HomeMy WebLinkAboutOrdinance 27505-02-2025ORDINANCE NO.27505-02-2025
AN ORDINANCE TERNIINATING TAX INCREMENT
REINVESTMENT ZONE NUMBER SIX, CITY OF FORT WORTH,
TEXAS (RIVERFRONT TIF); AUTHORIZING THE
DISTRIBUTION OF TAX INCREMENT FUNDS OF THE ZONE TO
TAXING UNITS PARTICIPATING IN THE ZONE IN
ACCORDANCE WITH THE TEXAS TAX CODE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on November 12, 2002, the City Council of the City of Fort Worth,
Texas (the "City Council") adopted Ordinance No. 15325 designating Tax Increment
Reinvestment Zone Number Six, City of Fort Worth, Texas, generally referred to as the
Riverfront TIF (the "Zone"); and
WHEREAS, the Zone was created to help finance public improvements at and
adjacent to the then proposed RadioShack corporate headquarters (the "RadioShack
Project"), as more specifically set forth in the preliminary project and financing plans
developed for the Zone by the City Council in 2002 in accordance with Section 311.003(b)
of the Texas Tax Code; and
WHEREAS, Ordinance No. 15325 provides that the Zone will expire on the earlier
of November 11, 2036 (the "Stated Termination Date") or an earlier termination date
designated by subsequent ordinance, or the date on which all project costs, tax increment
bonds and interest on those bonds have been paid or otherwise satisfied in full; and
WHEREAS, all financial obligations of the Zone in relation to the RadioShack
Project have been fulfilled; and
WHEREAS, accordingly the City Council finds that the need for the Zone, as
stated in Ordinance No. 15325, no Ionger exists; and
Page I of 3
Ordinance Terminating Tax Increment Reinvestment Zone Number Six,
City of Fort Worth, Texas
WHEREAS, in accordance with Section 311.017(a)(1) of the Texas Tax Code, the
City Council wishes to terminate the Zone;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
After reviewing all information regarding the Zone, the City Council makes the
following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct.
1.2. The purpose of the Zone, as more specifically set forth in the preliminary project
and financing plans developed for the Zone by the City Council in 2002 in
accordance with Section 311.003(b) of the Texas Tax Code has been achieved and
all fmancial obligations of the Zone have been met. As a result, the need for the
Zone no longer exists.
1.3. In accordance with Section 311.017(a)(1) of the Texas Tax Code and Section 4 of
Ordinance No. 15325, the City Council has authority to terminate the Zone on an
earlier date than the Stated Termination Date. The procedural requirements of
Section 311.007(c) of the Texas Tax Code apply only to instances in which there is
a desire to extend the termination date of a tax increment reinvestment zone.
Page 2 of
Ordinance Terminating Tax Increment Reinvestment Zone Number Six,
City of Fort Worth, Texas
Section 2.
DISSOLUTION OF THE ZONE.
That the City Council terminates Tax Increment Reinvestment Zone Number Six,
City of Fort Worth, Texas.
Section 3.
DISTRIBUTION OF FUNDS.
That the City Council directs the City Manager, or his authorized designee, to
promptly distribute all monies in the tax increment fund of the Zone to the taxing units
participating in the Zone in proportion to the respective amounts of deposits made by such
taxing units during the term of the Zone.
Section 4.
IMMEDIATE EFFECT.
That this Ordinance shall take effect and be in full force and effect from and after
its adoption.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY
Larry Collister
Senior Assistant City Attorney
ADOPTED AND EFFECTIVE: February 25, 2025
M&C: 25-0162
Page 3 of 3
Ordinance Terminating Tax Increment Reinvestment Zone Number Six,
City of Fort Worth, Texas
Jannette S. Goodall
City Secretary
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 02/25/25 M&C FILE NUMBER: M&C 25-0162
LOG NAME: 17DISSOLUTION OF TIF 6
SUBJECT
(CD 9) Conduct Public Hearing and Adopt Ordinance Dissolving Tax Increment Reinvestment Zone No. 6, Riverfront Tax Increment Financing
District
(PUBLIC HEARING - a. Report of City Staff. Michael Hennig; b. Public Comment c. Council Action: Close Public Hearing and Act on M&C)
RECOMMENDATION:
It is recommended that the City Council conduct a public hearing and adopt the attached ordinance, dissolving Tax Increment Reinvestment Zone
No. 6, as all project obligations have been satisfied per terms of the agreement and in recognition of current tax exemptions that apply to property
within the district.
J.:$CUSSLON:
On November 12, 2002 Mayor & Council Communication (M&C) G13800 adopted Ordinance No.15325 designating Tax Increment Reinvestment
Zone (TIRZ) Number Six, Riverfront Tax Increment Financing District (TIF), which will expire on December 31, 2036. The Riverfront TIF features
participation by Tarrant County at a rate of 100%, Tarrant County College District at a rate of 80%, Tarrant Regional Water District at a rate of
100%, and (beginning in 2005) Tarrant Hospital District at a rate of 100%. Prior to establishment of the TIF, a parking lot within a flood plain and
public housing complex of approximately 24 acres substantially impaired and arrested the sound growth of the City. Following establishment of the
TIF, RadioShack Corporation located its new corporate campus in downtown Fort Worth within its boundaries. The City of Fort Worth, while
responsible for the establishment and administration of the TIF, does not participate in the TIF due to the City's commitment of incremental property
taxes in support of the construction of the RadioShack Corporation headquarters pursuant to an Economic Development Program Agreement
(City Secretary Contract No. 27982).
In 2008, Tarrant County College District purchased the RadioShack Corporation headquarters for its Trinity River Campus. Since that time, and
following the subsequent termination of office leases to private tenants, these properties became eligible for exemption from ad valorem taxes as
public properly. Therefore, there is no longer any taxable increment for any property within the TIF and no revenue is collected for deposit into the
TIF fund.
Support of certain public improvements associated with the RadioShack Corporation headquarters was the only purpose identified in the project
and financing plan for this TIF and all obligations have been satisfied. In recognition of the present tax status of the TIF and in recognition of the
successful funding of all public improvements for which the TIF was created, staff recommends dissolution of the TIF.
I
T1RZ 6, or TIF 6, is located in COUNCIL DISTRICT 9.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCALINFORMATION / CERTIFICATION:,
The Director of Finance certifies that approval of this recommendation will have no material effect on City funds.
Submitted for City VM naggfs Office v: Wil
iam Johnson 5806
Oriciinatinci Business Unit Head, Robert Stums 2663
Additional Information Contact: Michael Hennig 6024