� is that tax�ble values wiil generally rise as regianal values rise, but ta a lesser extent, based on (aj recent i�istory af value chang�s, (b} the agir�g public infrastructura En tha pra�osed r�investrnent �o�a and (o) current popular perception arnong const�mers attd developers that the xar�e is stagnant. A fair Ir�ng-term farecast for the �ort Worth south area, witFi status qu4 conditions (no tax �norement iinancEng), fs fnr average annual growth af taxabls real properly of onty 18/o inlo the indefinite futu�e, It Is passible that market values of real property in t�e reinvestment aane will Jump at the news a# tax increrrtent financing far pubiic �mprovements within the zone, but a mar� conservati�e €orecast is that zone values will rise at a skow 1% rate through 199�. lf a�asiti�e cash iiow iar the ��F fund is established in 199� �nd 1999, a new develaprr�ent usfng Ti� funds coup appear an the tax roll in 2001. �rorn 200i thraugh 201�, average annual change Gn taxable val�es of the zone with tax increment fina�ncing is estimated at 5%. This represents addition of roughEy �9 rr�fl[ian (in � 99B doElars) of new real property value in addition to a y9 1% a�pr�ciation of the pr�v�ous yea�'s valu� flf the �one. ihis added value could -� came fp�m any cambinatfon of naw construction or appreciation. ��iibit � assNm�s that th� annual growth rate s�ows ta �°�o from 2Q11 t�roug� 2Q9�, �s curr$nt aash fl�ws to the iil� fuRd may h�ve heen o�ligated for debt s�rviae or� notes o# develo��rs with previous prajects, FO�pafully, prior activity ir� the z�r�e befor� this time will Have startecf a trend of prl�ate investment and #uiup� develQpe�s will require dim�nishing assistance from th� �'I� fuh�. For the #inal tiv� ye�rs of t�e T'lF fund's life, the annual growth assurnption setttes to a mad��# 3°!0, wFiere it �emains far the t�n ygars after tFie sunset of t�ie �I� fund. ��j��tl�� This set of ��w�� rate assum�tions implies a conservative (a�d attaina�le) volume or real es#ate �or�st�u�#ian in tt�e �ane durin� th� life af the �I� pro�ram. Assuming a ��c�groun� ap��ciatlon rat� �f 1% i�� r��l property, the torecast m�rket value af taxa�la real �ro�er�y ln t�e �ane a�er �+ten#y-fnre years can be aehieve� by taxable new Ganstructian �uring that time, T�� farecast cash f�ow tn ine TI� fund is approximately $�1 millt�n, �easured in f 99� dollars, This rati� of �ew canstructian to TIF cash flow is approxlmate�y �.8:1. This ratio Ps conserva�tive by comparisan with the ro�ghly �:i ratio af constructf�n ta il� revenue tar tfi�� t�t�-ingma� T�� in U�tawr� Daflas or ihe 3.6:1 ratio far MesquEte's Radeo City �I� pro f�rma. ..� � 0 �orF �Vo�t�o �t��nwe��rr��nt ��t� �a�l�e� �� - �o�t VVor�� o�atH A��a��r�s 7�J� t��ou¢�F� �l�QP'� Ae�t�l � �� r�x � cr�a� �sd K� Ysar in Vaiu� T�Iko Va�iue Base 199T �VA $ 230.O�O.U� 1 1S� I -1.7b96 $ 226,OA�,� 2 ts� -i.�s� $ za�,7ao,aoo 3 2[�d � �.75'7G $ 235,59D,�0�6 4 200i 7.89X $ 253.800.0� 5 20Q2 � T96 � 27t �352,4Dm 6 2003 696 � 267.633.920 7 I 2D64 ! �96 � 3�'2,Qt�4,i76 S 2005 496 S 3i�,095,3B7 9 , 2006 4% � 326,Bb8,1�2 10 2UD7 49b � 339.725,SA9 t'E � 2d08 ' �7b S 3�9.�1T,3S5 12 2�09 3% $ 36Q.414,835 Z3 I 201fl 396 � 3T4,2�7,29� 14 2011 3°16 � 382,364,098 'C5 � 2012 �46 ' $ 393.633.D2i I 1fi 2d13 39S $ �405,650,OTZ 17 � 2Di4 � 396 �� 417,8�9.5T� � 18 2075 396 � �3d,354,76t 19 ' 20'16 ; 39G � �43,284,T86 i l��i� Tovr��na�IIca� - e�ot� , 2f} 2417 396 � �55fi.582.73D $ � 21 2016 396 � �70.259.fi12 22 20i� 39b � 484�387.4� I a� so� s% s asa.ess.�r1 24 2021 396 � 5i3,885,375 25 2U22 3°Y� � 529.281,336 �Sthr�led � E.s�fed os,c�e i �+►nsp �rorn �ese ! Tauc Ir�e�enent E+IIA i N/A (4,00(l.DODr 0 (7,3QU,0�)I 0 5.500.�'i $Q.261 23.fi�.F:00 38T�300 �i.352.OQD 67�.BT.� 5f�633.12U S45.Bt7 72,014,T7fi t�,9�t,�34 84.095.367 - 1,38Q.0$9 96�65g.1�21 'C.S8B.2741 109.T25.5�91 t,BpQ,TU6 71�.�17,315 � 1.867.�63� 130.414.835 2,140.238 741,227,2H01 2,31 T,68i 152.364.098 2.50U.447 163,83a,02t 2.68�,�9'T tT5,65Q,472 2,882,593 107.579.57� 3.082,307' 200,354,tBS 3,288,U12 2� 3.2�4.786 3.�99.8@8 ��,��,a�! 226.562,730 3.71�.1�'E 24025S.B12 ` 3,9�2,904 254.387.� �,'E74,�23 268�898,42Z �.d�2.892 283.865,375 4,658.615 299,281,,336 4.91 �,,50fi Estietl8ted � iax Mcr�rner�t MIA a 0 l5,113� 64.849 113.8291 158,�7 1�7,8E6I 23�,091 263.8d5 3d1,509 3ze.st� 358�3G0 388.071 416.674 �.50,1�4 48x.660 518,10� 350.543 586,OQ0 ��,�rp� 622,580 66D,197 898,963 r�e,as3 78f},019 822.38U ��a��cti�r�s �0�2 thr��h �0�� EstF�nated � 'Pax Ir�menY I i�IlA 0� 0 �S,i25 26+L,1�b 397,59''a� 498.5Z6 522,8�&� 727,425 $3�,iD2 94�.126 �.osr.2as 1,128,fl88 1,227.816 1,317.949 1.41T.173 1,579,373 1.824.638 1.733.Q63 1,8M6,7�4 �r,��,s9�� 1.959.7G8 z,o�s,z�s 2,2pq.27g� x.32s.s�� 2,�55��435 2.588.784 Estinnaited FioSp. �isl�cE �a�c 6r�r�menk n�1A 0' 0 t2,8T41 55��1 98,793' '[34.5'J2 10�.565 196.842 2�6.25� 256.835 seo.ss� 3a5.262 330�57'i 356,639 383.48� 411,i44 �35.62� 468,969 b8�.18� �,�a�,�zq �30.3t 5 562.376 595�� 62s,a� t 6S4.b4Qa 700.528 ��j� s��re��t � aa��eau � �o �m �� ,a�a,a�a�! Ss.��.� �� I ��,��s,�7s� i N�� ,��,��' No4@ 5 � Estin�t�d rc coo� Tsx lno�reeer�t �]V!A 0 a 5.853 25,113 �4,� 61,327 75,BB� 89,48� 10Q,� 116,759 727,�Q4 ,3a,rra 150,204 162.7H1 17+�,337 1$6,909 199,�59 213,iB7 226.935 �,��z,�� 2�1,DB5 255,560 270,672 2$6.'135 302.061 378,465 ��,rp�,�� Ess��a � vtir� oise;cr r�c �eice�meo,a Pd1A Q 0 S,10C 9�,72C� 8.27G 11,52T 14 �Q 1B.6i9i 58,3� Zf,945� 23.9P',r �,�I 2E�� 30,�T3� 3�2,T6T 35,130� 37,56�d` 4D,Q71� 42.65: ��,�s� �a,31� 48,052� go,aT: �.�I ss.m 59,85fi� s�a�,��al �atFn,aced Tot�P T�c k�a�rroent W/A 0 0 173,32�.r 74i,3fi2 t.2�9,Q17 1,Bi0,4S7 2,262 247 2,64i,742 3,036,448 3.�5,860 �,7fi7,EY61 �,c�ss.eos 4.�.464 4,78fi,312 5.1�L6.858 5,51T,810 5.8�,m88 6,29�,856! 6,689,�25� �2.��J� T,� 17,162 7,54T,43i T,�.5Q8 a.�a�,oa� �,917,245 9,d01,5i9 s,,,,��,�� lotes: 1_ l�� #4 nas �een desig�ted to rernairt a,ci�ve far 25 years oP a�ntil an incremerni afi $BO cniiiior� �as 2�eem generat�d. 2. 1'his s�eaadsheet does not rs�Vect 4G�e fin��cial impact of ��aterrienls or exer�p�ions of%�ec6 by differer�t ia�¢o�g yurisdictions. 3. The projectioros �ssurt� �o chac�ge in tax rates in futur� ye�rs. 4. By agrsecnent, 5a% af F1IVISD's insxeme�t coniribaa6ia� is to be rehamed ta kh� fSD 4or �e�r use vn educational faciliky im�rovements witP3in the TIF Dis4ric#. 5. ey agreernen�, t�e Coctnty's contrG�ution as capped at $4 rni[iiore, and tfi�e Hospital Distric+Ys ognfrit�ufion is capped at $3.5 eni�lian. upc�ea s-�x-0z 4�Vit� �nd WIl�h�u� ��ie T1F Afthough Exhibii � preser�ts ar� acourata sEmple forecast of real pPoper�y tax raven�e from t�� r�investment zone ta t�e '�� f�nd ar�d participating jurisdictions, �xhlblt G presents a mar� t�tornugh pjcture of how t�e reinvestment zone af�eots cash flow. �xhibit J In#r��u�es sup�l�mental busi�ess persona! property tB��} tax flowing ta taxing units fram the �one. Texas locai governm$nts fevy ac! valor em taxes on #wa types o� �roper#y: real property and �rusiness personal proper�y. A� TiF fund is not enti#led #o any i�crease In B�p tax at any time. Conse�ue�tly, when a TiF prograrn succeeds at attracting new investments ka the reinvestrnent �ane, all increases of �PP value are taxable by th� taxing �anits. The taxing urrits �etairr all the �SP fax. �xf�i�it G&�i (Ta�c Revenues Wlth and Withaut Rei�vestment Zanej present this knformatian in �ath spreadsheet and gra�hical formats. Tha estimatec� supp�ernenta) ��"� tax flawing to taxfng units is st�fficient to limit the annuaf praperty taxes faregane by the five combined jurisdictinns to less ti�an $17Q,000 in any year. After tweEve years, anticfpated annual ad �alor em tax tlawing ta �a�iFcipating juri�dictians w11! exceed the tax f�ows anticipated without the reinvestment �one and tax increment tin�ncing. A mor� detailed assessment of the ��f� factor is covered in the �reliminary Financial Plan �repar�d by Stein �lanning and Managemer�t (Appendix �). �� s�i�n�� `��a� ��er�y Tax l��e��s t� �axang J��isdo��r�s a�d �� Fc�r�� fr�� f��i�v�st��nt ZQ�� PrQp�r��e� LAflShauE Relnree9mcnt Zone �st. EaL +�sL Eal. Ed. Par OaM Appr4isad [8ed Par Ce�d Appraissd Yea� Cl�ps IKaekel PropaSq Clry�pe � Wlake! d VaA�nlion in Moiice0 Yelue jlj T�c (2� in Wleil�et Velue {1) end tenr .�� (Tlbu�anda) (Thou�endsl �d6�,� (Thoumands} eac. ts9i v;s�i�.� s2�o_7w6 ss.�ae ..�.�, sz�o_��:s � w 4998 tx E2�a.iz2 Ds,775 � ex u2�3.t22 2a fY99 S�L 52l5,553 E6,&13 1% &2�5,553 9 nr 2D00 1% 5246,004 s6,9*� i 3X 5252,92D 4 ar 260t 1X L250,�59 EB,9W1 i% E265,566 5 a �oa2 tx 52�2,99a tT,p5h 5�C 527�,8�1 6ar 2d33 1'X. 5255,521 57,12i 5% 5282,786 7w 2004 iX S25fl,079 Ei,1�2 59L 5347,426 8 ar Z005 f76 5260,660 57,26! 5% 5322,7R7 A w 2006 1% G283,266 �7,337 59G 5338,937 10 or 2007 y% 5265,8YS $7,410 6x g95fi,RB� 11 ar 2Q08 974 528B,35R a7,d�� 5% E373,678 12 a 2009 9X Ti277,2E� E7,SS9 5% $392,362 13 or ?090� �� ;273,455 E7,835 5% SA41,994 14 or 2Q11' t% 627E.696 g7,Y�1 4X f42B,45Q 15 or 2012 1% i279,�l63 57,788 �'1G 5445,598 16 or 2017� 1% 5282,2i7 67,9fi6 4% E463,d2S i7 ar 2RS4 IX S2aS,OBO g7,4i5 �4% s4b1,958 18 or 2Ql5 1X 5287,931 58,02� �'IL 5501,237 19 ar 2Qt6 1% 5290,810 48,104 � 9% E51B,274 2� m 2et7 1% 5293,718 Sd,185 3X 5531,i62 2i or 2i1fB 1X 5296,655 �8,287 3',4 i5�7,715 22 or 2a19 1% 5299,822 SE,350 3x E564,445 23 0� 2fl2fl 1% a302,6t8 �B,I3� 31r. 5551,071 24 or 2fl21� 1X 5305,8l4 Ti8,518 376 5548,503 25 Q� zaz2 1% a30E.70t C6,603 I 3% i6lfi.�58 28 or 2�23 1% �311.78$ E8,689 3% ¢633,p52 2� o� 2Q�-0 ix a3�a.sos sa,�7� 3x Sss�,aoq 28 or 2d25 tX• 5319,D3i S8,b69 376 Sb73,52a 29 a� 2626 1% 5321,235 G8,S52 3% E893,B29 30 or 2027 17G 532b,lA7 59,042 3X S7iI�,644 �i a 2a2e �x s3z�,se2 s9.ia2 3x s�ss,oa3 �2 0� 2Cl29 1% 5330,969 f9,223 3'1� 5758,I65 33 oi 2430 1% 5334,2T9 E9,7i6 3% $780,910 3Q o� 2035 �% 5377,621 p9,409 3% &60b,338 75 w 2a32 1% g3�Q99s s9.503 3X SH28,4B8 'ry°ifU" r.{<r+wrrt•u- Cu�n25Yr.;��'�y�¢ux,�^'.s�.�.A�i�?Q� 518t,355 :�� y�''di;�q�,�'�f,�.`.? CUm35Yr Ac:rr�`�:'0�riiir'';;�;:�4:` L2B2,260 ;3:':�'o�.'�?�a;�;s'•.��.�...�y:.a,''.'�.$.� Assumpliora: fNESh HafnreeQincnq xono Esl. Esf. ReJ Eu. Heol Retd Pivperly Tsx Propsrty Tax Prapmir W �f�y ta Tsc (2j Ju�ladictfonm TIF Fu�d �Thouarnde) {Thowandaj (Thousef�dsj as.�oe rF znw sa i6,775 f6,70H �67 i6,el3 56,7q� E135 57,O4S 56,708 53�0 57,QQ1 i6,708 5893 S7,T71 S8,7dB 51,063 =8,159 SB,7QE 51,�51 54,567 s6,7a8 �1,$54 Es,s96 56,7a6 s2,297 59,�45 56,70� i2,73i E�,9lB f6,706 53,299 �il0,�1� tG,7Q$ =3.705 510,93� fb,768 E4,226 3i1,l8i 58,706 Sf,773 E11,S4Q 46,7D& 55,232 Si2,�1E 55,740 E5,77D i42,415 SS,Tt18 56,206 St3,433 f6,748 55,729 Si3,964 56,706 E7,2S0 ftd,3B7 SS,788 57,679 l.td,B1C 55,708 E8,111 E15,264 45,708 58,555 515,7Z1 56,70a 59,�13 516,193 !$,708 S9,d85 �1S,��g 55,708 59,47i E17.779 G6.70t S10_!71 St7,695 517,b45 ;0 ES8,22s 518,226 SO sis.7�z a�e.�rr so E19,335 �19,335 S6 419,916 St9,916 SA szn,��a szo.sis sa 521,l29 S2f,128 �0 S2S,762 521,752 SO g22,�t5 522,l1fi sv $23.068 523.080 !0 �2s6,557 5167,705 Si2�,9b2 5491,5i6 &37Q,554 5120,962 Esl. Supplertienld Bf P Tax eo Jufisdiclfonn iTtwu��ndsj Sn sa 50 S3! �r105 Sf80 5280 83d! 5�33 ssx� �627 i732 89�� 5862 S1,o57 61,457 51,262 i1,372 S1,A86 s, .s�, 51,65A 51,7�9 51,863 41.940 i2,�A Q sx.iaa G2.25! i2,362 s2.e77 52,59b �2.719 s2,e�s 52,876 53.ti2 53,25x 53.39fi 52�,328 852, 31 � ��4� EOC ldPY Comp¢C�Ibae �s1.7fllal Tdal Prapo�ry 7a� Prc�poAAy Tu E�l. Aaal GoFnee Irorsgonel Geine� I�a+9onol PtapeRY �1mc hy �u�diaiaft 6q �ur�didinr�s ta TIF F�md Irno�„as� �aa1 � Cr 'G][' �,.ti:F �,YBJ'� 4.�,. 01==`....�.�.�. ��r��..:^�.�:,�xr-:�..�� {ss�} {ss�3 �s7 (St95) jEl95� S1Bi (E189} (E�J47} y5D0 (5167� �5489) SI,�90 (E162�, (ifi20] SI,@�8 15153�: (57371 S3,d38 (51�0)� qt839� g4,407 (5123)' (S9x3� L5,�74 (E10t11 (:OB�f 57,76� (a75}� {�i,II36� �i9,7d5 tas�� {a�,us�� E»,at4 (E7� {�1,065J 514,259 S35 �a4,046� i16,77p sss cati,o,9� st9.��s f78 �$982� i22,076 St0{ �SS96� S�S,856 aiss �se�a� s2�,�i� 5170 �5�10) 530,833 i175 �f7�3� i33,562 Et8] (5677} t3fi,195 4i90 ��612} G39,127 5201 (55A7) 542,355 i213� (5,91� Sb5,27fi E27i �f�a31 fi4B,t85 5250 1534d� ESt_089 571.257 � i2,609 .,,-..��,n,�rv�l`.°t'a�� m r.R .a<: } x -.��,� .. <<. SI1.Bf2 SS,6l4 h;;��,'�'y�xu:�::;; 512,9861 �8.462 �¢.•�z��':"�`�-`' `'�: �^SSk. �y' � �6.' 4:+`\ {4 i'S" N': - y:� jS..S: EI2,979 � Eit.3B4 e;;.��t;c;:f�:.�;a�„� 513,592 514,238 '�A%`�'�;�5:�:��,� ii:.:,�.wo:,C3�� A;�}`vsi st�.az� sn,agx '_<�;:;:u�•�,.,;. �� \•. �h'. { Fi,� "" �i14,8Bt S1S,922 ¢�^?�'�'��.:ri &15,SSB g22.727 �� ;�� G16,256 $25,505 i;��:".,'.��'_`�°,,d;;,'��:ti f�16.Qei 52BS265 �%��fc"o'-.`"�'4� Lfi77 '�'�k'a�.,(�.11�/�.'��V:�,��,-,�n,`��`��oS*�ss St4R.60g t�'�''��.."��: °�°, �x ,. .__,''y,,��' #k3.'�.i? 1997 TA� mo�kal ydue ol lni�hlo �� qcperlies in zone: i2�0.7 � 5 �lhounand�) �iaoounl �Ve_1 0.055� Frdcr nt4tinp fiMF laice+a0o vdue Ta ,luy meoekd vadur 0.0� P�opert� lat calo per L1l�A �Iw S Jurhdf�o�s d 1QD% peAld�afionj: s2.B3160 JLeaun� ttve juri�ditlW��e p�tkipete wi�h 1Da7C af inc�r�or�! Avarope amn�l prapeety Ipx r�[e dt�nps ledor. 0.000 Calo�bn latlor: O.OB Gadar mlalinp et�ppismsMN hn6waa par�ond prape�ty lo ro�[ PmPMY: 0.25 AppNe� ordy la Tad PropehV �eraas� ealtfib�Asd io TIF. i1} Bued an 5997 i�ypraixi! end trend estirnt�si Exduden fu1N•sswrqA Praperliea. fZ) APP�dsod tnodcd �nlus timm s�elnkoge t�clare end adjudodtaw ret� 7'1 ■ •• • . �� ExF�al�it H $90,000 � 525,000 � ��pa�� of �PP '�'ax �n C��% �Iv�v to �vmbrr�e� ��er�l �a�r��B� (�� h�us�r��1� �# ��Il�rs) �" V Wi�iaut TIF: Real prop�rty S2C.000 � Tnu Alons �•�••'• Witl� TEF: R�nl Property Tax Abne � � s t 5,OOC � `—� 1M1f1th TIF: Rem! Ara�eny T�x � and SuPPiomatrml B?P 7a�c = _ At�lbut�d to TIF � : � .a,, � � i1U,00{� d . . .s� �"—� �' .,� , ..- • • - ' ' ��+ � � � e ...,��.......�o..��.�...�....�oao..a......�. � TIF fund expires ss,ona `� � 0'' ' I' I' I I I I I I T�-I-�I I I I' I I T' I'-I�I-I' "I E" I I I I i-'�"-I-I- I� n N h N �+ N i� H B� O C7 � N M Pl $1 d O C1 O O Q 0 � n! N N N N N N � Prej��R Fi��r��ln� �urin� tF�� formulat�cn af �ar� Worth iIF� #4, it was never anti�lpated that tFie Encr�m�rrt�l �a�h flaw from tFie �ist�ict w��td r�pay mur�iaipa! ho�c�s sold fo� tne �ur��se af co�str�act�n� new p�blic Infra�tr�cture. It is �xp�cted tHat t�e �'I� �isirsct wiU ent�r inta agreements with privat8 deveiopers to s�cure r�imburs�ments for their cost o# constructing public i�irastructur� associated witfl Yheir �riv�t� devefo�ment qroject, ft was ��so anticipate� that i!� iunds would be spent as they ware a�aila�Ee to accomplish the elements of the �roject �lan. As af Aug�st 3�, 1999 Tl� �istrict has e�t��ed into no agreements anc� has no finar�ciai oi�lig�tions. 