HomeMy WebLinkAboutIR 9590 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9590
To the Mayor and Members of the City Council September 17, 2013
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SUBJECT: AMENDMENT TO TAX INCREMENT REINVESTMENT ZONE
rF NUMBER THREE (DOWNTOWN TIF) PROJECT AND FINANCING PLAN
Background:
The Downtown TIF was created on December 19, 1995 with a 30-year term and a $72 million project cap.
In addition, the total amount of increment that could be generated by TIF district was subject to a $5
million cap ("increment cap"). The Downtown TIF Project and Financing Plan (the "Plan") was initially
approved by the Downtown TIF district board of directors on September 17, 1998 and subsequently
approved by City Council on October 6, 1998 (Ordinance No. 13603). The Plan has been amended by the
TIF board, as approved by the City Council, on two previous occasions:
• February 25, 2003, (Ordinance No. 15464) included the addition of environmental remediation
projects as an allowable project cost, as approved by the TIF board of directors on February 17,
2003; and
• April 17, 2012, (Ordinance No. 20169-04-2012) allowed the TIF district to support the development
of affordable housing, as approved by the TIF board of directors on March 22, 2012.
In July 2013, the TIF board of directors voted to amend the Plan to allow the TIF district to continue and
expand revitalization efforts in Downtown Fort Worth by raising the project cap to $100 million and
removing the annual $5 million contribution cap. The TIF administrator presented the TIF board's
recommended changes at the HED Committee meeting on August 6, 2013. Since that time, the TIF board
has approved retaining the $5 million increment cap.
Downtown TIF projects can be broken down into fourteen categories: (1) historic preservation, (2)
environmental remediation, (3) utility relocation and removal, (4) streetscape improvements, (5) Santa Fe
Freight House redevelopment, (6) Sundance Square project, (7) parking garage leases, (8) affordable
housing, (9) residential density and parking, (10) infrastructure and transportation improvements, (11)
retail fagade improvement matching grants, (12) School for Science, Technology, Engineering, and Math
(STEM), (13) signage, and (14) administration. Details of specific projects can be found in the amended
Plan. As new investment is attracted and revitalization is encouraged, the area will continue to become an
economically viable, mixed-use destination for all to enjoy.
Before the amended Plan can take effect, state law requires the City Council approve the amended Plan
after a public hearing at which interested persons may speak for or against the proposed amendment.
Recommendation:
City staff recommends City Council hold a public hearing addressing the proposed changes to the Plan in
order to afford an opportunity for interested persons to speak for or against recommended approval of the
Plan amendment and the TIF district's designation as well as for property owners to protest inclusion of
their property in the TIF district. At the conclusion of the hearing, City staff recommends the City Council
close the public hearing and adopt the Ordinance approving the Plan amendment.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9590
To the Mayor and Members of the City Council September 17, 2013
Page 2 of 2
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SUBJECT: AMENDMENT TO TAX INCREMENT REINVESTMENT ZONE
rF NUMBER THREE (DOWNTOWN TIF) PROJECT AND FINANCING PLAN
Next Steps:
City staff will schedule a public hearing and make a formal recommendation for City Council consideration
to amend the Downtown TIF Project and Financing Plan to City Council on Tuesday, September 24, 2013
at the regularly scheduled City Council meeting. If you have any questions, please contact Cynthia
Garcia, Acting Director of the Housing and Economic Development Department at 817-392-8187.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS