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HomeMy WebLinkAboutOrdinance 15797ORDINANCE N®. ~~7~7 AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS GEOGRAI'IIIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE AND TERMINATION DATES FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND FOR TIME ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, the City Council desires to promote the development of a certain contiguous geographic area in the City, which is more specifically described in Exhibit "A" of this Ordinance (the "Zone"), through the creation of a new reinvestment none as authorized by and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code; and WHEREAS, on or about Noveax~ber 12, 2003 the City provided written notice to the governing body of each taxing unit that levies real property taxes in the Zane 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 Zane 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 Texas Tax Code that the City provide such written notice at least sixty (fi0} days prior to the date of the public hearing conducted pursuant to Section 311.003{c} of the Texas Tax Code; and Page i Ordinance Ilesignating Talc increment Reinvestment Zone Dumber Dine, City of Fort Worth, Texas WHEREAS, the City has prepared a preliminary fuaancing 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 Texas Tax Code; and WHEREAS, in accordance with Section 311.003(fl of the Texas Tax Code, on November 25, 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 WHEREAS, on December 9, 2003 and December 16, 2003 the City Council held a public hearing regarding the creation of the Zone and its benefits to the City and to properky 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 Texas Tax Code; and WHEREAS, notice of the public hearing was published :~ a newspaper of general circulation in the City on December 2, 2003, which satisfies the requirement of Section 311.003(c) of the Texas Tax Code that publication of the notice occur not later than the seventh day before the date of the public hearing; Page 2 Ordinance Designating Tax Increment Reinvestment done Number Nine, City of Fort Worth, Texas NOW, THEREFORE, BE IT ORDAINED BY THE CITY COU1o1CTL OF THE CITY OF FORT WORTH, TEXAS: Section 1. FINDINGS. That after reviewing all infarmation before it regarding the establishment of the Zone and after conducting a public hearing regarding the creation of the Zone and its benefts to the City and to property in the Zone and affording a reasonable opportunity far (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, 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. Therefore, the City laas met the notice and procedural requirements set forth in Chapter 311 of the Texas Tax Code for creation of a reinvestment zone thereunder. 1.2. Development of the Zone as a whole will not occur solely through private investment in the foreseeable fitture. 1.3. 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. Page 3 Ordinance Designating Tax Increment Reinvestment .Zone Number Nine, City of I~'ort Worth, 'T`exas ~.4. The area within the Zone is contiguous. 1.5. Portions of the land within the Zone are located within the City's North Enterprise Zane, which was designated by the State of Texas pursuant to and in accordance with Chapter 2303 of the Texas Government Code. Therefore, as provided by Section. 2303.507(1 } of the Texas Government Cade and Section 311.0031 of the Texas Tax Code, designation of these areas of the Zone by the State of Texas as an enterprise zone also constituted designation of these areas as a reinvestment zone under Chapter 311 of the Texas Tax Code without additional hearing and procedural requirements of the City Council. 1.6. Among other things, the area within the Zone includes land that is strategically located along the Clear Fork and West Fork of the Trinity River adjacent to and north of the City's downtown, but that has been underutilized because of (i) the risk of flood, which risk could be alleviated through the construction of a hydraulic dam and bypass channel, and (ii) the existence a large, unsightly power plant that is outdated. Taking all facts into consideration, the area within the Zone, whether or not located in the North Enterprise Zone, substantially impairs and arrests the sound growth of the City, retards the provision of housing accommodations and constitutes an economic liability and a menace to the public health and safety because of (i) a substantial number of substandard, deteriorated and deteriorating structures; (ii} the predominance of inadequate