25 Pr��t ��m�n4� �iy ��i�g�py The fallowing �ist of �poj�ct� (PYoj�ct �lem�nts) compasa the �ort I�idorth TI� �4 Project �lan. It t�as 1��n compil�c� fPom ir�fo�ma#ian drawn from tFie �authside Medica! District 5#rat�gic Plan (Sas�ki � A�saciates - May 199�j and fram the angoing wor� of �nrt Worth Souih, lr�c,anci tF��ir stak��ol��s. It is a Ifst of potentfal public Infrastru�tu�e projects could k�e finar�ced by th� TI� increment and w�t�ld serv� �s incenti�es for private sector investment. TFie castiy� ass�mptions �or tl�ase �stfmatas are detailed in �xhibit 0{Pra)ect Costing Ass�mptians). The proj�cts are grouped fn cate�ories of similar fy�e. A summary report of costs is attaohed, A com�aris�n of prajects t� t�e a�ti��at�� incr�ment is 199� thtough 2.00£) f�� initiated w�thin the first eig�t years of t�e i'l1� �4strict and reflected in �x�ibit F' (Projac# Fmplem�ntatia� �finelin� - F3� � �'�oj��t �I�rn�rr4� �y ��t��py Exhibit O � . ��si��nti�l ��r+��op��ni Mu[ti-�amily, N�w Low Moderate lncame Renta� Apartment Commuhity Multi-�amily, IVew Market �ate �ental Community Village Square -��0 to 30a unit� ($2,�OQ / unit) Baulevard Apartmenis - 150 units (��,�0(3 / uni#) �'ownhames for purchase Uleander Walk - Huriey to Co[lege Public ROW, des€gn, constructinn, irrigatian, trees Yhree packet parf�s (fiQ'x6�`) � $42,40Q Nine �loc� �aces or� two skdes af street �D $� �,7�0 Lighting Single �arnily �omes - New Infili Vintage Callection - 5Q homss 2,540 I�neal #eet af CurbT irees, Sidewalks, Lighting, etc. �. ��tai! dedelapm�nfi �2,�aa,aao Rosedale / Hemph�tl Neighborhood 5happing Cer�ter $5Q0,400 100,000 sf total fncluding a 3�,Q00 s� Grocery Store and F'ast �'oad Retail Yatal Development Cost o$9� Is# Vacate streets, Infrastruct�re, Utili#ies, Par�ing Village SqUare $440,00� �ne aare Park space w€th surraunding 10-2a,a00 sf retail Ptaza with Eountain, 1and�nark, iandscaping, eta. �and acquisition plus impravements 3. B��in�� evel�pment �it�� 10,O��,Q00 $$60,40Q $��0,000 $380,OOQ $130,OaD ��oa,aao ��go,000 $1 a0,00D �9�O,U00 VEci�ery Boule�ard �uslness District Com�in�d blocks along new Vlckery betweeri Hendersan & Main �Iatel/Canference Center �nc� Gammercia! Otflces - 50(},OOQ s# Technalogy Park - 15 acr�s, 25Q,000 sf, 2 to 3 story struotures Yatal Development Cast - $20 million Adaptive r�use of exlstir�g huildings along South Main with expansions �uhfic Structures Other projects �. Str�t��ap� I�ouleW�pd 1 I��r�kv�e�y� 1��t�w�y� Magnolia Street Exten# existing streetsc�pe from Nemphill to �outh Ma9n ��,oaa,oaa ��,aan,oao �saa,aao $z,��a,aoa �92,�0�,�� 1 ,0�0,000 27 Oleander Street $ p �etween I�urley and College - pvcket parks ar�d landscaping 5outh Main 5treet �700,000 Trees, lighting, sidewal�s - 14 �I�cks 400' �$25,004 on tweo sid�s Rasedale S#reet $2,50a,00D l�andscaped median and parkway, st�eet trees, and irrlgation Relocat� ut9lities �n�erground • iU �E�ctric - il� contri�ution un�nown Vic�tary �ou4evard $800,040 �andscaped median and parkway - 1 B�lac�Cs � 400' �$25.000 x 2 Hemphill 5tre�t $1 , 30� ,� 0 Q Landscaping n�6 �locks � 4d0' �r �25,000 x 2 I'ennsyivan9a / Hattie Streets $�,pp�,pp� Landscaping -�0 �Iocks � 4a0' � 5��,�p0 x 2 Hendersan A�enue - Total �raject c�st �1.3 mill�on �5pp,ppp Intersect�an Impravements a# Pannsy�vania - $215,Ofl0 Ganstruct four lane baulevard Pruitt to R�secfale -$2017,OD0 C?#her Streets $1,5a0,000 Suinmit �venue Etghth Avenue Jennings Avenue Allen Avenue �vans Avenue Street F�rniture $1,40p,0�0 �er�ches, €'ubli� A�t, ScUlptures, �rash Receptacles, Transit Shelters �ecarative Ughting $2,040,000 �10,OU0 per ��oc4t on two sides of the Street LlgMting not included in otF�er projects 2Q0 �lacks � $�{�,OOQ par blaak face Gateway �eatt�res ffi 5 0 0, 0 0 0 Ir�cludes canopy arrd arnamental irees, Signage, Monumental Gateway Structures and �ollards ta signify ent�y fnta the 9istrict. Summit Avenue orr�rpass of I-35 F�endersan at railroad �nderpass �em�ahi�l at raiiroad underpass Jennings at railraact underpass South Main at railraad underpass F�attle at �-35 F�osedale ai I-35 Allen at South Main Hemphil] at Al�en ��ghth at Allen Rosedale at �'orest �ark �. F"�r4�� Goai of �4 acres of open green space La�d acquisitiort � $250,0�4 �er acre Lar�dscaping � $100,000 �er acre 28 ;i�,�00,�00 $12,5a0,0�0 -- Pocket ar�d Lir�gar ��rks thraughgut t�e �istrict Incar�arated lnto p�o�ects �lant !t 2Q00 - John [��nver k o��ation - tre�sca�� Caneer Survlvars �ark Village �qt�are �laza ��a�tures suah as ��e�o and Landmark iower / Cari�lon 7rolley �tops Wi#hin District on tpansit linkag�s to l7awntown �. S�hools �nhance public educatioN fac9lities at the foilowing locatians: De�avala �iementary 5ci�ool �rimble '�echnical High ScFiool Lily �. Clayton �lementary School Van Zan�1t C�uinn �leme�tary ScHoof A�calerat�d F�igFi �chaol N�w elem�niary scFiaol campus !. �i��e Arterial 9lrectional and Informational Signage �. ��kin� �4��fiur�� $�5p�000 ��sa,�oa $500,000 $9 �,oO�,�a� �p� V VyHOU ��,�ao,oao `� Village Square �3,�00,000 Shara� ��sid�ntial &��tail �arking f�ellity assoe�ated with Villag� Squar� 3�0 spaces, Ywa Ler�ei, �r�� to User, Cast -$10,�00 / s�ace 9. Adr�ini��r��l�� xpenses �ssocf�t�d with mana�ing and admfnistrating tHe Y!�' DistricT. i�i�� a,000,�Og ��,a�a,o�o �� poj�c� �0�4 A��urn��i��s �x�ibit P �a��iram��y ��t�� eo�t ��,�o� ��r dwellin� C�rbs 1 Gutters irees �+ 30' s�acing Sidewatks Irrigatian (in�tiatly} ta establish trees �ocke�t P�rk A�s�rr�Faly (e�ch) $42,Op� ea�h L.and Purchase 3,800 sf � S8.d0 per sf La�dsc�ping / treescape � $2.50 per sf Irrigatian C� $.�0 per sf ��rkw�y L�r�d�c�pir�g $15,7�0 pep �00' �I�ck ��e Trees at 3U' Centers i� per 400' �laok Face Irrigation 400 Linear feet 5idewalks �' wide C� 40� L.�' $30,004 $10,040 $ 2,00[� $ 8,7�0 � �r�� $ 7,400 f��pkw�y 6igHtlr�� 10,ofl� p�� 0�' Bl��k �� Lamps S per black ��1,200 ea $10,000 �an� A�sem�Ey � P��iss Park Lan� $2.50 per sf - Ass�ames streets / ca�demr�ed excess land Landscaping $2.50 per sf - Trees, irrigatian, etc. ��kt�g ��ru�4ur�� Twa Floar 5irnp�e concrete fram� structur� �$14,000 per �pace including circulation O�� f1�or a�ove grade Three Floor Concrete /�teel �rame �P $12,5p0 per space sa l � i f TH.IS PAGE INTE�TTONALT�Y LEFT BLANK. � � � ; � ; ��4 4 ' i � i � � i : THIS AAGE TNTE�]'TIONALT,Y LEFT BLANK: � � �� 0 CHA�� I��L�ATI�tV ��A�� II��R��A�N`i ��YI�R�� " 33 � �r TiF Year 8ase 1 z 3 4 5 8 7 B � 10 41 12 1S �a 15 1S 97 78 19 � 2� � �i 24 � F�r# Worth Reinvestment Zone f�um�er Four 'il� �n��^�ern�rat Praa��4ioras - Estim�� frorn ��I�� th�`�� 0� Tax Yoa� 1997 1996 1999 2DDQ 2001 � 2D03 201d4 2005 200G 2Q07 I 20a'8 2009 2U'�0 20f1 201� 2013 � 2014 2015 ' 2Q16 � 2477 2018 2019 2Q20 2021 � � 96 Change in IlaEue WA -0.5U76 -3.9796 196 196 ix 9% 296 296 296 396 396 396 396 396 396 396 496 4% �96 4% 496 5%i 59b 596 � Estimted i1F Va{ue i z3�,�ae.87� E 2��376,583 s rz�.on,2s2 � zz�.�s,a�s 3 ?29.5[it,315 a xfa,�r,3za �i 234,296,3U1 $ 23�.300,627 $ 243,6T8.640 $ 2�&,552,213 S 256,068.TT9 $ 2G3,689.OU3 $ 271,599,754 � 278.7�7.705 a zea.�ao,�3s s z�s.�ea,� $ 305.587,874 S 3T7,8�5,36�5 S 330.832,obt S 343.857,2$+! 5 357,s11,572 S 371.996.D36 $ 390,5t�.&37 S 490,437,�29 S 430.539.300 a �as.z� Estimaied InCre�Se From B�se WA (9.172,286) � (t0,479,6U9) S ca.�o.s�a s ($,947,55fiJ $ (3.Gs1,s�) $ (t.332.57Q) $ 3.351,75G $ 8.129.769 $ 13,003,342 $ 2o.a�.9as S 28,140.172 $ ss.a5o.a� s 44.198.83a S 52.591.2&5 � sv.z�s.�sa � 70.139,Ut1Q $ 82.386,5i5 S 95.083,130 � 108�368.41a � '522.062.7f11 S 136.367.164� $ 154�962,966 � 174,A88,558 $ 194.990,424 � 21fi.517.�4 3 � � $ 5 $ � � S s a S 3 � $ s S $ S S S � � $ S $ Estimated Estimated �esfimated �S� County City T�x [neremenf Tax [r�cren►ent 7ax Inusmant h/A tJIA IVIA - � -s (124,�y � (9a,Z45) $ L5�.3zv) � (2�.188) $ so,r� � 128.166 $ f97,00f $ 3fI9,968 S b2�S,324 S sas.nn $ �&69,612 S 796.758 b 92T,717 � 4,Ofr2.S06 $ 1,24T,$53 3 �,aao.� S 1,840.872 S 1,849.254 S 2.Q65.3�# $ 2,347,689 S 2,G43.502 $ 2,954.1f)5 $ �.�so.x� s (21.772} (75,752) i9.6F1) i3.�9) 8,87T 21.531 34.b39 54,186 a�x s�,arr �l7�Q56 733,283 �&'i,fTfi � 185.756 218,139 251.81 B 28�,Bd4 323,271 361,155 410,4U4 4fi2.� 15 51G,413 573,b25 (?2.7'S4j (52,636) (32,346) �1�,�} z�,ssa 71.94$ � 15.Q9d 19�.070 z�s.aa� 3ts,a5n 39S.�+fiO � 4&5,433 sa�.a3a 62D,7311 728,94�6 � 844,48G g5B.S2� 1.UB0,255 1,206,@44 '1,3T1,422 1,544,224 I 1.725.665 �.�ss,z� Estimated Flosp. �!!shiCt T�c lncrement WA (t9,2d�} (13,929) �� (��9j r,sa5 18,029 3�,�637 47,891 65�858 84,384 143,456 i23,�OD Taa,a�t 164,174 592,795 222,561 253.557 285,71 Z 319,195 362.722 �i08,425 456,4t4 50G.�02 e5�� TCJE Tax Inu+smerrt NIA - S -s (s,�as� � (8.329j $ �.aae} E (1,498) $ 3,5+67' S 8,651 S S 3,837 3 2�,ni $ 29,944 $ 35,362 S 47,(l32 �^ 55,952 $ s5,is� $ �a,sa� $ 87,Fr9S $ 901,1T8 S 1'Q5,251 S 123,887 $ ]45,108 $ �64,89fi S 185.67"3 S znr,ass s 230.� S S � S S S � b � S � � 5 � � E s S 5 $ S a S 5 � $ �'otad Inar�m��ts CDves 1R�e �cf� �f TG�� 41� � �4,2�9,�2� $ 4.2�,t�'I � �G4,�989,�E62 � 3.752,83� S 1 �7D�i,lS66 $ Page t o! 7 ��n�� Wafer �siriG Tax Incremenf N/A {�,s�n) ��y�� f�l �) � 1,812 2�ST8 4,056 5,578 T,146 8,762 74,425 �2,139 is,sa� 76,328 T8,848 21.47U 24,i96 27.p32 30.778 3d.589 � 38,653 42,320 ��+�d Total Tax Inr�rrt , WA _' iz��l {979,922} ��ia,�-rs� {40,312} 101,�95 245,937 3�3.370 6� 8,944 651,28Q I �,aso.�ea 1.337.07$ , 1,59a,367 1,852,+�6'6 2,121,805 2,491,705 z,a-rs,aoi 3,2T6,484 � 3.592.5T1 , 4.l25,3�2 � 4,687�851 � 5,278,528 5,8�.739 i 6.549.961 � ��,sza S as,��,�a� upd■eaa a�is+oo �F�APY�� 6 A�MINIS`iRAill�'� ��E�S�� - � � ��} 4 n b�q��]I I ��A�� F �I��TOR� �i��lo2 �i�f l�ort W!'ar��i Wendy �a�is City Caur�cil Member Chair 1 ao0 `�hrockmortan Street �art Wortt� iX �61 Q2 Ralph McCloud Ctty Council Member 1004 Throc[cmortan 5treet �ort Warth �X 1610� �ieff Wentworth Clty Cour�cil Member 1 QOp �hrocl�mortan Street �ort Worth, TX 76102 Far� I�e�tp Ir��d�r�t S�hoc�l �f_stei�� Juan Rangel �oard of �ducat�on Member 5 00 N. Uni�ersity �rive �ort Worth, TX 761 Q7� �r�� o-��i�� Kristin ,]�nkins Compflence & Q�ality Offi�er 102.5 SoutF� Jer�nings F'ort Warth, 7X 76104-321 � i�rrAr�4_ �c�� ay �rooks �'reclnct Admir�istrator #1 32�2 Miller Avenue Fort Warth, TX iB119 Jon �d Robbins �recinct Administratar #�4 6713 Telephone R�ad �ort Warth, TX 76#35 iarr�r�4 ��i��al 1N�t�r� �I�t�ici Nancy Fting �ffice M�nager 800 Eas# Northside Drive PO �ax 450€3 �ort Worth, �X 761 �2-109� iarran4 ��4�_ ��[_ le��siri�4 �il[ �ac� �xecutive Assistant to t�e Char�cellor 150C? Ho�ston Street �ort Worth, �X 76104 3a ( o j 871-8�D9 ( i ) 9�4-6�37 (o} �71 -�808 ( f ) 534-7437 (o) 871-�807 (# ) �71 -61 �7 (o) 923-5800 (f) 925-1655 (a) 927-38�42 ( f ) 92�-6908 (o) 531-5600 ( f ) 5�1-5633 40) 2�8-4aoa (f) �38-4443 (o) 335-2491 ( f } 877-51 S7 �oy s��-�aai ( t ) 51 5-5390 S�AFF � A��WI�I��ATI1�� U�� i��io2 �.[YT� �� _�'��,.�BC�.�, Ardina Washingtnt� Depar�ment of �car�omic an� Community Q�veiapme�# Administrative Lialsan City of �'s�rt Wor�h 100D Throckmortnn Street Fart Warth, iex�s i6102 Peter Vaky Assistant Gity �t�ornay City af �'ort Warth 10�0 �"hrackmarton 5treei Fort Worth, Texas �6�02 �inda �rown Deputy Treasur�r City nt �ort Worth 1000 Thrac�morton 5treet �ort Worth, TX i6104 �arran4 C�►� l.isa McMlliarr I�conomic �evelopmen# Coordinator iarrant Cou�ty 100 �. Weai�erfor�, Suite 404 Fflrt Worth, iX i61 �2 �sr� � r4� ��uth�i�.#� �eY�lc��m��i- �i.�trici �an Scott Pres9den# �nrt W�rth 5auth, Inc. i606 Mistletoe �aule�ard �art Wortt�, �'exas 7�104 {o) �71-�003 { f ) 871 -61 34 {a) �71-�601 tf) 87�-8359 {o) �i1-6p30 ( f j �71-86�7 (a) ��4-2643 (f) ��4-1702 (o) 923-iB49 ( f ) 923-4 6�8 36 �HAP��R � IIdY��YING �,��N�AS � F�r4NDOU'T� 3i � �pper��ix b iAX IN�R�N��Ni �IF�ANGI�� A�LlNG ��LAil��d iax �od� Su�title B ��e�i�l P��per�y �ax ��o�i�i��s C�ap��r 311 �ax ln�r�m�� inar��i�g Ac� Exhibit "B" �' �� F'.'. 6. ;�� F f J ORDII�l'ANCE N4.23255 AN ORDINANCE DESIGNATING A C�RTAIAT AREA AS TAX INCREMENT REINVESTMENT ZpNE NUMBER FOUR, CZTY OF FORT WORTH, TE�AS, ESTABLISHING A BOARD OF DXRECTORS FOR SUCH REZNVESTMENT ZONE, AND .OTHER MA.TTERS R.ELATED THERETO. WHEREAS, �he Ci�y Council of the Ci�y ot Fort Worth, Texas ("Cit�r"), desires to promote �he development or redeveloprnen� of a certain contig�.ous geographic area with�n �ts jurisd.ic�ion. by the creation o� a reinvestment zone as au�horized by the Tax xncrement Financing Aat, Chapter 3�1 of the Texas Tax Code. V�rnon's Texas Codes Annotated (the "Act"); and WHEREAS, �n compliance with the Act, the Czty called a pub].i.c hearing to hear publ.ic camments on the creation nf the pr�posed reinvestment zan.e and its be�efits to the City and to the property in �he propos�d reinves�men.t zone� and - WHEREAS, i.n compli.anc� with �he ActJ no�ice o� suCh public hea�ing tnras puk�lished izi �he For� Warth Star-Telegram, a daily paper ot general. circu�.ation in the City, such p�zbZicativn date being Novet�er �7, 3.997, a date nat Zater than se�ven ('7) da�ra pr�.or �o �he date af the publ�.c hearing; and WHEREAS, �-ii� �cornpla.ance with the Act, no�ice o� su�h .public heaxing, �n xequired form and substance, was p'rovided in writ3ng not 1.a�er than sixty (60} days b�fore �h� date of said pub�.ic hea�zng �o the gave�ning body o� each taxing unit that ].evies xeal propert� taxes in the proposed r�investment zane; and WHEREAS, in compliance with �he Ac�, the City made a formal pres�ntation, in. �equired subs�anCe and form, to the governing body Qf each entity �that le�ries real p�operty taxes �.n the proposed �ein,crestmen� zane; and WH�REAS, in comp�iance with the Act, a prel.�.minar�r r�investmen� zane finan.Czm.g p�an was prepa�ed an.d a copy o� the plan was sen� ta the governing body of each taxing unit �hat Ze°cri�s taxes on real praper�y in the proposed rein�v�stmen.t ��ne; and � WHEREAS, in complianc� wa.th �he Ac�, the pub7.ic hearyng was convcned at the time and place menta�aned in. �he publishecl natice, to �nrit, on the 25th day o� November, �997 � at la : DO a.m. , at �he Council Chambe� in ihe City Hal3 of the City o� Fort Wax�h, Texas, whi�h heax�.ng was then closed; and WHEREAS, the Ci�y at such h�aring, invit�d aZl ownexs of property located within the p�o�osed reinvestmen� zane, represen�atives ot ali. other taxing un.its, and any other interested persons andior th�ir attorneys to appear and carl�ezzd for o� against (1) the cr�ation o� �he reinzrestment �one, (2} �he boundaries o� �he proposed reznvestment zone as described in the boundary description and depic�ed in the map, bath. of whxch toge�h�r are at�ached here�o as E�hibit "A", (3} '�he �oncept o� �a� increment financin.g, and {4} the appointment af a board of dir�c�ors fo� �he proposed reinvestmen� zone; and : WHEREAS, the proponents