HomeMy WebLinkAboutOrdinance 16342-03-2005ORDINANCE NO.._~~c~,~-C~~-'-~Q~
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER FIFTYwTWO, CITY OF FORT
WORTH, TEXAS"; PROVIDING THE EFFECTIVE AND
EXPIRATION DATES FOR THE .ZONE AND A MECHANISM
FOR RENEWAI, OF THE ZONE; AND CONTAINING OTHER
1VIATTERS REIaATED TO THE ZONE.
WHEREAS, pursuant to the City Council's adoption on June 1 S, 2004 of
Resolution No. 3092 (M&C G-14362) {the "Tax Abatement Policy"), the City of Fort
Worth, Texas (the "Cfty") has elected to be eligible to participate in tax abatement and
has established guidelines and criteria governing tax abatement agreements entered into
between the City and various third parties, as authorized by and in accordance with the
Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas
Tax Cade (the "Code"); and
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described in Exhibit "A" of this Ordinance (the "Zone")
through the creation of a reinvestment zone for purposes of granting a
coma~nercial/industrial tax abatement, as a uthorized by and in accordance with Chapter
312 of the Code; and
WHEREAS, Omni Fort Worth Partnership, L.P. ("Omna"), a Delaware limited
partnership, intends to construct and own real property improvements, including a hotel
with approximately 600 rooms and an associated parking garage {collectively,
"Improvements"), on property located in the Zone and leased by Omni, and has applied
for a real and personal property tax abatement from the City in return for Omni's
Page 1
Ordinance Designating Tax Abatement Reinvestment Zone I~urrtber Fifty-two,
City of Fort Worth, Texas
construction of such hnprovements and compliance with certain other camzxaitments that
will foster ecanoznic development in the Zone and the City in general; and
'6~VHEREAS, on March 24, 2005 the City Council held a public hearing regarding
the creation of the Zone, received information concerning the Irnprovernents proposed for
the Zone and afforded a reasonable opportunity for all interested persons to speak and
present evidence for or against the creation of the Zone ("Public Hearing"), as required
by Section 312.201(d} of the Cade; and
WHEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on March 15, 2005, which satisfies the requirement of
Section 3 l 2.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the Public Hearing; and
`bVHEREAS, i n accordance with Sections 312.201(d)(2) and (e), notice of the
Public Hearing was delivered in writing not later than the seventh day before the date of
the public hearing to the presiding officer of the governing body of each taxing unit that
includes in its boundaries real property that is to be included in the proposed Zone;
l.i®VVy A.[].L'~E~4.p,~k,r, AD 6`a l[A ®.4~A1A~1.~IE~ ~A .6~dE C1-1S C®Vi`(lJ~.i.~ ®F
T13E CIIT Y ®1 1~®~T VY ®i®THy 1 E1Lt'~t~.
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Thak after reviewing all information before it regarding the establishment of the
Zane and after conducting the Public Hearing and affording a reasonable opportunity for
Page 2
Ordinance I3esignating Tax Abatement Reinvestment Zone Number Fi£ty-two,
City of Fort Worth, Texas
all interested persons to speak and present evidence far or against the creation of the
Zone, the City Council hereby makes the following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
~..2. As a result of designation as a reinvestment zone, which is a condition for Omni's
agreement to construct the Improvements, the area within the Zone is reasonably
likely to contribute to the expansion of primary employment and to attract major
investment in the Zone that will be a benefit to property in the Zone and will
contribute to the economic development of the City.
1.3. The Improvements proposed for the Zone, as more specifically outlined in the
Public Hearing and Which will be made pursuant to a tax abatement agreement
with Company that must subsequently be approved by the City Council, include
the construction of a hotel with appraxirrtately 640 rooms and an associated
parking garage. The hmprovements are feasible and practical and, once
completed, will benefit the land included in the Zone as well as the City for a
period in excess often (10} years, which is the statutory maximum term of any tax
abatement agreement entered into under the Chapter 312 of the Code.
Page 3
Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-two,
City of Fart Worth, Texas
Section 2.
DES~GNAT~ON ®F 201°IE.