sidewalk and street layouts; (iii) faulty lot layout in relation to size, adequacy, accessibility and usefulness; (iv) unsanitary and unsafe conditions; (v} the deterioration of site and other improvements; and (vi) conditions that endanger life and property by fire ar Page 4 Ordinance Designating Tax Increment Reinvestment Zone Number Nine, City oFFort Worth, Texas other cause. Therefore, the area within the Zone meets the criteria for designation of a reinvestment zone and satisfies the requirements of Section 311.005 of the Texas Tax Cade. 1.7. No more than ten percent (10%) or less of the property in the Zone is used currently for residential purposes, as specified by Seetian 311.006 of the Texas Tax Code. I.S. According to the most recent appraisal roll ofthe 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 (1S%) afthe total appraised value of taxable real property in the City and in industrial districts created by the City, if any. I.9. The Zone does not contain rrwre than fifteen percent (15%} of the total appraised value of real property taxable by any county or school district. 1.10. Designation of the Zone is consistent with the City Council's desire to encourage the itxlpraveent and redevelopment of areas in proxizar~ity to the Trinity River and the downtown area of the City, and it is contemplated that the board of directors of the Zone and the board of directors of Tax lnerement Reinvestment Zone Number Three, City of Fort Worth, Texas (Downtown T1F) will work together to implement this objective by use of, among other things, the powers granted pursuant to Section 311.010(b) afthe Texas Tax Code for projects adjacent to the Trinity River and in the downtown area of the City. Page S (hdinance I]esignating Tax Increment Reinvestment Zone Number Noe, City of Fort Worth, Texas Section. Z. RESIGNATION OF ZONE. That the City Council hereby designates the Zane described in the boundary description and depicted in the map, both attached hereto as Exkiiiit "A" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with Chapter 311 of the Texas Tax Cade. This reinvestment zone shall be 1cnoWn as "Tax lncrement Reinvestment Zane Number Nine, City of Dart Worth, Texas." Section. 3. ZONE BOARD OF DIRECTORS. That a board of directors for the Zone (uSoa~d") is hereby created. The Board sha11 consist of eleven (11) members who shall serve for terms of two (2) years each. Of these eleven (l l) members, each taxing unit other than the City that levies taxes an 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. As provided by Section 311.010{e) of the Texas Tax Code and subject to the provisions of this Ordinance, the Board shall have all 1ega11y permissible powers granted to it by Chapter 311 of the Texas Tax Cade. Among such powers, the Board may enter into agreements that the Board considers necessary ar convenient to implement the Zone's project and financing .plans, including, but not Page 6 Ordinance 1~esignating Tax lncrement Reinvestment Zone Dumber Nine, City of Fore Worth, Texas limited to, agreements that dedicate revenue from the TIF Fund (as defned in Section 6 of this Ordinance) to pay the costs of providing affordable housing or areas of public assembly in or out of the Zone. Notwithstanding anything to the contrary herein, the Board sha11 not be authorized to (i) issue bonds; {ii) impose taxes or fees; (iii) exercise the paver of eminent darrtain; or (iv) give final approval to the Zone's project and financing plans. Section 4. TERM ®F Z(3NE. That the Zone shall take effect upon the adoption of this Ordinance and terminate on the earlier of (i) December 31, 2028 or an earlier tear~xzination 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 fu11. Section 5. I~ETERMINATI®N ®F TAX INCREMENT BASE. That the tax increment base for the Zone, as defined by Section 311.012(c) of the Texas Tax Code, shall be the total appraised value of all real property in the Zone taxable by a taxing unit for the year 2003, which. is the year in which the Zone was designated as a reinvestment zone. Page 7 Ordinance Designating Tax Increment Reinvestment Zone Number Nine, City ofi Fort Worth, Texas Section 6. T.r~X ANCREMENT FiINA. That a tax increment fund for the Zone (the "TTF Fund") is hereby established. The T1F Fund sway be divided into additional accounts and sub-accounts authorized by resolution or ordinance of the City Council. The T1F Fund shall consist of (i} the percentage of the tax increment, as defined by Section 311.012(a} ofthe Texas Tax 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} ofthe Texas Tax Code, plus {ii} eighty percent {SO°/a) of the City's tax increment, as defined by Section 311.012(x} of the Texas Tax Code, subject to any binding agreement executed at any time by the City that pledges a portion of such tax increment or an amount of ether legally available funds whose calculation is based on receipt of any portion ofsuch tax increment, and specifically excluding any tax increment generated by the real property covered in that certain Economic Development Program Agreement with Pier-FTW, Inc. on file in the City Secretary's Office as City Secretary Contract No. 29095. The TIF Fund shall be maintained in an account at the depository bank ofthe 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 inn 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 T1F Fund. TIF Funds will be used solely in accordance with Section 311.014 of the Texas Tax Cade. Page 8 Ordinance I3esignating Tax Increment Reinvestment Zone Number Nine, City of Port Worth, Texas Sactivn 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Texas Tax Code, the City Manager and City Attariraey 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 $. SEVEItABI1C,YTY'. That if any portion, section ar part of a section of this Ordinance is subsequently declared invalid, inoperative ar void far 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 iua any ~vay be impaired or affected by such decision, opinion or judgment. Section 9. That this Ordinance shall take effect and be in full force and effect from acid after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: / Z -~ ~ D 3 Page 9 Ordinance Designating Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: By: ~ ~ Peter Vaky Assistant City Attorney Date: /Z ~ 16 ~- D3 M&C: G -~ l ~f l Rage 10 Ordinance Designating Tax lncre~nent Iteinvestrnent done NumberNine, City of Fort Worth, Texas Exhibit "A" TViap and boundary Description o~ done North ROW line East ROW line of 23`~ St of Samuels Ave Centerline of _ P Trinity River - ~ ~ ~ ~ I r West ROW line of West ROW line ~ ~ BNSF Railroad of FW&W Railroad ~ ~ ~ ~ ' _ "` ~ - -"~ South ROW line ~ ` ~ I ~ ~~ i ~ • of Norkhside Dr North ROW line ' ~ ~ ~, - ~ ~ _ of Northside Dr ` ~ ~ _ East ROW line ' ~ ' of Samuels Ave West ROW line ` ` '.. ,` :~ _ .. -' " ~W of North Maln St ~ •. _ J North Park Business Ceuter ~, ~ South prop iine Sik 9 Lot RD North ROW iine - - ~ `a. Of Grand f+'' F' North Park Business Center ti ~ ~~ -~.~, , &auth prop Eine Bik 9 l.ot RC North ROW line = ` ~ , of Terrace ~.. ~ Fruhwir#h Addition South prop line Bik i Lat Al R West ROW line of laniVerSltV Dr "` Fruhwirth Addition South prop iine of Trs 5 8~ 6E _; - .-. ,., , ~ ~ Centeriine of _ :' -- ,. , + ¢ ~, Trinity River , _ 1-:_..; ' _ - - - ~ ~ ' r ,. , Samufes Ave Baptist `" ~ 4 Church Add., South . prop iine Blk 1 Lot 1 Sauth ROW of - ~ '~ ~ i ' I _ . , ~ . _. _ ~" Mulliken Feiix Cx ' Shamrock ~ _ ' ~ ~ ,` , Survey, N prop line ` - ~ I i I ~ ~ ~ _. _ . A1045 Tr 33 West ROW iine ; i ~ i .. ; !:' ~~~.:_ - - West ROV11 iine of Vacek St .. _ I ~ ~ ~ of BNSF Railroad _, North ROW line of '~ -1 ~ South ROW line White Settlement Rd t 1 " ~ of Peach St West ROW line L , .;~,~~ ~ ~ East ROW line of FW&W Railroad ~ 1 ~ ~ , ' of Cummings South ROW line - - _~ ~ ~ ~ ~ 'I~'~ - ~ ~ ~ ~ Centeriine of ~~ North ROW iine of 7t" St .: ~ r: - ,_ - ~ ;• - - !~~ ~ : ; ~ - ~> Trinity River , _.. of Cummings • . ,', ~ - East ROW I'tne ~ •.. West ROW line North ROW of ~ , '• `' of Summit Ave of Foch St. Forest Park North ROW I'rne South ROW line North ROW South ROW line Of Weatherford of Lancaster line of S=n St af'~"' St TAX ~N~REMENT RE~NVE5TMENT ZONE #9 Tax Increment Reinvestment Zone #9 Boundary llescription Fort Worth, Texas Begizzning at a point of the .intersection of a projection of the west ROW line of FW&W railroad and the north ROW line of23rd St., thence Easterly along the north ROW line of 23Fd St. to a point where said line intersects with the east ROW line of Samuels Ave., thence Southerly along the east ROW line of Samuels Ave. to a paint where said line intersects with the centerline of the Trinity River, thence Easterly along the centerline of the Trinity River to a paint where said line intersects with the west ROW line of BNSF railroad, thence Southerly along the west ROW line of BNSF railroad to a point where said line intersects with the south ROW line ofNorthside Dr, thence Southwesterly along the south ROW line of Northside Dr. tn. a point where said line intersects with the east ROW line of Samuels, thence Southerly along the east ROW line of Samuels to a point where said line intersects