HomeMy WebLinkAboutOrdinance 27223-10-2024ORDINANCE NO. 27223-10-2024
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER ONE HUNDRED AND
TWELVE, CITY OF FORT WORTH, TEXAS"; PROVIDING THE
EFFECTIVE AND EXPIRATION DATES FOR THE ZONE AND A
MECHANISM FOR RENEWAL OF THE ZONE; AND
CONTAINING OTHER MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to the City of Fort Worth's ("City") Tax Abatement Policy,
which was adopted by the City Council to be effective on February 28, 2023 by way of
Resolution No. 5709-02-2023 ("Tax Abatement Policy"), the City 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 Code ("Code");
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described in Exhibit "A" of this Ordinance ("Zone") through
the creation of a reinvestment zone for the purpose of supporting new business investment
or expansion, as authorized by and in accordance with Chapter 312 of the Code;
WHEREAS, Americold Realty Trust, Inc., ART Mortgage Borrower Propco 2010
- 5 LLC, or an Affiliate, ("Company") wishes to expend or cause to be expended at least
$68 miIlion in real property improvements for the expansion of Company's cold storage
facility to be located in the Zone, and Company intends to install new taxable tangible
business personal property at the facility worth at least $55 million that will ultimately
result in a combined real and personal property investment of at least $123 million
(collectively, the "Improvements");
WHEREAS, Company has applied for real property and business personal
property tax abatements from the City in return for the installation of the Improvements in
the Zone and compliance with certain other employment and spending requirements;
WHEREAS, to foster economic development in the Zone, and the City, in general,
it is anticipated that the City will enter a tax abatement agreement(s) for one or more
Improvements within the Zone;
WHEREAS, on October 15, 2024, the City Council held a public hearing regarding
the creation of the Zone, received information concerning the Improvements 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 Code;
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Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and Twelve,
City of Fort Worth, Texas
WHEREAS, notice of the Public Hearing was published in a newspaper of general
circulation in the City at least seven (7) days prior to the Public Hearing, which satisfies
the requirement of Section 312.201(d)(1) of the Code; and
WHEREAS, in accordance with Sections 312.201(d)(2) and (e) of the Code, notice
of the Public Hearing was also delivered, in writing, 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 not later than the seventh day before the date of the public
hearing.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
FINDINGS.
That, after reviewing all information before it regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
all interested persons to speak and present evidence for, 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 the Zone under Chapter 312 of the Code.
1.2. The Improvements proposed for the Zone, as more specifically outlined in the
Public Hearing, are feasible and practical and, once completed, will benefit the land
included in the Zone as well as the City for a period of more than ten (10) years,
which is the statutory maximum term of any tax abatement agreement entered into
under the Chapter 312 of the Code.
1.3. As a result of designation as a reinvestment zone, 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.
SECTION 2.
DESIGNATION OF ZONE
That the City Council designates the Zone described in the boundary description
attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes as a
reinvestment zone for purposes permitting tax abatement as may be found desirable by the
City or any other eligible taxing units for purposes authorized by and in accordance with
Chapter 312 of the Code. This Zone will be known as "Tax Abatement Reinvestment Zone
Number One Hundred and Twelve, City of Fort Worth, Texas." This project is eligible for
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Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and Twelve,
City of Fort Worth, Texas t
commercial/industrial tax abatements per Section 4 of the Tax Abatement Policy because
it concerns a Target Industry.
SECTION 3.
TERM OF ZONE
The Zone takes effect upon the effective date of this Ordinance and expires five (5)
years thereafter. The Zone may be renewed by the City Council for one or more subsequent
terms not to exceed five years, unless otherwise allowed by law.
SECTION 4.
SEVERABILITY
If any portion, section, or part of a section of this Ordinance is subsequently
declared invalid, inoperative, or void for any reason by a court of competent jurisdiction,
the remaining portions, sections or parts of sections of this Ordinance will remain in full
force and effect and shall not in any way be impaired or affected by such decision, opinion,
or judgment.
SECTION S.
IMMEDIATE EFFECT.
That this Ordinance takes effect upon its adoption.
