HomeMy WebLinkAboutOrdinance 15436ORDINANCE NO. I ~ ~ 3
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE Tf[JMBER FORTY-TWO, CITY OF
FORT WORTH, TEXAS"; PROVIDING THE EFFECTIVE ANI)
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 Council's adoption on February 26, 2002 of
Resolution No. 2811 (M&C G-13540), the City of Fort Worth, Texas (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 at Chapter 312 of the Texas Tax Code (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 tax abatement on
residential development in the Zone, as authorized by and in accordance with Chapter
312 of the Code; and
WHEREAS, Tony Landrum Company, Inc. d/b/a TLC Realty Advisors
("Company"), owns property or is under contract to purchase real property in the Zone
and has applied for tax abatement from the City in return for the reconstruction of certain
improvements on that property, including, but not limited to, the renovation and
restoration of an empty, damaged 35-story high-rise office building into residential
Page 1
Ordinance Designating Tax Abatement Reinvestment Zone Number Foriy-Two,
City of Fort Worth, Texas
apartments and condominiums ("Improvements") and certain other commitments that
will foster economic development in the Zone and the City in general; and
WHEREAS, on February 11, 2003 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; and
WHEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on February 4, 2003, which satisfies the requirement of
Section 312.201(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
WHEREAS, in accordance with Sections 312.201(d)(2) and (e) of the Code,
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;
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
Page 2
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Two,
City of Fort Worth, Texas
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 a reinvestment zone under Chapter 312 of
the Code.
1.2. As a result of designation as a reinvestment zone pursuant to Chapter 312 of the
Code, 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 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, 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 of ten (10) years, which is the statutory maximum term of
any tax abatement agreement entered into under the Chapter 312 of the Code.
1.4. The Zone is an overlay within Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas (the "Downtown 'I'IF") and, accordingly, that the
Downtown TIF's board of directors and the governing bodies of all taxing units
contributing tax increment to the Downtown T1F must approve any tax abatement
agreement between the City and Company in order for such tax abatement
agreement to take effect.
Page 3
Qrdinance Designating Tax Abatement Reinvestment Zone Number Forty-Two,
City of Fort Worth, Texas
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby 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 of granting tax abatement for residential
development in the Zone, as authorized by and in accordance with Chapter 312 of the
Code. This Zone shall be known as "Tax Abatement Reinvestment Zone Number Forty-
two, City of Fort Worth, Texas." The area within the Zone is eligible for residential tax
abatement pursuant to Resolution No. 2811.
Section 3.
TEI2IVI OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Section 4.
SEVERABILITY.
That 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 shall be and remain
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Page 4
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Two,
City of Fort Worth, Texas
Section 5.
EFFECTIVENESS.
That this Ordinance shall take effect upon its adoption.
AND IT IS SO ORDAINED.
ADOPTED AND EFFECTIVE: ~. 1 i) ~3
APPROVED AS TO FORM AND LEGALITY:
By: ~
Peter Vaky
Assistant City Attorney
Date: 2 -/l-D3
M&c: ~ -13:~~9
Page 5
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Two,
City of Fort Worth, Texas
Exhibit "A"
BOUNDARx DESCRIPTION OF ZONE
Beginning at a point of the intersection of the north ROW line of 5th St. and the east
ROW line of Lamar St., thence
Northeasterly along the north ROW line of 5th St. to a point where said line intersects
with the west ROW line of Throckmorton St., thence
Northwesterly along the west ROW line of Throclanorton St. to a point where said line
intersects with the south ROW line of 4th St., thence
Southwesterly along the south ROW line of 4th St. to a point where said line intersects
with the west ROW line of Taylor St., thence
Northwesterly along the west ROW line of Taylor St. to the midpoint of Block 76, Fort
Worth Original Town Addition, thence
Southwesterly to the midpoint of Block 76, Fort Worth Original Town Addition, to a
point where said line intersects with the east ROW line of Lamar St., thence
Southeasterly along the east ROW line of Lamar St. to a point where said line intersects
with the north ROW line of 5th St., which is the point of beginning.
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City of ~'o~°t T~o~th, ~'exas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
2/11/03 (~_~ 3879 17ZONE-42 1 of 2
SUBJECT PUBLIC HEARING AND ORDINANCE DESIGNATING TAX ABATEMENT
REINVESTMENT ZONE NO. 42, CITY OF FORT WORTH, TEXAS
RECOMMENDATION:
It is recommended that the City Council:
1. Hald a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 42, City
of Fort Worth, Texas; and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No. 42, City of
Fort Worth, Texas pursuant to and in accordance with Chapter 312 of the Texas Tax,Code.
DISCUSSION:
The proposed Reinvestment Zone No. 42, City of Fort Worth, Texas (Zone) is located in downtown Fort
Worth and comprises the. old Bank One tower and an adjacent one and one-half blocks. The exact
boundaries of the property are described in Exhibit A of the attached ordinance. TLC Realty Advisors
intends to redevelop the tower as a high-rise condominium and/or apartment building. A tax abatement
application has been submitted for its proposed development.
Chapter 312 of the. Texas Tax Code requires that property subject to tax abatement must be located in
a reinvestment or enterprise zone. Although the proposed Zone is already located within the Downtown
TIF (tax increment financing district), which is a reinvestment zone that was .designated for tax
increment financing purposes pursuant to Chapter 311 of the Texas Tax Code, City staff recommends
designation of this Zone as a tax abatement reinvestment zone. overlay within .the Downtown TIF. In
order to designate the property as a tax abatement reinvestment zone, the City Council must first
conduct a public hearing. Notice of this hearing was (1) delivered to the governing .body of each
affected taxing unit and (2) published iri the City's official newspaper not later than the seventh day
before the date of this hearing.
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax
abatement reinvestment zone set forth in Chapter 312 of the Texas Tax Code in that the area is
reasonably likely, as ~a result of the designation, to contribute to the retention or expansion of primary
employment or to attract major investment in the Zone that would be a benefit to the property and that
would contribute to the economic development of the City. Further, the improvements sought in the
Zone are feasible, practical and would be a benefit to the land to be included in the Zone and to the City
after any tax abatement agreements which may be entered into have 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 five (5) years each.
City of Fort Woa~th, ~'exas
Mayor and Council Communication
DATE
2/11/03 REFERENCE NUMBER
G-13879 LOG NAME
17ZONE-42 PAGE
2 of 2
SUBJECT PUBLIC HEARING AND ORDINANCE DESIGNATING TAX ABATEMENT
REINVESTMENT ZONE N0.42, CITY OF FORT WORTH, TEXAS
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action does not require the expenditure of City funds.
RR:k
Submitted for City Manager's FUND ACCOUNT .CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
Tom Higgins 6192 (from) APPROVED 2/11/03
ORD. #15436
Additional Information Contact:
Peter Vaky 7601
Ardina Washington 8003