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HomeMy WebLinkAboutOrdinance 15774OlDINANCE N®. AN ORDINANCE AIVIENDING ORDINANCE NO. 14441 BY TERMINATING TAX INCREMENT REIl~f VESTl~~dENT ZONE NUMBER FIVE, CITY OF FORT WORTH, TEXAS; DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE ANI) TERMINATION DATES FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE; AND CONTAINING OTHER 1VIATTERS RELATED TO THE ZONE. WHEREAS, on December 19, 2000 the City Council of the City of Fort Worth, Texas (the "City") adopted Ordinance No. 14441 designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas (the "Dell TIF"); and WHEREAS, the primary purpose of the Dell TIF was to facilitate the construction of infrastructure in the vicinity of a new business facility that Dell Computer Corporation planned to construct within the boundaries of the Dell TIF; and WHEREAS, because Dell Computer Corporation no longer intends to construct such a business facility in the foreseeable future, the need for the Dell TIF no longer exists; and WHEREAS, the City Council still desires to promote the development of land in the vicinity of the Dell TIF, specifically that certain contiguous geographic area in the City which is more specifically described in Exhibit "A" of this Ordinance (the "Zone") and whose. boundaries include much of the land originally designated as the Dell TIF, through the creation of a new reinvestment zone as authorized by and in accordance with Page I of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas the Tax Increment Financing Act, codified at Chapter 311 of the.Texas TaxCode (the "Code"); and WHEREAS, on or about October 9, 2003 the City provided written notice to the governing body of each taxing unit that levies real property taxes in the Zone of (i) the City's intent to establish the Zone; (ii) a description of the boundaries of the Zone; (iii) the City's tentative plans for development of the Zone; and (iv) an estimate of the general impact of the Zone on property values and tax revenues; and WHEREAS, the governing body of each county and school district that levies real property taxes in the proposed Zone has waived the requirement imposed by Section 311.003(e) of the Code that the City provide such written notice at least sixty (60) days prior to the date of the public hearing conducted pursuant to Section 311.003(c) of the Code; and WHEREAS, the City has prepared a preliminary financing plan for the Zone and provided a copy of that plan to the governing body of each taxing unit.that levies taxes on real property in the Zone, as required by Section 311.003(b) of the Code; and WHEREAS, in accordance with Section 311.003(f) of the Code, on November 11, 2003 the City made a single formal presentation to the governing body of each county and school district that levies real property taxes in the Zone, as agreed to by such governing bodies, which presentation, among other things, included (i) a description of the proposed boundaries of the Zone; (ii) the City's tentative plans for development of the Zone; and (iii) an estimate of the general impact of the Zone on property values and tax revenues; and Page 2 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas WHEREAS, on December 2, 2003 and December 9, 2003 the City Council held a public hearing regarding the creation ~of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, as required by Sections 311.003(c) and (d) of the Code; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 25, 2003, which satisfies the requirement of Section 311.003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; NOW, THEREFORE, EE IT ORDAINED ~Y THE CITY COUNCIL ®F THE CITY OF FORT WORTH, TEXAS: Section 1. TERMINATION OF DELL TIF That the City Council hereby amends Section 4 of Ordinance No. 14441 by changing the termination date of Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas from December 19, 2040 to December 2, 2003. Accordingly, Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas is hereby terminated. Page 3 oF9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas Section 2. FINDINGS. That after reviewing all information before it regarding the establishment of the Zone and after conducting a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment fmancing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, the City Council hereby makes the following fmdings of fact: 2.