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Home My WebLink About26-0024 - 2026-02-03 - Informal ReportINFORMAL REPORT TO CITY COUNCIL MEMBERS No. 26-0024 Cd s � a h wji 107.3 To the Mayor and Members of the City Council February 3, 2026 Page 1 of 3 SUBJECT: PANTHER ISLAND PUBLIC IMPROVEMENT DISTRICT The purpose of this Informal Report is to provide an overview of the new Panther Island Public Improvement District to be considered by Fort Worth's Mayor and Council, the petition by property owners to create it, and the proposed improvements to be funded by its accompanying assessment. Background The Central City Flood Control Project is a long -planned flood control project in partnership with multiple public agencies. The most prominent feature is the construction of a bypass channel in the Trinity River that will divert flood waters, restore flood protection to over 2,400 acres near downtown, and allow the removal of aging levees. The Central City Project will also result in the creation of an island (Panther Island) and more than 300 acres immediately north of downtown being available for development or redevelopment. As part of the flood control project, the Tarrant Regional Water District will construct and manage a canal system to provide drainage to the island. In addition to serving critical flood control purposes, the river, island, and canals will provide unique waterfront experiences along their shores that are connected to the Trinity Trail network and further the City's objective of infill development. As part of its long-term implementation framework, a majority of private property owners (by land area and value) have petitioned for the creation of a Public Improvement District (PID or `the District'). The District will be a mechanism to fund ongoing operations, maintenance, and public -realm improvements as development occurs. The enhanced amenities, including streetscapes, canal paseos, parks, and the urban lakefront will require operational support and maintenance that is above and beyond normal city services, and therefore appropriate for funding by property owners through a PID. The PID's support of high -quality, well -maintained development that is activated with public events and amenities is a key component to ensure the successful performance of the Tax Increment Financing district that funds the local portion of the bypass channel, a key element of the Central City Flood Control Project. Panther Island PID Petition The proposed Panther Island PID was evaluated pursuant to Chapter 372 of the Texas Local Government Code. Staff's review focused on statutory petition requirements as required prior to Council consideration of initiating the PID establishment process. Petition Sufficiency and Statutory Compliance Staff reviewed the petition, finding support for creation of the PID meets minimum requirements outlined in Section 372.005(b) of the Texas Local Government Code. Specifically, the petition includes: A general nature of the proposed improvements to be undertaken within the PID A description of the boundaries of the proposed PID ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 26-0024 To the Mayor and Members of the City Council February 3, 2026 Page 2 of 3 s *a SUBJECT: PANTHER ISLAND PUBLIC IMPROVEMENT DISTRICT rFrn Yg7'3 • The method for apportioning assessments • A statement that assessments may be levied over a period of years • An acknowledgment that the governing body is authorized to establish the PID Preliminary parcel data suggests that the petition meets the statutory requirements for sufficiency; however, final confirmation of property owner support by both appraised value and land area will be documented prior to Council action on PID establishment. The proposed improvements compliment the overarching goals of Panther Island's development and satisfy Section 372.007 requirements with the submission of a Service Plan that meets the requirements of Section 372.013(b). The supporting materials include: • A high-level description of proposed improvements and services • Preliminary cost estimates and a structure for anticipated funding through assessments and potential public/private contributions • A proposed service plan framework identifying categories of eligible expenses • A boundary map and supporting ownership analysis prepared in coordination with staff Proposed Improvements Because of the incremental nature of the public and private investments on Panther Island and the evolving operations and maintenance costs of the amenities, the petition proposes limiting the assessment rate that may be adopted by the City Council based on development milestones that demonstrate progress. The assessment rate shall not exceed $0.02 per $100 valuation until the TRWD board has authorized a contract to begin construction of Canal C, Phase 1 • The assessment rate shall not exceed $0.05 per $100 valuation until there has been a total of $50,000,000 in New Private Improvements to property situated in the Panther Island O-PID • The maximum assessment rate shall at no time exceed $0.165 per $100 of valuation To establish the foundation of the PID and its improvements in early years, Tarrant Regional Water District has committed to voluntarily participate for property that it owns at the maximum rate beginning in FY2026 (prior to property owner assessments beginning in FY2027) and thereafter, despite its tax-exempt status. Other public partners will be asked to do the same to allow sufficient funding as the District develops. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 26-0024 Cd s � a h wji 107.3 To the Mayor and Members of the City Council February 3, 2026 Page 3 of 3 SUBJECT: PANTHER ISLAND PUBLIC IMPROVEMENT DISTRICT The proposed service plan includes the following improvements and services: • Enhancements to improve operations and maintenance for green spaces, public areas, and the canal public realm within the District; to ensure clean and safe functions across the District; and to address potential ongoing or capital maintenance needs related to the District's infrastructure and water recreation • Improvements to enhance the District's community, including, without limitation, litter abatement, illegal dumping, landscaping, promotional sign and banner programs, lighting, and various other streetscape and capital improvements, including streets, sidewalks, roadways, and rights -of -way • Improvements that promote safety and security within the District, including, without limitation, security lighting, security camera installation, additional security patrols, safety technologies, street calming measures and capital improvements to improve pedestrian, bike, and transit shelter safety • Additional special supplemental services for improvement and promotion of the District, including services relating to advertising, promotion, health and sanitation, water and wastewater, public safety, security, business development, and cultural enhancements • Payment of expenses incurred in the establishment, administration, and operation of the District • Any other improvements and services to the District as allowed pursuant to the Code for a home - rule municipal corporation Recommendation Assuming the petition meets the minimum statutory requirements following final verification, and acknowledging proposed PID improvements support long-term development goals of the District, staff recommends the Council hold a public hearing, make the required findings under Chapter 372, and consider a resolution creating the PID. The public hearing is tentatively scheduled for February 10, 2026. If you have any questions concerning this information, please contact Brady Kirk, Assistant Finance Director at 817-392-8712 or Brady.Kirk(a)fortworthtexas.gov. Jesus "Jay" Chapa City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS