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Home My WebLink AboutOrdinance 23705-06-2019WHEREAS, Section 351.1015 of the Texas Tax Code authorizes a municipality �� I MIMMM IEFR IRMMNIV=cwsr r r r _ M recent federal decennial census, to designate a project financing zone in which incremental hotel -associated revenues from certain state taxes is to be set aside by the I municipality for use to acquire, lease, construct, improve, enlarge, and equip "qualified 1r 6 rr I III identify the Fort Worth Convention Center and a planned multipurpose arena as City of Fort Worth, Texas" (the "Zone") in accordance with the terins and conditions of M MINTIAMN M41 M� *rdinance designating the Zone specified the longitude and latitude for the centers of the Ordinance Amending Ordinance 21011-10-2013 Page 1 of 5 two qualified projects, set boundaries for the Zone, and established an expiration date for ft��, a m11 "1, llillj�I�lgq I i1i lTIMI �� fill I and requested that the Comptroller (i) deposit incremental hotel -associated revenu* 117 iiiiiiiiilil! I i Ill INN ill �!l ii l�� I WHEREAS, on December 21, 2015, the City notified the Comptroller of th* "If mimmoolintuff a-. rIFF WHEREAS, City staff recently became aware that (i), although accurate projects, the labelling of the two projects was transposed and (ii) the boundaries 1111 1 v mm—M Ordinance Amending Ordinance 21011-10-2013 Page 2 of 5 r1rom the Zone, because all of the hotels located within the originally defined boundaries 11 M 1 � f � I HIP111 11 FIR rslyfffflrpfflM Mill I � 111 1 accurate public record and to facilitate administration of the Zone throughout 11111 1 11111,11111111111, 11111 111 1111��, 07"MIM its entirety and replaced with a new "Exhibit A," which is attached hereto and hereby I I I 0 Mon 11, 11, 111 M I IMI One, City of Fort Worth, Texas" based on the center coordinates of the "QualIM111 r'rojects" contained in Ordinance 21011-10-2013. The City Council finds that the boundaries of the Zone reflected in the attached Exhibit A encompass an area that is We= - Ordinance Amending Ordinance 21011-10-2013 Page 3 of 5 its entirety and replaced with the following, which retains the originally identified (1) Fort Worth Convention Center, 1201 Houston Street, (2) Multipurpose arena and/or venue anticipated by the 2002 Will Rogers District Conceptual Plan, southeast comer of the Harley Avenue and Montgomery Street intersection: That the City Council hereby directs the City Manager to notify the Texas Is Rel"Irome tMWIT", 101 �ler") of the corrections made by this Ordinance to Ordinance 21011-10-2013 and to "Project Financing Zone Number One, *f the City of Fort Worth, Texas (2015), as amended, except where the provisions of this which event the conflicting provisions of such ordinances and such Code are hereby Ordinance Amending Ordinance 2l0||-|0-20l3 Page 4vf5 Section 5. 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 6. 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: June 25, 2019 APPROVED AS TO FORM AND LEGALITY: By: Denis C. McElroy j Assistant City Attorney Date: P �L-'Y'-- C:G-19569 "Exr��. Ordinance Amending Ordinance 21011-10-2013 Page 5 of 5 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 6/25/2019 - Ordinance No. 23705-06-2019 DATE: Tuesday, June 25, 2019 REFERENCE NO.: **G-19569 LOG NAME: 25PFZ CORRECTION ORDINANCE SUBJECT: Adopt Ordinance to Amend 21011-10-2013 to Clarify the Centerpoints and Boundaries of Project Financing Zone Number One, City of Fort Worth, Texas (COUNCIL DISTRICTS 7 and 9) RECOMMENDATION: It is recommended that the City Council adopt the attached ordinance, which amends Ordinance 21011- 10-2013 to clarify the centerpoints and boundaries of Project Financing Zone Number One, City of Fort Worth, Texas. DISCUSSION: The purpose of this Mayor and Council Communication (M&C) is to adopt an ordinance to make minor corrections to the ordinance that created the Project Financing Zone (PFZ) in October 2013 (M&C G- 18048; Ordinance 21011-10-2013). Section 351.1015 of the Texas Tax Code allows a city that meets certain requirements to designate a project financing zone around a "Qualified Project" that complies with specified criteria. Once such a zone is designated and the Texas Comptroller of Public Accounts (Comptroller) is notified, the Comptroller begins to set aside incremental growth in hotel -associated revenue (primarily state tax revenue) from all hotels within the zone for use on a qualified project by the designating city. A zone expires no later than the 30th anniversary of the date of designation. When the Comptroller is notified that a qualfied project has been commenced, that incremental hotel - associated revenue is paid out to the designating city for use to acquire, lease, construct, improve, enlarge, and equip qualified projects and/or as security for and payment of bonds or other obligations issued or incurred for those purposes. Fort Worth meets the requirements of Section 351.1015, and both the Fort Worth Convention Center and the multipurpose Dickies Arena that is being built adjacent to the Will Rogers Memorial Center meet the definition of qualified project. In October of 2013, the Fort Worth City Council adopted an ordinance designating the PFZ around those two qualified projects, with that ordinance containing longitude and latitude coordinates for the centers of the projects and setting boundary lines. In checking recently to determine whether a planned hotel would fall within the PFZ, staff discovered that the boundary lines shown in the ordinance were not centered around the coordinates but instead appeared to use the qualified projects' street addresses as centerpoints. As a result, the boundary lines shown in the attachment to the ordinance were slightly askew - generally slightly to the north and west of where they should have been. The attached "Comparison" pdf shows the differences in the two sets of boundaries. While the boundary issue was being reviewed, it was also discovered that, although the coordinates for the qualified project contained in the ordinance are correct, the labels for the two sites were reversed. Logname: 25PFZ CORRECTION ORDINANCE Page I of 2 Adoption of this correction ordinance will not have any immediate impact because no hotels currently exi in the areas that are being added to the east and the south and all of the hotels located within the prior boundary lines are also substantially located within the corrected boundaries. i A Form 1295 is not required for this contract because: This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that adoption of the attached ordinance will have no material effect on City funds. =F-Department bwdget MM-2-111M. I D Year Department ID CERTIFICATIWIS: Originating Department Head: Additional Information Contact: 77 ",, 611� Reference # I (Chartfield 2) i'm WMISRUROM Logname: 25PFZ CORR.ECTION ORDINANCE Page 2 of 2