with the south prnperty line of North Park Business Center Blk 9 Lot RC, thence Westerly along the property line of North Park Business Center Blk 9 Lot RC to a point where said line intersects with the south property line of North Park Business Center Blk 9 Lot RD, thence Westerly along the south property line of North Park Business Center BIk 9 Lot RD to a point where said line intersects with the south property 1rne of Fruhwirth Addition Blk 1 Lot A1R, thence Westerly along the south property line of Fruhwirth Addition Blk 1 Lot Al R to a point where said Iine intersects with the south property ling: of Fruhwirth Addition Trs 5 & 6E Westerly along the south property line of Fruhwirth Trs S & 6E to a point where said line intersects with the centerline of the Trinity River, thence Southwesterly along the centerline of the Trinity River to a point where said line intersects with the south property line of Samuels Ave Baptist Church Addition Blk I Lot 1, thence Easterly along the south property line of Samuels Ave Baptist Church Addition Blk 1 Lot 1 to a point where said line intersects the east ROW line of Samuels Ave., thenca Northerly along the east ROW line of Samuels Ave to a point where said line intersects the north properly line of Mulliken Felix G Survey A1045 Tr 33, thence Easterly along the north property line of Mulliken Felix G Survey A1045 Tr 33 to a point where said line intersects the west ROW line of BNSF railroad, thence Southward along the west ROW line of BNSF railroad to a paint where said line intersects the south ROW line of Peach St., thence Southwesterly along the south ROW line of Peach St. to a point where said line intersects the east ROW line of Cummings, thence Northwesterly along the east ROW of Cummings to a point where said line intersects the north ROW line of Cummings, thence Westerly along the north ROW line of Cummings to a point where said line intersects the centerline of the Trinity River, thence Southwesterly along the centerline of the Trinity River to a point where said line intersects with the north ROW line of 5`" St., thence Easterly along the north ROW line of 5~" St. to a point where said line intersects the north ROW line of Forest Park Boulevard, thence Northward along the north ROW line ofFarest Park Boulevard to a point where said line intersects the north ROW line of Weatherford St., thence Northeasterly along the north ROW line of Weatherford St. to a point where said line intersects the east ROW line of Summit Ave., thence Southerly along the east ROW line Sunnrnit Ave. to a point where said line intersects the south ROW line of 7`" Street, thence Westerly along- the south ROW line of 7`" Street to a paint where said line intersects the north ROW line of Forest Park Boulevard, thence Southerly along the north ROW line of Forest Park Boulevard to a point where said line intersects the south ROW line of Lancaster, thence Westerly along the south ROW line of Lancaster to a point where said line intersects the west ROW line of Foch St., thence Northward along the west ROW line of Foch St. to a point where said line intersects the south ROW line of 7'" Street, thence 2 Easterly along the south ROW line of 7t'' St. to a point where said line intersects the west ROW line ofFW&W railroad, thence Northward along the west ROW line of FW&W railroad to a point where said line intersects the north ROW line of White Settlernent Rd., thence Easterly along the north ROW line of White Settlement Rd. to a point where said line intersects the west ROW line of Vacek St., thence Northward along the west ROW line of Vacek St, to a point where said line intersects the south ROW tine of Shamrock, thence Westerly along the south ROW line of Shamrock to a paint where said line intersects the west ROW line of University Dr., thence Northward along the west ROW line of University Dr. to a point where said line intersects the north ROW line of Terrace, thence Northward along the north ROW line of Terrace to a paint where said line intersects the north ROW line of Grand, thence Northward along the north ROW line of Grand to a point where said line intersects the west ROW line of North Main St., thence Northward along the west ROW North Main St. to a point where said line intersects the north ROW line of Northside Dr., thence Westward along the north ROW line of Northside Dr. to a point where said line intersects the west ROW line of BNSF railroad, thence Northward along the west ROW line of BNSF railroad. to a paint where said line intersects with the north ROW line of 23rd St., which is the paint of beginning.