HomeMy WebLinkAboutOrdinance 27373-12-2024 ORDINANCE NO. 27373-12-2024
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER ONE HUNDRED AND NINE
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, Bell Textron Inc., or an Affiliate, ("Company") wishes to expend
or cause to be expended at least $232 million in real property improvements for the
development of Company's manufacturing facility to be located in the Zone,and Company
intends to install new taxable tangible business personal property at the facility worth at
least $400 million that will ultimately result in a combined real and personal property
investment of at least$632 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 December 10, 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;
Page 1
Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and Nine,
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:
I.I. 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 Nine, City of Fort Worth,Texas." This project is eligible
Page 2
Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and Nine,
City of Fort Worth,Texas
for 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 5.
IMMEDIATE EFFECT.
That this Ordinance takes effect upon its adoption.
ADOPTED AND EFFECTIVE: December 10,2024
APPROVED AS TO FORM ATTESTED BY: !
AND LEGALITY:
By: �00 _v��Y
Denis McElroy Janette S. Goodall .*0 0 c
Assistant City Attorney City Secretary V 8 640
°
d °°OO°o°�" �o
M&c:, a� -I l y 3 a
d��TFXAS�,�.o
Page 3
Ordinance Designating Tax Abatement Reinvestment Zone Number One Hundred and Nine,
City of Fort Worth,Texas
EXHIBIT "A"
BOUNDARY DESCRIPTION OF ZONE
Reinvestment Zone No. One Hundred and Nine will consist of the property described in
the following metes and bounds:
Being a Tract of Land Situated in the T.J. Bates Survey, Abstract Number 206, and the
A. Henderson Survey, Abstract Number 596, City of Fort Worth, Denton County, Texas,
being a portion of those tracks of land described by deed to AIL Investment, L.P., (Parcel
1) recorded in Instrument Number 1 998-1 1 7441, both of real property records, Denton
County, Texas and being more particularly described by metes and bounds as follows:
Commencing at a 5/8 inch iron rod with plastic cap stamped "Peloton" found at the
Southeast corner of North Beach Street (a 130 foot Right-of-Way), recorded in Instrument
Number 2016-57, said County records;
Thence N01°08'40"W, with said East Right-of-Way line, at 13.59 feet, passing the
Southwest corner of that tract of land described by deed to Calvin Peterson and Peterson
family trust, recorded in Volume 384, Page 257, Real Property Records, Denton County,
Texas, continuing with said common line, in all 701.31 feet, to a 5/8 inch iron rod with
plastic cap stamped "Peloton" found, at the point of the beginning;
Thence N01 008'40"W, 26.16 feet, with said East Right-of-Way line, to a 5/8 inch iron rod
with plastic cap stamped "Peloton" found, at the beginning of a curve to the right;
Thence with said East Right-of-Way line and said curve to the Right, and ARC distance
of 909.79 feet, through a central angle of 13014'49", having a radius of 3935.00 feet, the
long chord which bears N05°28'45"E, 907.76 feet, to a 5/8 inch iron rod with a plastic cap
stamped "Peloton" found;
Thence 77'10'10"E, 204.55 feet, departing said East Right-of-Way line, to a 5/8 inch iron
rod with plastic cap stamped "Peloton" found;
Thence N88°55'32"E, 1399.85 feet, to a 5/8 inch iron rod with plastic cap stamped
"Peloton" found;
Thence S01°04'39"E, 765.35 feet, to a 5/8 inch iron rod with plastic cap stamped "Peloton"
found;
Thence S55035'47"W, 212.57 feet, to a 5/8 inch iron rod with plastic cap stamped
"Peloton" found;
Thence S88°23'09"W, 702.83 feet, to a 5/8 inch iron rod with plastic cap stamped
"Peloton" found;
Thence N00°33'52"W, 19.64 feet, to a 5/8 inch iron road with plastic cap stamped
"Peloton" found;
Thence S88°51'21"W, 856.73 feet to the point of the beginning and containing 1,495,464
square feet or 34.331 acres of land more or less.
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 12/10/24 M&C FILE NUMBER: M&C 24-1143
LOG NAME: 17EDTARIZ109
SUBJECT
(CD 10)Conduct Public Hearing and Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 109,City of Fort Worth,Texas,for
Property Located at 15100 N.Beach St.for Development of a Manufacturing Facility for Bell Textron Inc.,or an Affiliate
(PUBLIC HEARING-a. Report of City Staff: Robert Sturns; 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. 109,City of Fort Worth,Texas,for property
located at 15100 N.Beach St.for the development of a manufacturing facility for Bell Textron Inc.,or an Aafiliate;
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. 109 and to the City after the expiration of any tax abatement agreements;and
3. Adopt the attached ordinance designating Tax Abatement Reinvestment Zone No. 109,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. 109,City of Fort Worth,Texas(TARZ 109)is for the property located at 15100 N.Beach St.
in Fort Worth,Texas(Property). A more detailed description of the Property is included as Exhibit A to the attached Ordinance. Bell Textron Inc.,or
an Affiliate,(Company)is developing a new manufacturing facility at an existing site,formerly occupied by Black&Decker Inc.,for use in the
manufacturing of advanced aerospace component parts for vertical lift aircraft.The proposed project is anticipated to result in at
approximately$632,000,000.00 in real and business personal property investment,along with the creation of 520 full-time jobs by Dec 31,2039,
including 330 jobs by Dec 31,2033,with a minimum salary of$85,000.00.
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 109 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 109 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 109 and to the City after the expiration of any tax abatement agreement.
The term of TARZ 109 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 DISTRICT 10.
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 W. William Johnson 5806
Originating_Business Unit Head: Robert Sturns 2663
Additional Information Contact: Cherie Gordon 6053