ADOPTED AND EFFECTIVE: October 15, 2024
APPROVED AS TO FORM ATTESTED BY:
AND LEGALITY:
By--P,,, rgk— —
h
Denis McElroy Janette Goodall
Assistant City Attorney City Secretary
M&C:24-0879
.Page 3
Ordinance Designating Tax Abatement Reinvestment Zone Number one Hundred and Twelve,
City of Fort Worth, Texas
EXHIBIT "A"
BOUNDARY DESCRIPTION OF ZONE
LEGAL DESCRIPTION OF PROPERTY
BEING A 21.8767 ACRE TRACT OF LAND SITUATED IN THE D. ODOM SURVEY,
ABSTRACT NO. 1184, AND S.A. & G.R.R CO. SURVEY, ABSTRACT NO. 1464, IN THE
CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, SAME BEING A PORTION OF
LOT 3, BLOCK 1, HOBBS TRAILERS ADDITION, AN ADDITION TO THE CITY OF
FORT WORTH ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 1758,
PLAT RECORDS, TARRANT COUNTY, TEXAS, AND BEING MORE PARTICULARLY
DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT A 5/8 INCH IRON ROD FOUND ON THE SOUTHWEST BOUNDARY
LINE OF A TRACT OF LAND DESCRIBED IN WARRANTY DEED TO FORT WORTH
AND DENVER RAILWAY COMPANY (PRESENTLY BURLINGTON NORTHERN
RAILROAD CO.), RECORDED IN VOLUME 2990, PAGE 461, DEED RECORDS,
TARRANT COUNTY, TEXAS, SAID POINT BEING THE NORTHEST CORNER OF LOT
1, BLOCK 1, HOBBS TRAILERS ADDITION, ACCORDING TO THE PLAT RECORDED
IN VOLUME 388-79, PAGE 33, OF PLAT RECORDS, TARRANT COUNTY, TEXAS,
SAID POINT ALSO BEING THE MOST EASTERLY SOUTHEAST CORNER OF SAID
32.6170 ACRE TRACT OF LOT 3;
THENCE NORTH 89 DEGREES 33 MINUUES 26 SECONDS WEST WITH THE NORTH
LINE OF SAID LOT 1, BLOCK 1, A DISTANCE OF 826.11 FEET TO A 5/8 INCH IRON
ROD FOUND, SAID CORNER BEING AT THE SOUTHEAST CORNER OF A TRACT
OF LAND DESCRIBED IN DEED TO SHALEHOUSE ROCK LTD, ALSO BEING
DESCRIBED AS THE REMAINDER OF LOT 2, BLOCK 1, SAID HOBBS TRAILERS
ADDITION ACCORDING TO THE PLAT RECORDED IN VOLUME 388-120, PAGE 87
PLAT RECORDS, TARRANT COUNTY, TEXAS
THENCE NORTH 00 DEGREES 27 MINUTES 00 SECONDS EAST ALONG THE EAST
LINE OF SAID SHALEHOUSE ROCK TRACT, A DISTANCE OF 425.02 FEET TO A 5/8
INCH IRON ROD FOUND; THENCE NORTH 89 DEGREES 33 MINUTES 10 SECONDS
WEST WITH THE NORTH LINE OF SAID SHALEHOUSE ROCK TRACT A DISTANCE
OF 1039.22 FEET TO A Y/2 INCH IRON ROD FOUND ON THE EAST RIGHT OF WAY
LINE OF BLUE MOUND ROAD (A VARIABLEWIDTH PUBLIC R.O.W.) ALSO KNOWN
AS F.M. NO. 156, SAID POINT ALSO BEING THE BEGINNING OF A NON -TANGENT
CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 01 DEGREES 23 MINUTES
09 SECONDS, A RADIUS OF 5659.58 FEET, A CHORD DISTANCE OF 136.88 FEET
WHICH BEARS NORTH 01 DEGREES 22 MINUTES 30 SECONDS WEST;
THENCE NORTHERLY ALONG SAID CURVE TO THE RIGHT AN ARC DISTANCE OF
136.88 FEET TO AN 'X' FOUND IN A CONCRETE DRIVEWAY;
THENCE NORTHERLY WITH SAID EAST RIGHT OF WAY LINE AND THE WEST LINE
OF SAID 32.6170 ACRE TRACT THE FOLLOWING TWO (2) COURSES:
NORTH 00 DEGREES 40 MINUTES 50 SECONDS WEST, A DISTANCE OF 127.38
FEET TO A 314 INCH IRON ROD FOUND;
NORTH 01 DEGREES 31 MINUTES 21 SECONDS WEST A DISTANCE OF 217.60
FEET TO A 518 INCH IRON ROD FOUND;
THENCE NORTH 89 DEGREES 58 MINUTES 42 SECONDS EAST A DISTANCE OF
1197.76 FEET ALONG A LINE DIVIDING SAID LOT 3 INTO TWO PORTIONS, TO A 5.8
INCH IRON ROD FOUND WITH CAP STAMPED "BGT" FOR AN ANGLE POINT AND
BEING IN SAID SOUTHWEST RAILROAD RIGHT-OF-WAY LINE;
THENCE SOUTH 36 DEGREES 12 MINUTES 26 SECONDS EAST WITH SAID
SOUTHWEST LINE A DISTANCE OF 1142.28 FEET TO THE POINT OF BEGINNING
AND CONTAINING 952,951 SQUARE FEET, OR 21.8767 ACRES OF LAND MORE OR