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. Therefore, the City has met the notice and procedural requirements established by the Code for creation of a reinvestment zone under the Code. 2.2. Development of the Zone will not occur solely through private investment in the foreseeable future. 2.3. Improvements in the Zone, including, but not limited to, those previously outlined to the City Council and the governing bodies of all other taxing units that levy real property taxes in the Zone, will significantly enhance the value of all the taxable real property in the Zone and will be of general benefit to the City. 2.4. The area within the Zone is contiguous, predominantly open and is located between the central city area of the City and Fort Worth Alliance Airport, a corridor of the City that is likely to become increasingly vital to the City's future development and economic well-being. However, the area lacks adequate Page 4 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas infrastructure and methods of ingress and egress, and attempts at private development in the area have not been successful. Because of these and other factors, the area within the Zone substantially impairs and arrests the sound growth of the ,City. The area within the Zone therefore meets the criteria for designation of a reinvestment zone and satisfies the requirements of Section 311.005 of the Code. 2.5. No more than ten percent (10%) or less of the property in the Zone is used currently for residential purposes, as specified by Section 311.006 of the Code. 2.6. According to the most recent appraisal roll of the City, the total appraised value of all taxable real property in the Zone and in existing reinvestment zones in the City does not exceed fifteen percent (15%) of the total appraised value of taxable real property in the City and in industrial districts created by the City, if any. 2.7. The Zone does not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. Section 3. DESIGNATION OF NEW ZONE. That the City Council hereby designates the Zone described in the boundary description and depicted in the map, both attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with the Code. This reinvestment zone shall be known as "Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas." Page 5 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas Section 4. ZONE BOARD OF DIRECTORS. That a board of directors for the Zone ("Board") is hereby created. The Board shall consist of thirteen (13) members who shall serve for terms of two (2) years each. Of these thirteen (13) members, each taxing unit other than the City that levies taxes on real property in the Zone may, but is not required to, appoint one (1) member to the Board. After each taxing unit other than the City designates to the City either the name of the member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to waive its right to appoint a member, the City Council shall appoint whatever number of members are necessary to fill the remaining positions on the Board. Such members may be members of the City Council. Section 5. TERM OF ZONE. That the Zane shall take effect upon the adoption of this Ordinance and terminate on the earlier of (i) December 31, 2019 or an earlier termination date designated by an ordinance adopted after the effective date of this Ordinance or (ii) the .date on which all project costs, tax increment bonds and interest on those bonds have been paid in full. Section 6. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base for the Zone, as defined by Section 311.012(c) of the Code, shall be the total appraised value of all real property in the Zone taxable by a Page 6 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas taxing unit for the year 2003, which is the year in which the Zone was designated as a reinvestment zone. Section 7. TAX INCREMENT FUNID. That a tax increment fund for the Zone (the "TIF Fund") is hereby established. The TIF Fund may be divided into additional accounts and sub-accounts authorized by resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311.012(a) of the Code, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund under an agreement with the City authorized by Section 311.013(f) of the Code, plus (ii) eighty percent (80%) of the City's tax increment, as defined by Section 311.012(a) of the Code, subject to any binding agreement that the City has executed as of the effective date of this Ordinance that pledges all or a portion of such tax increment for another purpose. The TIF Fund shall be maintained in an account at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. In addition, all revenues from (i) the sale of any obligations hereafter issued by the City and secured in whole or in part from the tax increments; (ii) revenues from the sale of any property acquired as part of a tax increment financing plan adopted by the Board; and (iii) other revenues dedicated to and used in the Zone shall be deposited into the TIF Fund. TIF Funds will be used solely in accordance with Section 311.014 of the Code. Page 7 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas Section 8. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment agreements with taxing units that levy real property taxes in the Zone. Section 9. SEVERADII.ITY. 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 10. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS S® ORDAINED. ADOPTED AND EFFECTIVE: /2-0903 Page 8 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, Gity of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney Date: /2- 0 ~= D3 Page 9 of 9 Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas r LEGEyD -i ~ ~ - ..,: - /l - -Y,- ~ III ~ ~ ~~ ~ ; ., C ~ .Y ~`~ ZONING CATEGORY ACRES. ± '~ -~- I ~ ~ ~ ti i ' II x IAR SINGLE FAMILY--0ETACHeD' 3Gc2 ( I', ~~I!fT /1 ~ - ~_ '`~ ~ r}.ElLE9 HICKS ~ ~,r~!~ ~-* y ~ ~ ~ "' A5` SINGLE FAMILY-0EiACHED 31,9 t '*`, ~ ~! ~ ( ' , ~ ~ ' ` ' n n C MULTFFAMILY-GREATER DENSITY 30$.2 ,~ I _ _ - i ~' ' ~,~ { , ~ L- I °Oh1° "E" OFRICE~IDRISE COMMERCIAL 81'.7 93,0 f - ~~ ' , _ ~ ~ -"- ~ I I~ ,_ ~ :. `, - J ~ ;: . , i ~._.. 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(2,008 -!~ Ac.) ~ Qv;.Gc S~Ia.I.~ Fxt R EXIlBl'1' A LEGAL DESCRIl'TION TIF DISTRICT Being a tract of land situated in the William McCowen Survey, Abstract No. 99, Tarrant County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at an axle.. found at the southwest .corner of that Tract 1 as described in a Deed to Ellesmere Uwestments Corporation, N.V. as recorded in Volume 661:7, Page 99 of the County Records of Tarrant County, Texas, said point being called the southwest coi7ier of said McCowen Survey therein; THENCE northerly along the west line of said Ellesmere Tract and along the west line ofsad McCowen Survey at 2466.71 feet pass<on 5/8 inch iron rod: in the southerly right-of-way line of Harmon Road where it turns north, and.continue on passing`the southerly right-of--way line.of State Highway No. 287 and there weaving said Ellesmere tract and continuing notherly across said Highway 287, and along Hairnon Road to a point which is 2604 feet south of the northwest corner of that tract of land described in a deed of Societe Generele Financial Corporation as recorded in Volumel4?38, Page 59 of the Deed Records of Tarrant County, Texas, said point being the intersection of the. centerline of Harmon Road with the south. right-of-way line of Park Glen Boulevard; THENCE N 89° 24' 01" E, 1763 feet, leaving the. center line of Harmon Road; THENCE N 00° 00' 00" E, at approximately2700 feet pass. the north right-of: way line ofParlc Glen Boulevard, in all a distance of 3125 feet; THENCE S 89° 58' 26" E, 903 feet; THENCE N 00° 03' 2w" W, 1484 feet to a point in the City of Fort Worth City limit line as described in City Ordinance Number 9689; THENCE easterly 1576 feet along the boundary of said annexation traet'to the westerlyright-of- way line of Interstate Highway 35W,,said point being the northwest corner of a judgment filed in Volume 4186, Page 386 of said CountyRecords; THENCE continuing. easterly across Highway 35W, 350: feet to the easterly right-of-way line of said Highway 35W THENCE northerly 4845 feet .more or less along the easterly right-of--way line of said Highway 35W, to the southerly right-of--way line of Golden Triangle Boulevard; G:\j ob\011530\civ~sur\07153001.LEG. DOC THENCE easterly 2420 feet more or less, along the southerly. right of wayline of C;olden Triangle Boulevard to the westerlyright-of: way line of Old Denton Road, said point being the northeast corner of that tract of land described in a Deed to H.R. Perot as recorded in VolLtme 8494, Page 1570 of said CountyRecords THENCE southerly 11, 146 feet more or less, along the westerlyright-of-way line of said Old Denton Road to a point in the northerly line of that tract of and described in a Deed to L.W. Lobb as recorded in Deed Volurne 2221, Page 413 of said County Records; THENCE westerly :along the .north line of said Lobb tract 990 feet to the northeast corner of Tract 2 of those tracts. of land described in a Deed to Hillwood/ZS00, LTD.. As recorded in Deed. Volume 9409, Page 1403 of said