HomeMy WebLinkAboutOrdinance 20975-09-2013 ORDINANCE NO. 20975-09-2013
AN ORDINANCE APPROVING AN AMENDED PROJECT AND
FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE
NUMBER THREE, CITY OF FORT WORTH, TEXAS (DOWNTOWN
TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH AMENDED
PLAN; PROVIDING FOR SEVERABILITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
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 (the "TIF"), 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, and Ordinance No.
15442, adopted on February 18, 2003, and Ordinance No. 16243, adopted on December 31,
2004, and as previously enlarged by Ordinance No. 1729-09-2006, adopted on September 26,
2006 (the "Zone"); and
WHEREAS, on September 17, 1998 the Board of Directors (the "Board") of the Zone
adopted a Project and Financing Plan for the Zone (the "Plan'''), as required by Section
311.011(a) of the Act; and
WHEREAS, in accordance with Section 311.011(d) of the Act, on October 6, 1998 the City
Council approved the Plan pursuant to Ordinance No. 13603; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on February 17, 2003, the Plan
was amended by the Board pursuant to Board Resolution 2003-01, which amendment was
approved by the City Council on February 25, 2003, pursuant to Ordinance No. 15464; and
Ordinance No. 20975-09-2013
Pagel of 4
WHEREAS, as authorized by Section 311.011(e) of the Act, on March 22, 2012, the Plan
was amended by the Board pursuant to Board Resolution 2012-01, which amendment was
approved by the City Council on April 17, 2012, pursuant to Ordinance No. 20169-04-2012; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on September 16, 2013, the
Board amended the Plan to add projects that would allow the TIF to continue and expand
revitalization efforts in downtown Fort Worth by raising total projects funded by the TIF from
$72 million to $100 million, and by making other amendments as outlined in the Plan, which is
attached hereto as Exhibit"A," and recommended that the Plan, as amended, be approved by the
City Council;
WHEREAS, according to Section 311.013, a municipality may determine the portion of
their tax increment in the designating ordinance, and if the portion is not included, the
municipality shall pay one hundred percent (100%) of the increment generated in the TIF fund;
WHEREAS, the City has determined to reduce its portion of the tax increment generated to
sixty percent (60%).
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That 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.
1.2 That the Plan, as amended, includes all information required by Sections 311.011(b) and
(c) of the Act.
Ordinance No. 20975-09-2013
Page 2 of 4
1.3 That the Plan, as amended, is feasible and the amended and restated Plan conforms to the
City's master plan.
1.4 That on September 24, 2013, but prior to the adoption of this Ordinance, the City Council
held a public hearing on the Plan, as amended, and afforded a reasonable opportunity for
interested persons to speak for or against designation of the Zone and approval of the
Plan, as amended, as well as for owners of property located in the Zone to protest
inclusion of their property in the Zone (the "Public Hearing"), as required by Section
311.011(e) of the Act.
1.5 That notice of the Public Hearing was published in a newspaper having general
circulation in the City on September 16, 2013, which satisfies the procedural requirement
of Section 311.003(c) of the Act that notice of the Public Hearing be so published at least
seven (7) days prior to the date of the Public Hearing.
Section 2.
APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section I of this Ordinance, the Plan, as amended, is
hereby approved.
Section 3.
REDUCTION OF PARTICIPATION RATE.
That beginning with tax year 2013, the City of Fort Worth will contribute sixty percent
(60%) of the City's tax increment to the TIF Fund, as defined by Section 311.012(a) of the Code.
Ordinance No. 20975-09-2013
Page 3 of 4
Section 4.
DELIVERY OF AMENDED PLAN TO TAXING ENTITIES.
That Downtown Fort Worth, Inc., the administrator of the Downtown TIF, is hereby directed
to provide a copy of the Plan, as amended, to the governing body of each taxing unit that taxes
real property located in the Zone.
Section 5.
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 6.
EFFECTIVENESS.
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: ATTEST:
B '- By: lk�a-x V.
Maleshia Fanner Mary J. Kayser
Senior Assistant City Attorney City Secretary
M&C:
ADOPTED AND EFFECTIVE: Sgpternber 24, 2013
Ordinance No. 20975-09-2013
Page 4 of 4
Exhibit A
Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas
(Downtown TIF)
Amended Project and Financing Plan
Tax Increment Reinvestment Zone Number Three
City of Fort Worth, Texas
(Downtown TIF)
Amended Project and Financing Plans
September 16, 2013
y. Background and Introduction
Tax increment financing (TlF) is on economic development too/ authorized by Chapter 311 of the
Texas Tax Coda by which local governments can publicly finance needed structural and
infrastructure improvements in order to promote new development or redevelopment within o
defined area called o reinvestment zone. T|F districts may be established by municipalities or
counties as long as on area meets certain conditions, as sat forth in Exhibit "/\."