of the reii�.ves�ment zane o£fe�-ed evidence, both ora1. and documentary, in favor o� a�� of the faregoing matters r��a�ing to the creation of the rainves�ment zone, and apponeri�s, if any, of the reinvestrrient zone appear�d to con.test matters rela�irzg �o �he creation of the reinv�stmen� zane;. NOW THEREFORE� BE IT ORDA�NED $Y THE CTTY.COUNCTT� OF THE CIZ'Y OF FORT WORTH, TEXAS: �ection �: Tliat the facts and recita�ions con�ained in �h� preambla -c�f-��h�s Ordinanc� are hereb� faund and d�clared �a be true and correct. � S�etion 2: That �he City Caunci]., ai�er cond�cting such - hea�ing and having heard such evidence�and testirnor�.y, �has made �he followzng fa.nding� ar�d de�ermina�ions based on the evidence and testimony presen.ted to i�: {a) That tha pub�.ic h�aring on adaption a� th� reinvestrnent zane has been p�op�rly called, held, and canduc�ed and that notice of such hearing has been published as required b�r law. (b) That a11 taxing unit� levying �eal prQpe�ty taxes wa�thin �he reinvestment zar�e prQpe�Iy receivad notice of the City' s intentian to create the reznvestrRex,.t zan� and of the public hea�ing as required by the Aci, -2- (c) That al� taxing units levying real property taxes within the r�in�es�ment zone time�y xeceived a preliminary r�investment zone financing p�an trom the City as required by the Act. (d) That the City made formal pxesenta�ion to al1 taxing uni�s levyz�g �ea1 proper�y �axes wi�hin �h� reinvestm�nt zone as �equired by the Act. (e) That crea�ion of th� proposed reinvestment zone and improvements made therein wi�1 significantly e�hance th� value o� a�l of the �axable real pxaperty in �he reinves�men� zon� and wi�1 be af general bene�it for the City. (�) That the reinvestment zone, as described� in Exhibzt "A",��meets the Cr�.teria �or the c�eation of a reinvestm�nt zone as set for�h in the Ac�, including Sec�ion 311.005 thereof, in that: (1) I� is a contiguous geagraphic area lacated wholly with�.n the corparate ].imits of �he City; and (2) The area is �ound to substan�ially ar�es� or impair the s�ound gxowth ot the municipality and retax�d �h� pravision of housing accommodatians. (g) Tha-��-tYi��-� total appraised val�u.e of a11 taxable reaZ prope��y in the xeinvest�n�nt zone according to �he mos� �ecent appraisaY roll of the City, togethe�r with the to�a� appraised val2a.e of taxable ��a1 pxoparty in al1 other existing reinv�s�ment zones witha.n the City, according to the most xecent appraisal roll of the City, does not exceed fifteen percent (15%} of �he curren� tataX appraised va�.ue of taxab�.e real property in the City and in the indu�tria� distaricts e�ea�ed by the Ci�y, i� any. (h) That �he re�.nvestment zone does not coz�.tain mor� than. fifteen percen� (15%) of the total appraised value o�' real property ta�able by Tarrant County or any schoal distx�iGt . -3- (i) Tha� �he development or r�d�velopment af �he praperty in the xeinvestment zone wi11 not oecur so1�Zy �hraugh private inves�ment in the reasanab�y foreseeable futu�e. 5ection 3: That the City hereby creates a reinvestment zone con�ain�ng the�area described in the boundary descriptian and as d�pict�d in the map! both a� whzch are �ogether aitached hereto as Exhabzt "A", and such �einvestment zone �ha1l hereafter be identified as Tax Incr�menti Reinvestmen� Zone Numbex Faur, Gity of Fort Wor�h, Texas (the "Zone" or "Rein�restment Zone" j. Sec��on 4: That there is h�reby estab�.ished direc�ors for �he Zane, which shall be appointed in with �he Section 311.009 of the Act and pursuant to wa.�h �he othe� �axing u�n.its . a board af accordance agre�men�s 5ec�ion 5: That the �one sha11 �ake e�fect on Jan�a.ar� 1, �.998, and tha� �he �ex�mination o� the Zane shall occur on December 31, 2p22, or at an ea�l.ier �ime designated by subs�quen� ordinance af the City Counc�l. in the event the City de��rmines tha� the Zone should be �e�minated dua �o insuffieient private investme�n.t, accel.era�ed private investmen� or o�her gaad cauae, ar at s�.�.ch �ime as aII project costs and Tax �Tncrement obZigations, it any, and the inte�est thereon, have been paid a.�n �u]. x . Section.-6:"� �That the Tax Zner�ment Base for �he Zone, which is th� total appra�.sed value o� a11 taxable real p�ope��y 1.oca�ed in �he Zone, is to be de�ermined as of Janua�y l, �997, the year a.z�, which the Zone was designated a re�.nv�stment zone. Sec�ion 7: Tha� there is hereby c�eated and establ.ished a Tax Iza,crement Fund �o� th� Zone which may be divided irzto such acc�unts and sub-accounts as may be authorized by subsequen� resoluti.on or ordinar�.ce, into whiCh all Tax Increments, le�s any of �he amounts no� requir�d to be paid into the Ta�. �ncrement Fund pursuant to the Act, are to be depo�i�ed. The Tax zncremen� Fund aza,d any accounts and sub�-accounts are �o be maintained in an. account at the deposito�y bank of �he City and shall be secured in the maz�ner px�escribed by 1aw for Texas cities , �n addition, a1I revenues fro�n �he sa�� of any obligations herea�ter issued by the Ci�y secured in who1� or in par� trom the Tax Incremen�s, r�venu�s fxom �he sale of any praper�y acquired as part of rhe Tax Tncrement �'znancing Plan, and other rev�nues to be dedicated _r�_ �o a�d used in the Zone sha�l be deposzted into such fund, account ar sub�account f�om �hich money wil� be disbu�sed to pay proj�ct costs for the Zane ax to satisfy the cla�ms �or holders of such obligations issued for the Zone. • S�ctian 8: That �he �ane is des�gnated .under Section 311.00� (a) (1) of the ACt. Sec'ti.on 9: That the Ci�y Managar and City At�arn,ey are hexeby authorized to execu�e and d�liver for and oz� behal� of the City, iax inc�ement agr�emEnts rnri�h the Fort Worth Xndependent SChool. �DistY'iC�r Tdrrarlt County, Tarrant Coun�y Hospitax Dis�rict, Tarran� County Junior GoJ.lege and Tarrant Regianal Water Dis�rict, pursuant to the provisions. o� S�c��.ons 3�i.aas and 311..013 af �he ACt. Section 10: That a.� any section, paragraph, clause or pro�rision of thi.s Oxdi.nax�.ce shal]. �o� any �eason be held to be inval�.d or unen�orceable, the �nvalidity or unenfor�eability of such section, paragraph, cl.ause ar pro�crisior� shalx not affect any o� the remaa.ning provisior�s ot this Ordinance . Sec�ian 11: Tha� ihis Ordinance sha1.1 �ake eff�ct imrr�edia�ely from and after its passage �n accordance with �he provisians of the Chaxter o� the City of Fort Warth and it i.s accordingly so oxdai.raed. C�TY OF FORT WORTH C�.��--, - Kenneth Barar Mayor � ATTEST: �� A1..i�e Church City Secretary --5- APPROVED AS TO FORM AND LEGALZTY: ��r f ��.