HomeMy WebLinkAboutFWRILGC-2025-02 - Research & Innovation Local Government Corporation (RILGC) - ResolutionRESOLUTION NO. FWRILGC-2025-02
RESEARCH AND INNOVATION LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF DIRECTORS
APPROVING AN AGREEMENT WITH TAX INCREMENT REINVESTMENT
ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS (TIF 3) FOR THE
REIMBURSEMENT OF $20,000,000.00, PLUS INTEREST COSTS AND OTHER
EXPENSES RELATED TO DEBT ISSUANCE AND REPAYMENT, FOR PUBLIC
IMPROVEMENTS MADE IN THE SOUTHEAST QUADRANT IN TIF 3.
WHEREAS, the Research and Innovation Local Government Corporation ("RILGC") is
a local government corporation created by the City of Fort Worth with the purpose of promotion
and transformative development and redevelopment of the southeast quadrant of downtown Fort
Worth;
WHEREAS, the Board recognizes the importance of the role of the RILGC to actively
participate in the funding and construction of public improvements that promote and transform the
development and redevelopment of the target area;
WHEREAS, the RILGC intends to issue $40,000,000.00 in debt to fund public
improvements within the quadrant;
WHEREAS, the boards of Tax Increment Reinvestment Zones Three and Eight, City of
Fort Worth, Texas have each authorized contributing increment to the cost of these improvements,
and such costs are within the project and financing plan for each such zone;
WHEREAS, the Board desires to enter into an agreement with Tax Reinvestment Zone
Number Three, City of Fort Worth, Texas ("TIF 3" or the "TIF"), for the TIF to reimburse the
RILGC $20,000,000.00, plus interest costs and other expenses related to debt issuance and
repayment, for the public improvements; and
WHEREAS, the total amount required for the repayment of $20,000,000.00 in debt,
including principal and interest costs, costs of issuance, and other expenses, will depend on a
variety of factors, including the bonds' maturity date and interest rate and whether the bonds are
defeased, refunded, or retired prior to their stated maturity date; for example, $20,000,000.00 in
bonds that are issued at 4% interest on a 20-year basis and held to maturity would cost a total of
approximately $36,204,000.00 to repay.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD THAT:
SECTION 1. The recitals set out above are adopted in their entirety.
SECTION 2. The Board approves an agreement with Tax Increment Reinvestment Zone
Number Three, City of Fort Worth, Texas, reimbursing the RILGC an amount of $20,000,000.00,
RESOLUTION NO. FWRILGC-2025-02
PAGE 2
plus interest costs and other expenses related to debt issuance and repayment, for public
improvements made in the southeast quadrant in TIF 3 by the RILGC.
SECTION 3. This Resolution shall take effect immediately from and after its passage.
Adopted this August 26, 2025.
&k �,�, By:
Elizabeth Beck
President
Attest:
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Jannette S. Goodall
Corporate Secretary