AT|F district allows for the tax increment generated from appreciating property values within the
area to be dedicated to public improvements within the some area. At the time on area is
designated as o reinvestment zone, the existing 1uto| taxable value of real property in the zone is
identified and designated as the '^6oae value". As the total assessed value of property within o
T|F district increases over time, on increase in the taxes collected from the additional value is
captured and placed into o special fund, which is used to finance public improvements; only taxes
collected from the increased taxable value within the T|F district are placed into the special fund.
All other taxes collected from the base value continue 10 flow tothe local taxing entities within the
district. The difference between total property value and base value is the property value
increment. Taxes collected on that difference in "o|oe is the "tax increment."
Participating taxing entities may deposit all, a predetermined portion, or none of the incremental
taxes in o designated T|F district fund for the purpose of financing the planning, design,
construction, or acquisition of public improvements within the T\F district. All taxing units that levy
taxes within the zone will continue to receive tax revenues derived from the base value, whether
or not the taxing jurisdiction chooses to participate in the T|F.
T\F districts have o sot term. The T|F district will end on the earlier of (l) the termination dote
included in the ordinance that established the zone/ or (2) the do|m on which all project cosh have
been paid in full. Any revenues remaining in the T|F district fund after the dissolution of the T|F
will ba returned toeach participating taxing unit |no pro rata fashion.
EochT|F district is overseen by o Board of Directors composed mf five bz 15 members appointed
by the local taxing iur|s6ictions. Since Tax Increment Reinvestment Zone Number Three (Mho
Downtown T|F) was created due too petition submitted to the City of Fort Worth by the owners
of property constituting at |omg 50 percent oF the appraised value of the property in the area,
the TIF Board's composition is mandated by state low. The state representative and state senator
representing the area may each make on appointment to the 800rd. Each participating taxing
jurisdiction may appoint one member, and any remaining oeo$ up to nine are filled by
appointments nnu6e by the Fort Worth City Council. The T|F board of directors oversees
improvements to the area and may choose to dedicate TIF district funds to reimburse developers
for public improvements.
At the time of publication, the City of Fort Worth has eleven active T|F districts: Speedway,
Downtown, Sooth:ide, Rivmrfront, North Tarrant Parkway, Lancaster, Trinity River Vision, Lone Star,
East Berry Renaissance, Woodhaven, and Trinity Lakes.
Do~mownT|F
Amended Project and Financing Plan Page 1 of
ky. Project Plan
Boundary Description, Existing Uses, and Proposed Uses
The Zone was created on December 15, 1995 by the Fort Worth City Council in order to attract
investment and redevelopment of property in downtown Fort Worth. The area covers just over
400 acres and is generally bounded to the north by the Trinity River, east by the Burlington
Northern 3onko Fe Roi|vmmd (BNSF)° 000th by Lancaster Avenue, Calhoun Street 71h Street, Burnett
Street, and 3rd Street, and west by Henderson Street and Weatherford Street. A map ofthe OF
district and o legal description ofthe property can be found in Exhibits "B^ and "(," respectively.
The Zone is composed of o variety of uses, including office space (public and private), neddemho|
(rental apartments and owner-occupied and tenant-occupied condominiums and townhommd,
retail, educational, and religious. The Downtown has developed into the City's premier mixed-use
district, where thousands of employees, residents, tourists and other visitors spend their time,
energy and money. The T|F District is enhanced by proximity to several recently renovated public
parks, including the Fort Worth Water Gardens, Burnett Pork and General Worth Square. The
T|F district also benefits from its inclusion in Fort Worth Public Improvement District Number One, o
$2 million annual effort that provides maintenance, security, marketing and research services 1n
Downtown. /\ map of the existing uses of the Zone can be found in Exhibit "D."