County Records, and being the northwest corner of said Lobb tract; THENCE southerly alongthe line .common to said Lobb and Hillwood tracts 1775 feet, more or less, to the northwest corner of that tract of land described>n a Deed to Lowell Hughes as recorded in Deed Volume 43$9, Page 780 of said County Records; THENCE easterly along the northerly boundary line of said Hughes tract 533 feet to an ell corner of said tract; THENCE southerlyalong the boundary line of said Hughes tract 180 feet;. . THENCE easterly along the boundary line of said Hughes tract 440 feet to the westerly right-of-- way line of said Old Denton Road; THENCE southerly along the westerly right-of--way line of Old Denton Road 1740 feet, more or less, to the southerly line of that :certain Tract 8 of said'Hillwood/2500, LTD. Tracts (Volume. 9409, Page 1403); T13ENCE westerly 2945 feet along the outherly line of said Hillwood/-2500, LTD. tract 8, #o the easterly right-of--way line of said Highway 35 W; THENCE southerly along the easterly right=of-way ine 15.00 feet more or less, to the south line of said McCowen Survey;.: THENCE westerly along the south line of saidMcCowen survey'crossing said Highway 35 W, and the crossing to the westerly right-of-way line of said Highway 287, passing the southeast corner of said Ellesmere Investments Tract and contanning<along the south line. of said 1VIcCowen Survey and along the south line of said Ellesmere tract 3876.76 feet from the southeast corner of said Ellesmere tract as called for in said Deed to POINT OF BEGINNING, and containing 2008 acres of land, more or less. G:\job\011530\civ\sur\0115300I.LEG.DOC 2 Ci~r ®f F®rt VV®rth, ?"exas Mayor and Council Communication COUNCIL ACTION: Approved on 12/9/2003 -Ordinance No. 15774 CONTINUED FROM A PREVIOUS WEEK DATE: Tuesday, December 02, 2003 LOG NAME: 17HEARINGTIF7 REFERENCE NO.: G-14178 SUBJECT: Public Hearing and Ordinance Designating Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas (North Tarrant Parkway) RECOMMENDATION: It is recommended that the City Council Hold a public hearing concerning the designation of Tax Increment Reinvestment Zone Number Seven City of Fort Worth, Texas; and 2. Adopt the attached ordinance which designates Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas pursuant to Texas Tax Code, Chapter 311 (the Act) and make findings as set forth in that ordinance. DISCUSSION: The proposed Tax Increment Reinvestment Zone Number Seven, being referred to as the North Tarrant Parkway TIF (the TIF), is located in north Fort Worth. The exact boundaries of the property are described in Exhibit A of the attached Ordinance. The TIF will expire on December 31, 2019, or the earliest date as of which all TIF project costs have been paid. The TIF is intended to reimburse developers who have paid the City's portion of two infrastructure projects related to North Tarrant Parkway, under a contract between the City and the Texas Department of Transportation. The ordinance provides that the City will contribute 80% of its tax increment to the TIF. This public hearing is required by the Act. Notice of this hearing was (1) delivered to the governing body of each affected taxing unit, and (2) published in a newspaper of general circulation at least seven days prior to this meeting. The proposed area meets the criteria for the designation of a reinvestment zone, in that the area is reasonably likely, as a result of the designation, to contribute to the retention or expansion of primary employment- or to attract major investment in the Zone that would be a benefit to the property and that would contribute to the economic development of the City. Further, the improvements sought in the Zone are feasible, practical and would be a benefit to the land to be included in the Zone and to the City. In addition, the proposed area meets the criteria for designation as a reinvestment zone under section 311.005 of the Act, in accordance with the findings set forth in the attached ordinance, including, but not limited to, the fact that the area lacks adequate infrastructure and methods of ingress and egress, and previous attempts at private development have been unsuccessful. Logname: 17HEARINGTIF7 Page 1 of 2 FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that the action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office bk Originating Department Head: Additional Information Contact: Reid Rector (6140) Tom Higgins (6192) Ardina Washington (8003) Peter Vaky (7601) T,n~na.me: 17HRARTNC'TTTF'7 PaaP ~ of ~