�� Assistan.t City At rn�y ADOPTED: EFFECTIVE: �l%� �/�� 11��5`19`l � .n kJe; � I �]! Baundary �escYipti�n � �orf 1fVor�h �ou�h Reindestment �one Being a tract o# land in the City af �ort Worth, Tarrant County, Texas, which tract is more particular�y descri�ed as follows: Beginning at the southwes# corner of Lot �5, 8fock 20, Fairmolini Addi�ion, being in the eastetEy line of an alley and in the northerly line of West Arlington Avenue; Thence wes#erly along the northerly lfne o# said West Arlington Sireet ta the �asterly line of the Fart Worth & Western Railroad main track right-of-way; Thence with said Railroad to it's intersection with the south line of Park Place; Thence witY� the south line of Park Place to If's intersectio� with the west lin� of Berkley Street; Thence with the west line of Ber[cley Streef norther[y ta the south line of Edwin A�enue; Thenc� easterly crossing Berkley Street and alang the nor#h line of Slocks 7 of Edwin Avenue crossing the afore mentioned Fort Worth & Western Railroad to the east [ine of said Raiiroad; � Thenee noriherly a[ong tF�e� east Eine of said raiiroad to its lntersection with the north line of All Saints �piscopal Hospital Block 2; Thence easierEy with the north IEne of said 81ocl� 2 to its intersection with the western line of Fort Worth & Western Railroad right-of-way; Thence northerly afong the west line of said raiiroad ta ti�e so�ther[y line of Mis#letoe Boulevard; Thence westerly along the south [in� of said Mistletoe Boulevard to tf�e easterly line of #he For# Warth & Western Railroad right-of-way. Thence north�rly along the east line o# said Rai[road to ihe soutf�erly line of West Rosedafe Street; Thence wesierly along the south line of said West Rosedale 5treei to the easterly line of �arest �'arlc Boulevard; Thence northerly alang tt�e east line oi said Forest Park 6oulevard t� tt�e southerEy �ine of line o� the EJnion Pacific Railroad; Thence nartheasterly along the soutf�erly line of said tJnion Pacific Railroad to the north line of West Vic�sery Boulevard; Thence easterly along fhe north line of said West Vickery Boulevard to the southerly rig�t-of-way line of new interstate Highway 30; Thence easterly along the southerly right-of-way fine of said �ew U.S. Highway 30, crossing lnterstate Higt�way 35W ta the east fine of Kentucky 5treet; Thence southerly afong the �ast fine of said Kentucky Street to it's it�tersection with the sout� line of Terrell Street; Thence westerly with the southerly fine of said Terrell Street to the nort�east corner af f�ot �, Blacic 2 McNulty and Nesbit Subdivision; Thence southerly along the easter[y {ine of said Lot 1 and Lot 30 of said McNufty and Nesbit Addition to the northerfy line of Humboit Street; Thence easterly alang the northerly line of said Humbolt Street to a point on the northerly exte�sion of the last lin� of lots 32 and 32A, Block 2 of said McNulry and Nesbit Addiiian; Tiience southerly crossing said Humbalt Stree# and along the east line of said Iots 32 and 32A and contfnuing on said lin� to the souiheast corner of Lot 4, Grave� and McDaniel 5�bdivision and being in the north line of Maddox Avenue, (thi� line to run generalfy along the east line of the first tier of lots on the easi side of Evans Aven�e firom Humbolt ta Maddox), Ti�ence wes#er�y alang the nortt�erly line of said Maddox to a point on #he nartherly extension of Lot 553, Block 22, Hyde Par�c Addition; Thence southerly arossl�g said M�ddox Street along the easterly Iine o� lots 553 and 580 of said Hyde Park Addition ta the sflutherfy li�e of said East Allen A�enue; Thence.westerly along t�e southerly Ifne af said �ast Allen Avenue ta a point on the southerly extension of ihe westerly line af 5outh Maln Street; Tne northerfy crnssing said East Allen Street and al�ng the westerly line of sa[d South Main Street to fhe southerly fine of Feliks Gw�zdz Place; Thence wasteriy along iY�e�southerly line af said Feliks Gwozdz Place to a point on the southerly extension of the. east line af Lot 2, Bfoc[c ti, of the Hendricks Subdivision 4f Fie�ds-Welsh Addition, Thence northerly crossing said Fe�iks Gwozdz Place and a�ong the east line of said Lat 2 io the nortnerfy fine of ingram 5treet; Thence easter�y afong the nor�h line of said ingram Street to the westerly line af Travis 5treet; Thence northerfy along the west �ine af said Travis Sireet ta the so�ti�eriy line of West Morphy Street; Thence westerly along the south line of said West Morphy Street to the northwest corn�r of Lot 8, Block D, of said Hendricks 5ubdivision; Thence southerly afong th� west line of said Lo# 8 to the north fin� oi an aEley whicE� divides said Baock D, Hendr'rcks Subdi��sion; Thence w�sterfy aiong the north iine of said affey to the east Iine of Lipseomb Stre�t; Thence southerEy along the east liRe of said Lf{�scomE� Stree# ta a point on an easterly extension vf the so�th line of Lot 12, Block C of Armstrong Subdivision af Fiefds-Welsh Addition; Thence westerly alang said lirie and a�ong the soutY� fi�e of Lot 12 and Lot 4 of �lock C, said Armstrong Subdivision to the easterly line af Alstan Street; Th�nc� southerly aiong the east fine oi said Alsfion Street to the so[itherly lirte of MaddQx Street; Thence westeriy along the southerly line of Maddox Street ta the wes#�rly line of College Street; Thence northerly afong the west li�e of said College Street to the northerly line af West Morphy Street; Thence easterly alpng the narih lin� af said West Mar�hy Street to the westerly line of said Lipscamb Street; Th�nce northerEy afor�g the westerly line of said Lipscomb 5treet to the northeast corner of Lat 3B, Blocic A, of Martin & Moodie 5ubdi�ision of Fields-Wefsh Adcfition; ihence westeriy to the northwest corner of said Lot 3B; Thence southerEy to the sauthwest corner of Lot 3B; �hence westerfy along the southerly line of L.o# 3A of said Block A, e�ending to the w�steriy line of said Alston Street; Thence northerly afong the westeriy line of said Alston 5treet to the northeast corne� of Lot 4, Bfock �, Brooks and Bailey Subdivision; Thence westerly along tha northerly line o# said Lot 4 exter�ding to tne west line of an alley; Thet�ce southerly along t�e west line of said alley to the northerly line of an intersecting afley; Thence westeriy along the nor�herly lin� of said alley to t�e westerly iine of said Co[iege St�eet; 7hence northerly along the westerly line o# said College Street to the nortF�easf corner of Lot 3, Block 2, of said Broaks ar�d Sailey Subdivision; � Thence westerEy along the northerly Eine of said �at 3, Block 2 extending to the westeriy �ine of an afley; Thence southerly along said westerfy ifne to the northerly line of an i�rtersecting alley; � Thence west�rly along said narfherly line to the westerly line of Washington Street; Then�e northerly along said westerly �in� to the nartheast corner of Lot 1� of D.S. Ross Suhdi�ision; Thence westerly aiong ti�e noriheriy line of said Lot � E extending to the westerly li�e of an alley; Thence southerly along said westerly line to the southeast eorner of Lot � A, said D.S. Ross Subdi�isio�; Thence westerly a1a�g the southerly l9ne of said Lot 1�A extend9ng to the westerly [ine af Adams 5treet; Thence northerly along said westerly li�e to the northeast corner of l.ot 8�, said D.S. Rass Adrtitian; Thence westerly to #f�e noithwest corner af said Lot 8D; Ther�ce southerly along the westerly line of said Lot SD to the nor�heast corner of Lot 8C, said I].S. RpSS Additipn; Thence westerly along the northerly lin� of said Lot 8C extending to the westerly line af Henderson 5treet; 7h�nce southerly along said westerly line to the sou#Y�east corner of Lot 4R, Bloc[c A, King's Subd9vision of Fields- Welsh Addition; Thence westerly along the southerfy line of Lots �4R and 13R, Block A e7ctendir�g ta the westerly line of Fifth Aven�e; Thence northerly afang said westerly line to the northeast corner of Lot �4, Block B of said King's Subdivisian; Thence westerly along the nor�herly line of said Lot 4 and Lot i3 extending to the westerly line of Lake Street; Thence