Downtown is the oldest neighborhood in Fort Worth, encompassing the site of the original Army
outpost and Pioneer's Rest Cemetery. The area sits atop the bluffs of the Trinity River and
extends southward towards Lancaster Avenue. Although much of the topography is favorable to
development, much of the underground infrastructure is outdated and undersized for modern
development requirements. Public right-of-way improvements vary in quality and are particularly
poor in part ofthe co/mond several outlying areas. Additionally, surface parking still occupies
large port of the area within the Zone. While development standards and design guidelines
have improved the public spaces around newer developments, including parking facilities, many
corridors and parking lots sU|| have challenging streetscopms that detract from the pedestrian
experience.
Creation of the T|F district was a recommendation of the 1993 Downtown Strategic Action Plan, m
document sponsored and adopted by Downtown Fort Worth, Inc., the City of Fort Worth, and the
Fort Worth Transportation Authority. The plan resulted from o two-year process that involved
substantial input and review from citizens, government officials, and Downtown stakeholders. The
plan guides center city growth and development and helps ensure that Downtown reflects Fort
Worth's unique culture, warmth, character and values.
Community leaders realized that Downtown is critical to the overall economic health and image of
greater Fort Worth. The Downtown Plan envisioned that o T|F district would be needed to finance
several major Downtown projects including public parking and connecting systems, strmetscope
improvements, and historic preservation.
The Plan recognized that these public infrastructure investments would be needed in order for
Downtown to succeed in attracting private investment. The costs of the required infrastructure
exceeded the City's normal funding amounts and the improvements were needed in advance of
the City's normal funding cycle. While private financing was available for creation of the Tandy
Outlet Mall, expansion of the Sunclonoe Square retail area, and construction of the new Boss
DowmownT|F
Amended Pmiectond Financing p|on Page 2of7
Performance Ho|L infrastructure in the form of parking fodkdms pedestrian connections, and
subway system upgrades was seen as crucial to the success ofthese private investments.
Over time, some of the original YlF projects were completed and others were mode moot by
changing development patterns and priorities in downtown. For example, the Tandy subway
system was decommissioned when Rmd|o5hock Corporation moved its headquarters to o new
location and sold the Tandy Center complex. The Fort Worth Transportation Authority with
funding osbtmnoo from Public Improvement District Number One, implemented o trolley circulator
that provides the north-south connecting system envisioned in the odQ(nu| T|F plan. The Santa Fe
Freight House was leased in order to build o public market, but has since been repurposmd as
classrooms and offices of the U[A Fort YVurHh Center. Various streehcope and infrastructure
improvements have been made through the T|p District, but this work is ongoing and infrastructure
needs still exist throughout Downtown.
The 2003 update of the Downtown Strategic Action Plan recognized the major investments that
had taken place over the preceding decade, much of it owing to projects undertaken with TiF
support The Downtown TiF has been instrumental in historic preservation (the Ashton Hc*m|)/
strmetscope improvements (Cassidy Corner, Pecan Place, Chase Bank, Trinity Bluff); creation of
public market, then higher education center (Santa Fe Freight Hoosm--UT4 Fort Worth Center);
environmental romediohon (The Tower)/ and garage leases for free public parking supporting
Bass Hall, the Central Library and Downtown's retail establishments, restaurants, and arts and
entertainment venues.
The TiF Board of Directors appointed on Advisory Committee to receive o consulting study
executed by the Leland Group in 2006 and make recommendations on updating the Downtown
T/F Project and Financing Plan. The Advisory Committee's recommendations built on the T\Ps
successes and reflect the priorities contained in the 2003 Downtown Strategic Action Plan. The
inclusion of affordable housing in theT|F Project Mon was recommended by the T/F Board and
adopted by City Council in April 2012, This change resulted in the TIF's participation in the
redevelopment of Hunter Plaza, o planned mixed-income project operated by the Fort Worth
Housing Authority.
Plan 2023, the new Downtown Strategic Action Plan, also contained recommendations relevant to
the objectives ofthe Downtown T|F. Beyond ongoing infrastructure and transportation needs, the
Plan also identifies needed pork improvements, greater residential density and new primary and
secondary schools that will result in greater vitality in Downtown.
Purpose and Results of the Downtown TIF
The Downtown T\F's successes thus for can be evaluated against the original T|F Project Plan's
stated purposes.
The goo/ of attracting investment and redevelopment that would not occur without T|F'finonced
infrastructure is exemplified by The Tower and numerous subsequent for-sale residential
developments; revitalization of the Tandy Center, now City Place; the Chase Bank office building,
parking garage and retail; the historic renovated Ashton Hotel; the UT4 Fort Worth CmmKsr/ and
enhanced streetoope throughout the Trinity Bluff area of Downtown.
Use of tax increment to fund required public infrastructure is represented by the 2,826 free
evening and weekend po/Wn@ spaces available to the general public, in addition to daytime,
DowmownT\F
Amended Project and Financing r|on Pnno 3 nf7
Bass Hall patron and Central Library patron parking; streetscape improvements in the Downtown
core, Pecan Place and Trinity Bluff areas; utility relocation in Trinity 8|oHf; and environmental
nemedloUonot the Tower.
The goal of generating new anchors for Downtown tocreate redevelopment momentum and tax
base that survives the T|F is exemplified by the strong office and residential markets, and
specifically by City Place, the Tower, Trinity Bluff, and the strengthened retail core.
The T|F District has created net financial gain to local governments since the first years of its
existence, and substantial financial gains after 2006. Each year since then' T|F District
substantially exceeded its $5 million annual cop and has returned more than $47 million oftax
increment to the participating local governments. Although cessation of the Fort Worth
Independent School District's participation in the T|F reduced the overall tax increment by more
than $4 million per year after 2013, the T|F is still expected to generate more than $8,5 million in
tax increment in 2014 and beyond.
To capture the "metropolitan visitor," more tourists and conventions, the T|F has been used to
support free evening and weekend parking, making Downtown o regional destination. In
addition, the clear success of Bass Hall and the Ashton Hotel were mode possible in port by T\F
participation.
8y2OlO, the T\F had helped Downtown exceed the goal oFhaving l% of Fort Worth's residential
inventory (3,172 of the city's total 295,283 housing units) and had created o quality urban
environment capable ofattracting o competitive share of corporate office, government office and
other commercial developments. The impressive growth of restaurant and retail sales in 5onclonoe
Square, aided by T|F parking leases, is o testament to Downtown's vitality and its enhanced role
in our city's quality of life.
Proposed Zoning Changes
The majority uf the Zone is located within the City's Central Business District Zoning doo|fico1|on
as depicted in Exhibit "E." Development within this area is subject to review by the City's
Downtown Design Review Board.
Future zoning changes are anticipated for property within the Zone currently zoned Medium
Industrial. Over time, many of these properties are likely to be rezoned Central Business District
as industrial uses are phased out and property owners realize the benefits nfhigh-density mixed-
use zoning.
Relocation Method for Displaced Persons
|tisanticipated that no persons shall be displaced as result of implementing thee* Project and
Financing Plans.
DnwnmwnT|F
Amended Project and Financing Plan Page of
Ill. Financing Plan
Project Descriptions, Estimated Project Costs, and Administration
This amended and restated Downtown TIF project plan retains projects from the current plan and
adds several new projects as described below. Tax increment deposits from local governments
shall be subject to a $5 million annual cap and a lifetime cap of $100 million.
1. Historic preservation through facade leases in order to preserve and rehabilitate historic
buildings and spur new development such as the Ashton Hotelo ($850,000) and the Jett
and Land Title Buildings ($1,276,000);
2. Environmental remediation to remove asbestos and support new construction, such as the
redevelopment of The Tower' into condominiums and office space ($2,887,520);
3. Utility relocation and removal for public infrastructure improvements at the site of the
Marriott Hotelo ($206,864);
4. Streetscape improvements to create a pedestrian friendly environment, such as:
a. Cassidy Corner' ($57,292)
b. Chose Bank' ($285,242)
c. Pecan Placeo ($207,000)
d. Trinity Bluff* ($1,255,792)
e. Oliver's Grocery Storeo ($97,486)
f. Third Streeto, also includes wayfinding planning ($113,01 1
g. Hunter Plaza ($400,000 — proposed);
5. Santa Fe Freight House lease, operations, and improvements ($5,104,096);
6. Sunclance Square streetscape, traffic improvements, and the construction of three new
mixed-use buildings and a plaza ($9,724,000);
7. Parking garage leases to accommodate parking needs for downtown visitors during
evenings and weekends, such as:
a. Bass Hall ($6,858,896)
b. City Center ($2,164,469)
c. City Place ($1 1,058,387)
d. Chase Bank ($9,148,798)
e. Tarrant County Family Law Center ($3,712,425)
f. The Tower ($9,685,925)
g. Insurance of garages and marketing for free-parking options ($527,996)
8. Affordable housing incentives to encourage the development of quality, affordable, and
accessible housing units, including the redevelopment of Hunter Plaza ($8,000,000);
9. Residential density and parking* incentives to generate significant new tax increment
from high rise development in the downtown core ($9,000,000);
10.Infrastructure and transportation improvements* to address the critical infrastructure
needs and ease transit accessibility on downtown corridors and sites such as Main Street,
Commerce Street, Trinity Bluff, Heritage Plaza, and Paddock Park ($1 2,150,000);
11.Retail fa5ade improvement matching grants* to help improve historic buildings' facades
that would encourage a more appealing streetscape and shopping experience
($300,000); and
12.School for Science, Technology, Engineering, and Math (STEM)* to support the
development of a public school to enhance downtown's educational offerings as well as
residential appeal ($1,000,000);
Downtown'I'll'
Amended Project and Financing Plan Page 5 of 7
l3.Sigmage* »o support and direct vehicular and pedestrian traffic ($l5O,00O); and
14.T|F District Administration for management and planning ($4,8l 1,767).