LESS.
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 10/15/24 M&C FILE NUMBER: M&C 24-0879
LOG NAME: 17EDTARIZ112
SUBJECT
(CD 2) Conduct Public Hearing and Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 112, City of Fort Worth, Texas, for
Property Located at 4900 Blue Mound Road for Expansion of a Cold Storage Facility for Americold Realty Trust, Inc., ART Mortgage Borrower
Propco 2010 - 5 LLC., or an Affiliate
(PUBLIC HEARING - a. Report of City Staff: Cherie Gordon; b. Public Presentations; c. Council Action: Close Public Hearing and Act on M&C)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 112, City of Fort Worth, Texas, for property
located at 4900 Blue Mound Road for the expansion of a cold storage facility for Americold Realty Trust, Inc., ART Mortgage Borrower
Propco 2010 - 5 LLC., or an Affiliate;
2. Find that the intended improvements, which are set forth in more detail below, are feasible and practical and would be a benefit to the land to
be included in Tax Abatement Reinvestment Zone No. 112 and to the City after the expiration of any tax abatement agreements; and
3. Adopt the attached ordinance designating Tax Abatement Reinvestment Zone No. 112, 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 No. 112, City of Fort Worth, Texas (TARZ 112) is for the property located at 4900 Blue Mound
Rd. in Fort Worth, Texas (Property). A more detailed description of the Property is included as Exhibit A to the attached Ordinance. Americold
Realty Trust, Inc., ART Mortgage Borrower Propco 2010 - 5 LLC, or an Affiliate, (Company) is expanding at their current site to develop a larger
and more up-to-date cold storage facility. The proposed project is anticipated to result in at least $123,000,000.00 in real and business personal
property investment, along with the creation of at least 85 full-time jobs with a minimum salary of $65,000.00.
Designating this area as a reinvestment zone allows the City the option to enter into a tax abatement agreement with the Company to help
facilitate development within this area.
As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation or expansion of a Reinvestment
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 this hearing.
Pursuant to Chapter 312 of the Texas Tax Code, the area encompassing the proposed TARZ 112 meets the statutory criteria for designation as a
Tax Abatement Reinvestment Zone because the area is likely, as a result of the designation, to contribute to the retention or expansion of primary
employment or to attract major investment in TARZ 112 that would be a benefit to the Property and that would contribute to the economic
development of the City. Further, the proposed improvements and investments are feasible and practical and would be a benefit to the land to be
included in the TARZ 112 and to the City after the expiration of any tax abatement agreement.
The term of TARZ 112 will be five years from the date of adoption of the attached Ordinance and may be renewed for periods not to exceed five
years each unless otherwise allowed by law.
The proposed zone is located in COUNCIL DISTRfCT 2.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that approval of these recommendations will have no material effect on City funds.
Submitted for City Manager's Office b . William Johnson 5806
Originating Business Unit Head: Robert Sturns 2663