southerly a�ong said westerly line to tne nartE�east corner of Lot 5, Block i, Johnso� Subdivision of Fields- WeEs[� Addition; Thence wester[y along the northerly iine of said Lot 5 to the northeast carner af �ot 28 said 8fock 1; 3 �I I Thence southerfy to the southeas# corner of said Lat 28; Thence westerly aiong the southerly line of said lot 28 extending ta the westerly line of Sixth Avenue; Thence northerly alang said westerly line ia the northeast corner of Lot 5, Block 2, of said Johnson 5ubdi�ision; Thence wesfi�rly along the nnrth line of said �o# 5 to the southeast corner of Lot 29, said Block 2; Thence northerly to the northeast comer of Lot 30, said BIocK 2; Thence westerly alang the northeray line of said Lot 3a sxtending to the westerly line of Fairmount Street; Thence nottherly along the west line of said Fairmount Street to the southerfy li�e o# Magnnlia Streei, Thence westerly along said southerl�r line to the westerly line oi an alley wh9cn di�ides B[ock C of McNt�lty and Nye Subdivisf�n; Thence southerly along th� westerfy line of said alley to the southeast corner of l.ot 4, Block C of said McNu[ty and Nye 5ubdivision, Thence westerEy along the southerly line of said Lot 4 extending to t�e westerfy line of Seventf� Avenue; Thence sa�atherly along said westerly line to the so�theasi corner of Lot 27, B�ock B ofi said McNulry and Nye 5ubdivision; Thence westerly a[ong the svutherly line of said Loi 27 extending to the westerfy line of an a[ley; Thence northeriy along said westeriy line to the southerly fine of saicf Magnofia Street; Thence westerly along said sautf�erly line to the eas#erly line of Hurley S#reet; Ther�ce southeriy alang said easterly line to the southeriy line of saicf West Morphy 5treet; Thence westerEy along saict southerly line to the northeast corner af Lot F7, BlocK F, af said McNulty and Nye S�tbdivision; Tt�ence southeriy along the�easterly iine of said Lot F7 and �3 and F2 and F4 and extencling tn the southerly line of Myrtle Street; . Thence easterly to the easterly line of an alley which divides Black 9 of Loyd's Addition and B[ock 1 of Stewar�'s Addition; Thence sautherly along the easterly 11ne of sa9d a[fey ta the southerly �ine of said West Allen AvenUe; Thence easterly along said sa�therly line to the narkheast corner af l.at �2, Block i 0, Fairmount Addition; Ther�ce southerly to the southeast comer of Lot 23, said 6lock 10; Thence westerly along the southerly iine of said Lot 23 to the easterly line of an alfey; Thence southerly alor�g the easterly line of said a[[ey to the southwest corner of Lat 25, Bloclt 20, Fairmaunt Additio� and THE POINT OF BEGINNING. SAV� & EXCEPT TH� F'OLLOWING TRACTS OF LANO; 4 Lat 3B, Black N, Rosectale Addition ([Vewkirk WallericF� Building); Lots 5, 6, 7, and 7 feet of Lot 4 Block I, Rosedale Addition (Fresnel); ' Lots y, 2, �, 4A, 5B, 6A, &�B, Block 34, Tucicer's Addition (Fir� 5tation); Lats �, 2, 3, 5, B, 7, & 8, Black Land 700, Smith, Jones & Daggett Addition (Recreatian Building); Lo#s A1 B and A2, BfQck 2, �ield's-Wefch Addition (Parker Commonsj; Lots i A, 1 B,1 C, 1 D, 2, and 3, Block 3, Martin and Moo�ie 5ubdivision of Field's-Weich Addition (ModerR Drug}; Lots 7'R and 8R, Bfock 3, McLellan S�bdivision of Field's-Welch Add9tian (Mehl Building); and those tracts of iand being mor� Particularly described as fo!lows: B�ginning at the intersection af the northerly [ine of Terrell.Street with the easterly Eine of Seventh Street; Thence northerly alang tt�e easterfy line of said Seventy 5treet to the northwest corner of Lot �, Block 2, Grandview Addition; Thence easterfy aiong the northerly line of Lots � ihrough 8, said Bfocic 2 and sxtending to tf�e easterly line of West Sixth Avenue; Thence northerly along the easterly iine of said Sixth Aver�ue to the southerly line of Pennsylvania A�enue; Thence easteriy along th� southerly line of said Penr�sylvan9a Aven�e to the westerly line of said Henderson 5treet; Thence along tt�e west�rly IEne of said Henderson Street to #he northerly line ofi said Terrell 5treet; �he�ce westerly along the northerly line of said Terrefl Drive to THE POINT OF BEGiNNING (Coak's Children's and Harris Meihodist Hospitals) ; and Beginning at the intersectior� of ihe nor�herly fine of Pe#ersmith Street with ti�e easterly line of Jennings Avenue; "Thence northerly al�ng the easterly line of said Jennings A�en�e tQ the southerEy lir�e oi Broadway Str�et; �hence easterfy along the southerly iine af said Broadway Street to the westerEy line of Galvestan Street; Thsnce southerly afong the western line of Gal�estoR to the northerly line of Petersmith Street; Thence westerly along tt�e norther(� (ine vf safd Petersmith Street ta THE P01NT OF BEGINNING (Broadway Baptist Church an�f T�mple Beth EI). Navember 24, 7 997 5 ��r�.a�� . � Coi71V�;�.� :4� . . ,?, . . . . '�lY . . . . . . . : � i/j : . � . � . . o � •��, � * � �� •�..•.■•� JL�JL'��OJLJ �J �.Y.�1 t PAR'TICIPATIOI�! Y�i FORT W4RTH TAX T1�TCRElVIE1�iT F11r1�A1�TC�NG REI1vVESTTV�EI�T Z01�1E #4 0 FORT WURTH SOUTHS�DE DEVELOP1ViE1liT DISTRICT WHEREAS, the general la�vs of the State of Texas authorize go�ver�menfal taxing entiiies to join other taxing jurisdictians in the establishment of a reirtvestment zane under the Tax �ncremEnt Financing Act, Chapter 311 vf the Texas Tax Cnde (the "Act"), to pravide incentive for the development and redevelopment of properties that rriighi not be undertaken withaut such incentive; an� WHEREAS, the Fort Worth City Council approved O:rdinance No. 1.3259 es�ablishing Ta� Incxement Financing Reinvestment Zane Number Four, City of Fort Worth, Texas, in accordance with the Tax Increm�nt Financing Act, ta promote develogment and redevelopment in the rriedzcal district area of Fort Worth through the use of t� increment financing; and WHEREAS, in accordance with the requirements of the Act, the Fart 'VV'arth Ciiy Cauneil has gi�ven all applicable notices to the Tarrant County Commissroners Court as to the City Council's establishment of the tax incrernent reinves�meni zone and, through its appointed representatives, has made a formal presentation to the Tarrant County Commissianers Court regarc�ing the reinvestment zane; and WHEREAS, the County has appaint�d a representative to the Fort Worth Tax Increment Financzng Reinvestment Zone #4 Board of Directors and said representative has participated in the development of the Project Plan and Financing Plan fox the zone; and WHEREAS, the City of Fort Worth City Council has adoptc;d the Proj ect Plan and Financing Plan as submitted by the Reinvestment Zone Board of Directors; ana WHEREAS, the Tarrant County Cornmissioners Court recogni.zes t�.at Tarrant Coux�ty's participation in the creation of the tax increment reimvesiment zane will hav� the desired effect of developing ihe area to the beneft of all taxing units wkuch l�vy taxes in the proposed reinvesiment zone. E�hlbi� "C" i 5 � NOW, THEREFORE, BE YT RESOLVED: That th� Tarrant County Cornmissioners Court hereby approves participatian in the Fort Worth Tax Increment Financing Reinvesttnent Zone #4 and the payment into the tax increm��t fuxad of 100% of its collected incremental ta�c revenue produced by applying the County's tax rate to the incremental increase in the v�.tue oi property located in the reinvestment zane, including tax increment derived from the 2000 and 2001 tax year, and continuing through December 31., 2022 ox unti! $4,000,040 in cumulative County �ax increment has been paid, whichever occurs �rst, in accordance with the terms of ihe aitached Agreement; that tk�e Agreement he and is h�reby approved; that ihe County and i#s Commissionexs Court hereby agree to enter into the AgrEement as a party thereto; and th� County Judge af the County bc and is hereby authorized and directed to execute said A�reement on behalf of the Cvunty and its Cammissionexs Court substantially ir� the farm of the attached Exhibit A and carry out the terms thereof at the appropriate tirne(s). PASSED AND APPROVED, IN OPEN COURT, this 6th day of Augusf 20�2. COURT ORDERNO. �� =i�;f:'� �f ` l� � � �` 6/�� ,� ' '�/ Tam Vander�riff, C011l'��' tl . � � , •• ,. , -�.. - - r Dioxine Bagsby Commissioner, Pre�inci 1,-�i ! � . , • ' i ..