That the City Council hereby designates the Zane described in Exhibit "t~",
attached and made a part of this Ordinance far all purposes as a reinvestment zone far
purposes of granting acommercial/industrial tax abatement, as authorized by and in
accordance with Chapter 312 of the Cade. This Zane shall be known as "Tax Abatement
Reinvestment Zone Number Fifty-two, City of Fort Worth, Texas." This project is
eligible for commercial/industrial tax abatement pursuant to Section ~.2 of the Tax
Abatement Policy.
Section 3.
TERM ~F ZOl®iE.
That the Zone sha11 take effect upon the effective date of this Ordinance and
expire five (S) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (S) years or less.
Section 4.
SEVERABILITI'.
That if any portion, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative ar void for any reason by a court of competent jurisdiction,
the remaining portions, sections or parts of sections of this Ordinance sha11 be and remain
in full farce and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Page Q
Qrdinance Designating Tax Abatemer€t Reinves#men# Zone Number Fifly-two,
City of Fort Worth, Texas
Seetio~ ~.
IIVIMEDI~TE EFFECT.
That this Ordinance shall take effect upon its adoption.
AND IT IS SO OYtDAYNED.
ADOPTED AND EFFECTNE: .~'~ I' D
APPROVED AS TO PORM AND LEGALITY:
By:
Peter Vaky
Assistant City Attorney
M&C: G-I 1 3 -2 9- d
Page 5
Ordinance Designating Tax Abatement ~teinvestment Zone Nuzn6er Fifty-twv,
City of Fart Worth, Texas
E~HA,i~l l [5 A 99
DESCI[tPT~1o1 ~F Z®NE
Blocks 7 and S, Tarrant County Convention Center Addition, an addition to the City o~
Fort Worth, Tarrant County, Texas
Ordinance Designating '['ax Abatement Reinaestment Zone Number Fifty-one,
City of Fart Worth, Texas
City of F+~-~tt VI/artta, T~x~s
Mayor and Council Communication
S~I~~ECT:
Adopt Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-Two, City of Fort
Worth, Texas {Omni Fort Worth Hotel)
RBCOMNIBNDATION:
It is recommended that the City Council:
~. Conduct a public hearing concerning the designation of Tax Abatement Reinvestment Zone Number
Fifty-Two, City of Fort Worth, Texas; and
2. Adopt the attached Ordinance that designates Tax Abatement Reinvestment Zone Number Fifty-Two,
City of Fort Worth, Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
DISCUSSION:
The proposed Tax Abatement Reinvestment Zone Number Fifty-Two, City of Fort Worth, Texas (the Zane)
comprises Blocks 7 and 8, Tarrant County Convention Center Addition, which is located west of Houston
Street directly across from the Fort Worth Convention Center and is currently being utilized as a surface
parking lot. A tax abatement application has been submitted by Omni Fort Worth Partnership, L.P., which
proposes to construct a hotel with approximately 5q0 rooms and an associated parking garage in the Zone.
As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding creation
of the Zone. Notice of this hearing was delivered to the governing body of each affected taxing unit and
published in a newspaper of general circulation at least seven days prior to the pubiic hearing.
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax abatement
reinvestment zone, as set forth in Chapter 312 of the Texas Tax Gode, in that the area is reasonably likely,
as a result of designation, to contribute to the expansion of primary employment and to attract major
investment in the Zone that would contribute to the economic development of the City. Further, the
improvements proposed #or the Zone are feasible, practical and would be a benefit to the land in the Zone
and to the City after any tax abatement agreement pertaining to property in the Zone has expired.
The term of the proposed Zone will be five (5} years from the date of adoption of the attached ordinance
and may be renewed for periods not to exceed f;ve (5) years each.
Tax Abatement Reinvestment Zone is located in Council District 9.
FISCAL INFORMATIONICBRTIFICATION:
Logname: I'70MNr ZONE Page 1 of 2
The Finance Director certifies that this action does not require the expenditure of City funds.
TO FundlAccountlCenters
FROM FundlAccountlCenters
Dafe Fisseler (B14g)
Submitted for City Manager`s Office bv: Joe Paniagua (6191}
Ori inatin fie artment Head: Tom Higgins (6192)
Additional Information Contact: Ardina Washington (80fl3)
-Peter Vaky (7681)
Logname: 170MNI ZONE Pale 2 of 2