" Denotes completed projects; * Denotes new projects
The Zone is administered by Downtown Fort Worth, Inc., o 501 (c) (0) nonprofit corporation, with
assistance from the City of Fort Worth Housing and Economic Development Deportment.
Development is guided by the objectives in the Downtown Fort Worth Strategic Action Plan as
revised every lO years and adopted by the Fort Worth City [bond| as port of the City's
Comprehensive Plan.
Economic Feasibility Statement, Projections, and Methods of Financing
City staff has determined that the Project and Financing Plan is economically feasible per the tax
increment financing projections included in Exhibit "F". It is anticipated the City of Fort Worth,
Tarrant County, Tarrant County College District, Tarrant County Hospital District, and the Tarrant
Regional Water District will continue to participate in the T|F dbh|/t in order to have T|F fonds
available for T|F Project reimbursement. These financial projections also show the T|F Project
Costs are reimbursable over the course of the term oo the total increment generated exceeds the
total T|F Project Costs.
The T|Fdistrict Board of Directors will approve eligible T|F Project Costs on ocose-by-cosebasis.
Approved T|F Project [co1s will be reimbursable to the developer upon completion, as set forth in
each Development Agreement.
Bond Indebtedness
No bond indebtedness is expected to be incurred with respect to any of the project
improvements.
Estimated Timeframe
T|F projects are expected to be completed during the lifetime of the Zone. It is not anticipated
the Zone's term will be extended.
Current Taxable Values
The base value (1995) of property in the Zone is $217,893,395 (T|F 3) and $104,547,242 (T\F
3A) for a total base value of $322,440\637. The current value of property in the zone is
$687,404,750 (T|F 3) and $209,877,987 (T|F 3A) for o total current value of $897,282,737.
The Zone has grown byl78 percent since its creation inl995.
Term
The term of the Zone began on January l, 1995 and will expire on December 3l, 2025,
beginning with the tax increment co|co|ute6 by the 1995 tax appraisal and ending with the tax
increment calculated by the 2025 tax appraisal.
DowntnwnT|F
Amended Project and Financing p|av paur 6 of7
IV. Exhibits [To Immediately Follow]
A. Criteria for Reinvestment Zone
B. Boundary Map
C. Legal Description
D. Map of Existing Uses
E. Map of Current Zoning
F. TIF District Financial Projections
Downtown TIF
Amended Project and Financing Plan Page 7 of 7
Exhibit ^�A°
[information onfollowing page]
Dvwnmwnr|F
Amended Project and Financing Plan Exhibits
Sec' 31 1.005, CRITERIA FOR REINVESTMENT ZONE'
o) Tobe designated oso reinvestment zone, and area must:
l) Substantially arrest or impair the sound growth of the municipality or county designating
the zone, retard the provision of housing accommodations, or constitute on economic or
social liability and be o menace to the public health, safety, morals, or welfare in its
present condition and use because of the presence of:
A) A substantial number of substandard, slum, deteriorated, or deteriorating structures;
B) The predominance of defective or inadequate sidewalk or street layout;
C) Faulty lot layout |n relation to size, adequacy, accessibility, orusefulness;
D) Unsanitary or unsafe conditions;
E) The deterioration of site or other improvements;
F) Tax or special assessment delinquency exceeding the fair value of the land;
G) Defective orunusual conditions oftitle;
H) Conditions that endanger life or property by fire or other cause; or
|) Structures, other than single-family residential structures, less than lO percent of the
square footage of which has been used for commercial, industrial, or residential
purposes during the preceding 12 years, if the municipality has o population of
l00,00Oormore;
2) Be predominantly open orundeveloped and, because ofobsolete platting, deterioration
of structures or site improvements, or other factors substantially impair or arrest the sound
growth of the municipality or county;
3) Be in m federally assisted new community located in the municipality or county or in on
area immediately adjacent too federally assisted new community; or
4) Be on area described in m petition requesting that the area be designated as o
reinvestment zone, if the petition is submitted to the governing body of the municipality or
county by the owners of property constituting at least 50 percent of the appraised value
of the property in the area according to the most recent certified appraisal roll for the
county in which the area is located.
a-ll Notwithstanding Subsection /ol, if the proposed project plan for potential zone includes
the use of land in the zone in connection with the operation of on existing or proposed
regional commuter or mass transit rail system, or for o structure or facility that is necessary,
useful, or beneficial to such o regional rail system, the governing body of o municipality may
designate on area as o reinvestment zone.
|n this Section, "federally assisted new community" means ofederally assisted area that has
received or will n*oa|ve assistance |n the form of loan guarantees under Title Xof the National
Housing Act, if a portion of the federally assisted area has received grants under Section
l07(o)(l) of the Housing and Community Development Act ofl974.
DuwntownT|F
Amended Project and Financing Plans Exhibit A ' PoQo 1 of l
Exhibit "B"
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DowmuwnT|F
Amended Project and Financing Plan Exhibits
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Exhibit "C"
[Information onfollowing page]
DnwntownT|F
Amended Project and Financing Plan Exhibits
Legal Description, Part 1
Beginning at a point of the intersection of a projection of the south ROW line of 3rd Street and the
west ROW line of Henderson Street, thence
Northwesterly along the west ROW line of Henderson Street to a point where said line intersects
with the south ROW line of Weatherford Street, thence
Southwesterly along the south ROW line of Weatherford Street 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 Street, thence
Northwesterly along the west ROW line of Penn Street which transitions to the south ROW line of
Forest Park Boulevard (where Forest Park Boulevard curves into Weatherford Street and Belknap
Street), thence
Following the same Forest Park Boulevard ROW line as it curves to westerly, then to southwesterly
to a point where said line intersects with the north ROW line of 5'h Street, thence
Due west along a due west projection of the north ROW line of 51h Street 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 Street, thence
Southeasterly along the west ROW line of Henderson Street 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 Street, thence
Southeasterly along the east ROW line of Cherry Street to a point where said line intersects with
the south ROW line of Weatherford Street, thence
Northeasterly along the south ROW line of Weatherford Street to a point where said line
intersects with the east ROW line of Taylor Street, thence
Southeasterly along the east ROW of Taylor Street to a point where said line intersects with the
north ROW line of 3'd Street, thence
Northeasterly along the north ROW line of 3'd Street to a point where said line intersects with the
west ROW line of Throckmorton Street, thence
Northwesterly along the west ROW line of Throckmorton Street 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 west ROW line of Houston Street, thence
Downtown TIF
Amended Project and Financing Plan Exhibit C - Page 1 of 5
Southeasterly along the west ROW line of Houston Street to a point where said line intersects with
the south ROW line of Weatherford Street, thence
Northeasterly along the south ROW line of Weatherford Street to a point where said line
intersects with the west ROW line of Commerce Street, thence
Northwesterly along the west ROW line of Commerce Street to a point where said line intersects
with the north ROW line of Belknap Street, thence
Southwesterly along the north ROW line of Belknap Street to a point where said line intersects
with the west ROW line of Houston Street, thence
Northwesterly along the west ROW line of Houston Street to a point where said line intersects
with the south ROW line of Franklin Street, thence
Westerly along the south ROW line of Franklin Street to a point where said line intersects with the
east ROW line of Taylor Street, thence
Northwesterly along the east ROW line of Taylor Street 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
Street (Cummings Street turns westward as depicted on the TAD tax maps), thence
Easterly along the said projection and north ROW line of Cummings Street to a point where said
line turns southeasterly along the east ROW line of Cummings Street, thence
Southeasterly along the east ROW line of Cummings Street to a point where said line intersects
with what would be the projection of the north ROW line of Peach Street, thence
Northeasterly along the north ROW line of Peach Street to a point where said line intersects with
the east ROW line of the Burlington Northern Santa Fe Railroad, thence
South-southeasterly along the east ROW line of the Burlington Northern 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 Street, thence
Northwesterly along the east ROW line of Calhoun Street to a point where said line intersects
with the north ROW line of 7,h Street, thence
Southwesterly along the north ROW line of 71h Street to a point where said line intersects with the
west ROW line of Burnett Street, thence
Northwesterly along the west ROW line of Burnett Street to a point where said line intersects with
the south ROW line of 3'd Street, thence
Downtown TIF
Amended Project and Financing Plan Exhibit C- Page 2 of 5
Southwesterly along the south ROW line of V Street too point where said line intersects with the
west ROW line of Henderson Street which b the point of beginning.
Legal Description, Pori 2
The boundaries of the Zone cut out the following land descriptions:
Tarrant County College Acquisition Area
Beginning at o point which is the intersection of the north RC>VV line of Weatherford Street and
the east ROW line of Commerce Street |n Downtown Fort Worth, Tarrant County Texas, thence
Easterly along the north ROW line ufWeatherford Street where said line intersects with the west
ROW of Jones Street, thence
Northerly along the west RC>VV line of Jones Street where said line intersects with the north ROW
of Belknap Street, thence
Easterly along the north RC)VV line of Belknap Street where said line intersects with the west ROW
of Pecan Street, thence
Northerly along the west ROW line p[ Pecan Street where said line intersects with the south ROW
of Bluff Street, thence
Easterly along the south ROW line of 8|uR Street where said line intersects with the east Lot Line
of Lot #l320-5-lO, thence
Northerly along the east Lot Line of Lot /f1320'5'10 where said line intersects with the south lot
line of Land 600 Block Lot #lJA, thence
Westerly along the south lot line of Land 600 Block Lot #lJAwhere said line intersects with west
lot line of Land 600 Addition Block Lot l5/\ thence
Northerly along the west lot line of Land 600 Addition Block Lot 1 5 where said line intersects
with the center line of the Trinity River, thence
Westerly along the center line of the Trinity River where said line intersects with the east RC)VV
line ofMain Street, thence
Southerly along the east ROW line of Main Street where said line intersects with the north R[)VV
line of Franklin Street, thence
Easterly along the north ROW line mf Franklin Street where said line intersects with the east RC)VV
line of Commerce Street, thence
Southerly along the east ROW line ofCommerce Street where said line intersects with the north
ROW line of Weatherford Street, which is the point of beginning.
Do*nmwnT|F
Amended Project and Financing Plan Exhibit C' Page 3of5
_
Tandy Tech Center
Beginning at o point which is the intersection of the south R(}\A/ line of Weatherford Street and
the east ROW line of Cherry Street in Downtown Fort Worth, Tarrant County Texas, thence
Southerly along the most ROW line of Cherry Street where said line intersects with the north HOW
of l`' Street, thence
Easterly along the north ROW line of l° 5trmm1 where said line intersects with the most R(]VV of
Burnett Street, thence
Southerly along the east R(JVV line of Burnett Street where said line intersects with the north RC)VV
of 2nd Street, thence
Easterly along the north ROW line of 2"a Street where said line intersects with the west ROW of
Taylor Street, thence
Northerly along the west RC)VV line Taylor Street where said line intersects with the south ROW of
Weatherford Street, thence
Westerly along the south DOVV line mfWeatherford Street where said line intersects with the east
RC]VV of Cherry Street, which is the point of beginning.
Transport Life Building (714 N. Main Street)
The entirety of Lots 9, l{\ ll, and 12 of Block 108 in Downtown Fort Worth, Tarrant County,
Texas.