�oc � -ri� !. B. Glen Whitley Cominissianer, Precinct 3 ATTE�T: , � - �� .� 'Fi�-�-r>� �.� d�!�- 'Co y Clerk ' � �' � �r�i� fJ M i y�u�Ravensw �Y • ; Commissioner, Precinct 2 ; 7.D. Johnson Commissioner, Precinct 4 APPROV��`AS Tf�'�Vi: �� ',' � . Asst. �,�`ricf Attorney . � . �� '�:' �i '� `�r �h� ;� i� �k� . ; �:•, �� ll � COMM�SSZONERS C4URT COMMUNICATION REFF�ENCE NUMH�R PAGE ! OF 51 �A��: os�o�ro� SUBdECT: APPROVAL OF PARTICIPAT�ON AGREEMENT FOR FORT WORTH TAX INCREMENT FiNANCING REINVESTMENT ZONE #4 - FORT WORTH SOUTHSIDE DE'VELOPMENT DLSTRICT COMMIS�IOliTERS COURT ACTION REQUESTED: It is requested that the Commissioners Court approve the attached resolutian a.nd Tax Increment Financing (TIF} Agxeement with the City of Fort Worth, providing for Caunty participation in the Fort Worth Tax Increment �inancing Reinvestment Zone #4 �hrough the payment into the district`s tax in.crement fund of 100% of che tax revenue produced by applying Tarrant County's tax rate to the incrernental increase in properiy value withzn the TIF zone, as set forth in the Agreement, and authoxize the Caunty J'udge ta execute the Agree�rneni. BACKGROUND: As required by ths Tax Increment Fin.ancing Act, Chapter 311 of ihe Texas Tax Code, representatives of the City of Fort Worth m.ade a presentation t� Co�nmission�rs Court in November 1997 regarding the prelirninary development and financing plans for a proposed Tax Inarement Rein.vestment Zone #�4. The TIF District is to be used to support and encourage new development and redevelopm�nt in the rnedical district axea. It is projected that TlF funds vvill pay for a total af $60 million in public improvements; $45 millian for slxeet, utility, parking, pedestrian access, Iandscaping and other public-related improvaments; and $15 tnillion for Fort Worth I.S.D, educational facilities. The adopted Project and Financ� Plan %r the TIF Zone is attached. Since the establishment of the T�F District in 1997, no incremental value had been generated in the distriet, due mainly to properties becoming tax exempt when they are purchased and de�elop�d by the �ospitals or other non-profits. However, with the year 20Q0 tax year, an incrern�ntal value of appro�m.ately $5.8 million was realized and a$23.8 miltion increment was shornm far 2401. The City of Fort Worth has now requested that we complete our parkicipation in the South Side TIF District through the execution of the TIF Agr'eement and begin paying tax incr�ment into t�e dis�rict's TIF Fund, including any inerement generated to date. The attached Agxeement provides for Tarrant County's participation in the TIF fund at la0% of its tax inerement, including any tax increment derived from tax years 2000 and 2001. Tk�e Agreement shall conti�nue through Decem�er 31, 2022, or until a maxirnum cumulahve total of $4,OQ0,0�0 has been paid by the County. The Hospital District will also consider approval of a sizx�i.lar agreemeni, The agreement notes that the Gounty will no� participate in funding of mur�.iczpal or educational facilities. DISPOSTTION BY COMMISSIONERS COURT ❑ APPROVED ❑ OTHER [describe] SiiBMI'i"I'ED BY: Adiministrator's Offrce � PItSPARED BY; I,isa McMillan , ,��4UNT;.,. C�MMISSIDNER5 COURT ,�•.. '� �; COMMUNICATI4N :� � �: ..,�., � , �:� • S�E��T10E NiTMSER: DAT�: 48/46/02 PAGE 2 OF SI FISCAL IMPACT: The tc�tal amount of public impravennents within the Tg' zone are projected at $60 muillion; $45 millzon �f which are for infrast,�ucture improve�nents, with $15 mil�ion for sehool faczlities. Tarrant County will contribute i00% of its incrernental revenues generated from its tax rate, up to a maximum of $4,OOO,d00, fQr the 'rnfrastructure improvements only. No County funds will be used %r school or municipal faciiities. The County wiIl cantinue to receive all taxes an the 199"i base value of real property in the TIF' district, as welt as all existing and new persnnal property values in the district. It is projecied that Tarrant County's initiaF payment this fiscal year for tax in.crement already generated in the district will be $81,690.77. �'iiy of �ort Wort�ip T'exas f��yor �r�d Cou�ci[ Cor�r�u�ic��o� DAT� REFERENCE NUMBER LOG �VAM� PAGE 1011 �102 ��`C-19�90 17TAX 1 af 1 sus�ECT AUTHORIZE EXECUTI�N OF iNTERLOCAL AGRE MENTS WITH T�R��1� �O�I�TY, TARRANT COUNTY HOSPITAL DISTRICT, TARRANT COUNTY COLLEGE DISTR(GT, AND TARRANT REGI�NAL WATER D15TRICT REGARDING TAX INCREMENT CONTR[BUTIONS TO TAX INCREMENT REINVESTMENT Z�NE NUMBER FOUR, CITY �F FORT VIIORTH, TEXAS (SOUTHSIDE TiF} RECOMMENDATION: It is recommended that the City Cour�cil authorize the City Manager to execute the attached Interlocal Agreements with Tarrant County, Tarrant County Hospital District, Tarrant County College District, and Tarrant Regianal Water District defning the terms and conditions under which those entiii�s will cantiribute the tax increment produced by property located in Tax Increment Reinvestment Zone Number Four, Gify of �ori Wflrth, T�xas (the Southside TIF) fo the Southside T[F fund. DISCUSSI�N: On November 25, 9997 (M&C G-'i2075), the City Council authorized Tax Increment Re�nvestment Zane Number Four, City of For� Wortn Texas (the Southside TIF), which incEudes the area generally described as the Fort Worth Southsi�e Development Disfrict. State law provides for taxing entities other than . the City to elecf to participate in tax ir�crement r�in�estment zones, or TIFs, by contributing tax incr�ment to a fund �stablished fior the TIF. On August 31, 1999 (M&C G��2B49), the City Cauncil adop#ed the project plan and the fir�ancing plan .for the 5outhside TIF and authorized a participatian agreement with the Fort Worth Independent Scnool District. Recently, th� go�erning badies of Tarrant Caunty, Tar�ant County Hos�ital �isfrict, Tarrant County Coliege District, and Tarrant Regional Water District, approved the attached Interlocal Agreements committing tax increment contributions to ti�e Southside TIF �und. Approval of this Mayar and Council Communication witl allvw final execution of these ag��erri�nts. F15CAL INF�RMATIONICERTIFICATiON: The Finar�ce�Director certifies tE�at this action will have no material effect on Cifiy funds. RR:fc Submitted for City Manager's I TUATD � ACCOUNT I CE]V1`ER I AMOUNT CI'I'Y SECRETARY _ Of�ce 6y: � {to) � Reid Reetor 6140 Originating Department Head: � Tom Iiiggins 6192 (frnm) Additional Infvrmation Contact: APPROVSD 1Q/15lQ2 ArBina Washington 8003