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HomeMy WebLinkAboutOrdinance 15442ORDINANCE NO. ___~u~-a~ AN ORDINANCE REDUCING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance No. 12324, adopted by the City Council of the City of Fort Worth, Texas (the "City") on December 19, 1995, the City created Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, as previously enlarged by Ordinance No. 14795, adopted on October 2, 2001, and Ordinance No. 14839, adopted on October 30, 2001, and as previously reduced by Ordinance No. 15317, adopted on November 5, 2002 (the "Zone"); and WHEREAS, Section 311.007 of the Texas Tax Code (the "Code") allows the City Council to reduce or enlarge the boundaries of an existing reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311.006 of the Code; and WHEREAS, the City wishes to reduce the Zone by removing all property in the Zone that is located within the property boundaries set forth in Exhibit "A" of this Ordinance (the "Property"), which is attached hereto and hereby made a part of this Ordinance for all purposes; and WHEREAS, by operation of Sections 311.006 and 311.007 of the Code, a municipality may change the boundaries of an existing reinvestment zone so long as (i) less than ten percent (10%) of the property within the amended boundaries of the reinvestment zone, excluding any property dedicated to public use, is used for residential purposes, as defined in Section 311.006(d) of the Code; (ii) the amended boundaries of Page 1 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality; and (iii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, on February 18, 2003 the City Council held a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the removal of the Property from the Zone; and WIIEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on February 10, 2003, which date was not later than seven (7) days prior to the date of the hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real properly taxes within the Zone of the City's intention to remove the Property from the Zone and 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 removal of the Property from the Zone and after conducting a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and affording a Page 2 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas reasonable opportunity for all interested persons to speak for or against the removal of the Property from the Zone, the City Council hereby makes the following findings of fact: l.l. The statements, facts, terms and conditions set forth in the recitals of this Ordinance are true and correct. 1.2. Removal of the Property from the Zone will benefit the City by allowing the City to foster development initiatives on and in the vicinity of the Property,' as outlined in the public Pre-Council meeting on February 4, 2003 and the City Council meeting of February 18, 2003, by means that would not be available if the Property remained in the Zone ("Other Economic i~evelopment Initiatives"). 1.3. Beneficial development of the Property is likely to occur more quickly by means of Other Economic Development Initiatives. 1.4. Once the Property is removed from the Zone and developed by means of Other Economic Development Initiatives, the value of property remaining in the Zone is likely to increase, which will benefit both the Zone and the City in general. 1.5. The Property is subject to removal from the Zone pursuant to Section 311.007(a) of the Code. 1.6. With the removal of the Property, less than ten percent (10%) of the property within the Zone, excluding any property dedicated to public use, will be used for residential purposes, as defined in Section 311.006(d) of the Code. 1.7. With the removal of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. Page 3 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas 1.8. With the removal of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. Section 2. REMOVAL OF PROPERTY FROM ZONE. That the City Council hereby reduces the boundaries of the Zone by removing the Property from the Zone. The Zone, as reduced, has been designated under Section 311.005(a)(5) of the Code and shall continue to be known as "Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas." With removal of the Property from the Zone, the Zone shall comprise the property depicted and described in Exhibit "B", which is attached hereto and hereby made a part of this Ordinance for all purposes. Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone shall remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Page 4 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas Section 4. TERM OF ZONE. That the removal of the Property from the Zone shall take effect upon the adoption of this Ordinance. The Zone, as reduced, shall terminate in accordance with Section 5 of Ordinance No. 12324. Section 5. DETERMINATION OF TAX INCREMENT DASE. That the tax increment base of the Zone, as defined by Section 311.012(c) of the Code, shall be reduced by the taxable appraised value of the Property for the year 1995, which is the year in which the Property was designated as part of the Zone pursuant to Ordinance No. 12324. The tax increment base for property remaining in the Zone shall remain unchanged. Section 6. TAX INCREMENT FUND. That beginning with the 2003 tax year, each taxing unit which levies real property taxes on the Property shall be relieved of any obligation to deposit the percentage of any tax increment (as defined by Section 311.012(a) of the Code) produced by the Property that the taxing entity elected to dedicate to the Tax Increment Fund (created and established for the Zone pursuant to Section 7 of Ordinance No. 12324) under a participation agreement with the City, as authorized by Section 311.013(f) of the Code. Page 5 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas Section 7. 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. Section 8. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: ~ ~~/ ~~ APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney Date: 2-20 - 03 M&C: Cr-13~f~?' Page 6 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas EXHIBIT "A" LEGAL DESCRIPTION AND MAP OF THE PROPERTY BEING REMOVED Beginning at a point of the intersection of the south ROW line of Bellrnap St. and the east ROW line of Taylor St., thence Northeasterly along the south ROW line of Belknap St. to a point where said line intersects with the west ROW line of Throckmorton St., thence Southeasterly along the west ROW line of Throckmorton St: to a point where said line intersects with the north ROW line of 3rd St., thence Southwesterly along the north ROW line of 3rd St. to a point where said line intersects with the east ROW line of Taylor St., thence Northwesterly along the east ROW line of Taylor St. to a point where said line intersects with the south ROW line of Bellcnap St., which is the point of beginning. \~~ ,C South ROW line ~ of Belknap St. 5'~ ~e`~~aQ ~5`~ dot re ~ea~ East ROM Taylor St ~% ~ \ ~~'~ -~ ~~ ~~\ ~~ n t----1 I-Tl"1 \ >y~ 176,9$3 sf or 4.06 acres EXHIBIT «B'9 LEGAL DESCRIPTION AND MAP OF THE ZONE FOLLOWING RElVIOVAL OF THE PROPERTY Beginning at a point of the intersection of a projection of the south ROW line of 3rd St. and the west ROW line of Henderson St., thence Northwesterly along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of Weatherford St., thence Southwesterly along the south ROW line of Weatherford St. and what would be a projection of the said south line to a point where the projection of said line intersects with the west ROW line of Penn St., thence Northwesterly along the west ROW line of Penn St. which transitions to the south ROW line of Forest Park Blvd. (where Forest Park Blvd. curves into Weatherford St. and Belknap St.), thence Following the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said line intersects with the north ROW line of 5th St., thence Due west along a due west projection of the north ROW line of 5th St. to a point where this due west line intersects with the centerline of the Clear Fork of the Trinity River, thence Following the centerline of the Clear Fork of the Trinity River northeasterly to a point of intersection with centerline of the west ROW line of Henderson St., thence Southeasterly along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of Belknap Street, thence Northeasterly along the south ROW line of Belknap Street to a point where said line intersects with the east ROW line of Cherry St., thence Southeasterly along the east ROW line of Cherry St. to a point where said line intersects with the south ROW line of Weatherford St., thence Northeasterly along the south ROW line of Weatherford St. to a point where said line intersects with, the east ROW line of Taylor St., thence Southeasterly along the east ROW of Taylor St. to a point where said line intersections with the north ROW line of 3`a St., thence Northeasterly along the north ROW line of 3Td St. to a point where said line intersects with the west ROW line of Throckmorton St., thence Northwesterly along the west ROW line of Throckmorton St. to a point where said line intersects with the south ROW line of Belknap St., thence Northeasterly along the south ROW line of Belknap St. to a point where said line intersects with the west ROW line of Houston Street, thence Southeasterly along the west ROW line of Houston St. to a point where said line intersects with the south ROW line of Weatherford St., thence Northeasterly along the south ROW line of Weatherford St. to a point where said line intersects with the west ROW line of Commerce St., thence Northwesterly along the west ROW line of Commerce Street to a point where said line. intersects with the north ROW line of Belknap St., thence Southwesterly along the north ROW line of Belknap St. to a point where said line intersects with the west ROW line of Houston St., thence Northwesterly along the west ROW line of Houston St. to a point where said line intersects with the south ROW line of Franklin St., thence Westerly along the south ROW line of Franklin St. to a point where said line intersects with the east ROW line of Taylor St., thence Northwesterly along the east ROW line of Taylor St. to a point where said line intersects with the centerline of the West Fork of the Trinity River at the.projection of the east ROW line of Taylor St., thence Southeasterly, then easterly, and then northeasterly along the centerline of the West Fork of the Trinity River to a point of intersection with the projection of the north ROW line of Cummings St. (Cummings St. turns westward as depicted on the TAD tax maps), thence Easterly along the said projection and north ROW line of Cummings St. to a point where said line turns southeasterly along the east ROW line of Cummings St., thence Southeasterly along the east ROW line of Cummings St. to a point where said line intersects with what would be the projection of the north ROW line of Peach St., thence Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad, thence South-southeasterly along the east ROW line of the Santa Fe Railroad to a point of intersects with the north ROW line of Lancaster Avenue, thence West along the north ROW line of Lancaster Avenue to a point where said line intersects with the east ROW line of Calhoun St., thence Northwesterly along the east ROW line of Calhoun St. to a point where said line intersects with the north ROW line of 7th St., thence Southwesterlyalong the north ROW line of 7th St. to a point where said line intersects with the west ROW line of Burnett St., thence Northwesterly along the west ROW line of Burnett St. to a point where said line intersects with the south ROW line of 3rd St., thence Southwesterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Henderson St., which is the point of beginning. City of ..~"o~t Worth, ~'exas Mayor and Council Communication DATE REFERENCE NUMBER LOG NAME PAGE 2/18/03 G_13gg7 17ZONE 1 of 1 SUBJECT PUBLIC HEARING AND ORDINANCE REDUCING THE BOUNDARY OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS (DOWNTOWN TIF) RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing concerning the reduction of the boundary of Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas .(Downtown TIF), as specifically provided in ,the attached ordinance; and 2. Adopt the attached ordinance that reduces the boundary of the Downtown TIF, as specifically provided in the attached ordinance, and includes the findings of fact in support of such a reduction. DISCUSSION: The attached ordinance removes certain property from the Downtown TIF, primarily the land containing the current Tandy Center. This property is more specifically described in Exhibit "A" of the attached ordinance. This particular action is recommended because the property recommended for removal is lower in value than it was when the Downtown TIF was originally designated. In addition, City staff believes that the property in question will develop more rapidly- through the use of economic development tools that would not be available if the property were to remain in the Downtown TIF. Notice of the public hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven (7) days prior to this meeting. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies.that this action will have no material.effecf on City funds. RR:r Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: - (to) Reid Rector 6140 Originating Department Head: David Yett 7623 (from) APPROVED 2/18/03 ORD. # 15442 Additional Information Contact: Peter Vaky 7601 - Tom Higgins 6192