Legal Description, Part 3
The boundaries of the Zone added the following land descriptions:
Beginning at o point ofthe intersection of the east kOVV line ofCummings Street and south R[)VV
line of Peach Street, thence
Easterly along the south ROW line of Peach Street to o point where said line intersects with the
east property line of Block 124, Lot 9/\ of the Fort Worth Original Addition, thence
Northerly from the east property line of Block 124, g/\ of the Fort Worth Original Addition to o
point where said line intersects with the north R{JVV line of Peach Street and the east R{JVV line of
Samuels Avenue, thence
Westerly from the most R(]VV line of Samuels Avenue to o point vvhmrm said line intersects the
southeast Property Line of Block l, Lot 5R of the Cummings-Boaz Addition, thence
Westerly along the south property line of Block l, Lot 5R of the Cummings-Boaz Addition too
point where said line intersects the east property line of Lot 1 8 of the Cummings Addition, thence
Northerly along the most property line of Lot l88 of the Cummings Addition to o point where said
line intersects the north property ||nm of Lot I 8 of the Cummings Addition,thence
Dn°nto*nT|F
Amended Project and Financing P|nv Exhibit[ ' Page 4of5
Westerly along the north property line of Lot 1 8 to o point where said line intersects the east
property line of Lot 4Aofthe Cummings Addition, thence
Northerly along the east property line of Lot 4Aofthe Cummings Addition to o point where said
line intersects the north property line of Lot 4A of the Cummings Addition, thence
Westerly along the north property line of Lot 44 to a point where said line intersects the east
ROW line of Cummings Avenue, thence
Southerly along the east R{}VY line of Cummings Avenue to o point where said line intersects with
south RC)VV line of Peach Street, which is the point of beginning.
Dvw^t"wnT|p
Amended Project and Financing p|v^ Exhibit[ Page 5of5
Exhibit "D"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
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[Information on following page]
DnwnmwvT|p
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Zoning
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[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
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City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION- Approved,on 9/2412013 -Ordinance No. 20975-0-2013,
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DATE: Tuesday, September 24, 2013 REFERENCE NO.: G-18025
LOG NAME: 17TIF3AMENDPLAN
SUBJECT:
Conduct a Public Hearing and Adopt Ordinance Amending the Project and Financing Plan for Tax
Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, Downtown TIF (COUNCIL
DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning an amendment to the Project and Financing Plan for Tax
Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, Downtown TIF, as set forth in
Exhibit A of the attached Ordinance, to afford an opportunity for interested persons to speak for or against
the proposed Amendment, the boundaries of the Downtown TIF district or the concept of Tax Increment
Financing; and
2. Close the public hearing and adopt the attached ordinance approving the amended Project and
Financing Plan for the Downtown TIF district.
DISCUSSION:
The Downtown TIF Project and Financing Plan (Plan)was initially approved by the Downtown TIF board
of directors on September 17, 1998 and subsequently approved by City Council on October 6, 1998
(Ordinance No. 13603).
The Plan has been amended by the TIF board, as approved by the City Council, on two previous
occasions:
1. February 25, 2003, (Ordinance No. 15464) included the addition of environmental remediation
projects as an allowable project cost, as approved by the TIF board of directors on February 17,
2003; and
2. April 17, 2012, (Ordinance No. 20169-04-2012) allowed the TIF district to support the
development of affordable housing, as approved by the TIF board of directors on March 22, 2012.
On September 16, 2013, the TIF board of directors voted to amend the Plan to add projects that would
allow the TIF district to continue and expand revitalization efforts in Downtown Fort Worth by raising the
total projects funded by the TIF district from the amount of$72 million to $100 million. Tax increment
deposits from local governments will also be subject to a $5 million annual cap. Downtown TIF projects
can be broken down into fourteen categories: (1) historic preservation, (2) environmental remediation, (3)
utility relocation and removal, (4) streetscape improvements, (5) Santa Fe Freight House redevelopment,
(6) Sundance Square project, (7) parking garage leases, (8) affordable housing, (9) residential density and
parking, (10) infrastructure and transportation improvements, (11) retail fagade improvement matching
Logname: 17TIF3AMENDPLAN Pagel of 2
grants, (12) School for Science, Technology, Engineering and Math (STEM), (13) signage and (14)
administration. Details of specific projects can be found in the amended Plan. As new investments are
attracted and revitalization is encouraged, the area will continue to become an economically viable, mixed-
use destination for all to enjoy.
Before the amended Project and Financing Plans can take effect, state law requires the City Council
approve the amended Plan by Ordinance after holding a public hearing at which interested persons may
speak for or against the proposed Amendment, the boundaries of the Downtown TIF district or the concept
of Tax Increment Financing.
In accordance with state law, notice of the public hearing was published in a newspaper having general
circulation in the City at least seven days prior to the date of the hearing.
The projects contained within the Project and Financing Plan are located in COUNCIL DISTRICT 9.
FISCAL INFORMATION CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Cynthia Garcia (8187)
Robert Sturns (8003)
Additional Information Contact: Marguerite Jones (2235)
Logname: 17TIF3AMENDPLAN Page 2 of 2