HomeMy WebLinkAboutIR 7874 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7874
GNpSTERFO November 1, 1994
yoFr° �4 To the Mayor and Members of the City Council
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= Subject: PROGRESS REPORT ON CREATION OF THE DOWNTOWN TAX
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7971 INCREMENT FINANCING (TIF) DISTRICT
On October 4, 1994, the City Council received a briefing on a proposed tax increment financing
(TIF) district for the downtown area. A resolution was approved setting December 13, 1994, as
the date of a public hearing to consider the establishment of the reinvestment zone for the tax
increment financing district.
The Tax Increment Financing Act, (Chapter 311 of the Tax Code) provides the following
procedural steps:
1) The governing body (City Council) must make a formal presentation to the governing
body of each county or school district which levies taxes on real property in the zone.
Those bodies are:
a. Commissioners Court
b. Fort Worth Independent School District
c. Tarrant County Junior College District
2) The proposed district plan must include a boundary description, tentative development
plans, and a general financial impact statement of property values and tax revenues in the
zone.
3) Each taxing entity must appoint an individual to represent that entity at any meetings
called by the City Council for the purpose of reviewing and discussing issues related to
the zone including:
a. Boundary
b. Development schedules
C. Tax increment apportionments
d. Governance
These Tax Code provisions create a significant logistical problem to achieve the creation of the
TIF by the December 13, 1994 date. However, the staff and the City's bond counsel have agreed
that it would be appropriate for the City Council to designate one or more of its members as
empowered representatives for these meetings. It is suggested that the Expanding Economic
Opportunities Committee, chaired by Mr. Barr, be authorized and designated to meet these
provisions. Should this be approved, Mr. Barr, Mr. Lane, Mr. Meadows or Ms. Webber could
act on behalf of the City at these required meetings and presentations.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7874
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cf.!ry To the Mayor and Members of the City Council November 1, 1994
Page 2 of 2
Subject: PROGRESS REPORT ON CREATION OF THE DOWNTOWN TAX
1873
INCREMENT FINANCING (TIF) DISTRICT
The following represents a "critical path" schedule in order that formal action on the ordinance
establishing the district may take place on December 13, 1994:
OCTOBER
4 Approval of resolution setting date of hearing
11 Notices delivered to taxing jurisdictions
26 Representatives designated by other taxing units
NOVEMBER
1 Council appoints representative(s) for required public meetings with other
governing bodies
8 School Board 7:30- last meeting before December 13th (Council representative,
staff and downtown representatives)
10 Make presentation to TC Hospital Board (staff/Toal)
15 Make presentation to TCWlD #1 Board (staff/Toal only)
• Tentative date for formal presentation to Commissioners Court (Council
representative, staff and downtown representatives).
17 Formal presentation to TCJC Board (Council representative, staff and downtown
representatives)
22 Alternate date for formal presentation to Commissioners Court
23 Confirm with City Secretary that notice for 12/13/94 public hearing is sent to Star
Telegram
29 Alternate date for formal presentation to Commissioners Court
DECEMBER
2 Publish notice of 12/13/94 hearing
13 Public hearing and consideration of ordinance establishing zone
A resolution which will accomplish the designation of the members of the Expanding Economic
Opportunities Committee to serve as the official representatives at these required meetings is
included on the November 1, 1994 agenda for discussion and action.
Should you have any questions, please contact Assistant City Manager Mike Groomer at 871-
6140.
Bo Terrell
errell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS