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HomeMy WebLinkAboutContract 28837 CITY E ETA Y .. C(MTRACT No. AMENDMENT NO. 2 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS This AMENDMENT NO. 2 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipality organized under the laws of the State of Texas and acting by and through Reid Rector, its duly authorized Assistant City Manager and TARRANT COUNTY, TEXAS ("Taxing Unit"), acting by and through Tom Vandergriff, its duly authorized County Judge. The City and Taxing Unit hereby agree that the following statements are true and correct and constitute the basis upon which the City and Taxing Unit have entered into this Amendment: A. On December 19, 1995 the City Council of the City adopted Ordinance No, 12324 designating certain real property in the downtown area of the City as Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (the "Original TIF"). Ordinance No. 12324 is attached hereto as Exhibit "A". B. On or about May 6, 1996, the City and Taxing Unit entered into an agreement under which Taxing Unit agreed to deposit up to one hundred percent (100%) of Taxing Unit's Tax Increment into the TIF District's Tax Increment Fund ("Participation Agreement"), as specifically provided in that Participation Agreement. The Participation Agreement is a public document on file in the City Secretary's Office as City Secretary Contract No. 21825. C. On February 1 , 2003, the City Council of the City adopted Ordinance No. 3 (the "Ordinance") changing the boundaries of Tax Reinvestment Zone#3 ( heriginal TIF and the amended boundaries as set forth in Ordinance No,1 1,1 dpi 0b .9 5 V , said providing for the amended TIF Zone (the "Amended TIF") Ordinance attached hereto as Exhibit "B". D. After hearing a presentation by a representative of the City and the Downtown TIF District regarding the tentative plans for additional development or redevelopment of the Amended TIF and an estimate of the general impact of the Amended TIF on property values and tax revenues, Taxing Unit's Commissioner's Court �r has been requested to approve the boundary changes as set forth in the Ordinance and to increase the maximum dollar amount of project costs to be financed b TaxingUmt s Amendment No.2 to Tarrant County i Participation Agreement re:Downtown TIF Page 1 Tax Increment into the Tax Increment Fund, which the parties hereto wish to reduce to writing through this Amendment. NOW, THEREFORE, the City and Taxing Unit, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. The following terms provided in Section I of the Participation Agreement are hereby amended to be defined as follows: "TIF District" shall mean Tax Increment Reinvestment Zone Number );Y/-'Three, City of Fort Worth, Texas, designated by City Ordinance No. � � � i Ordinance �,' 14839on �i �� �„_....12324 on December expanded �y y October 30 cember 19 1995 ex anded b City Ordinance No 2001 and amended b City O 1' ,�4Li'2-- on p'"'i' February 19, 2003, which Ordinances are incorporated herein by reference (w tAm,L,A 6,t Ct, for all purposes. "Tax Increment Base" shall mean (i) the total appraised value of all real property taxable by Taxing Unit and located in the Original TIF on January 1, 1995, (ii) the total appraised value of all real property taxable by Taxing Unit and located in the Expanded TIF on January 1, 2001 and (iii) less the total appraised value of all real property deleted in the Amended TIF on February 17, 2003. 2. Exhibit "C", Section II.B., Project Cost Limitation, of the Participation Agreement is hereby amended as follows: The maximum amount of"project costs" (as defined in Section 311.002 of the Act) that may be paid through Tax Increment deposits directly and/or financed through the issuance of bonds or other obligations of the City secured by Tax Increment deposits is a total of$72,000,000, which represents $50,000,000 in project costs as set forth in the original Participation Agreement, and an additional $22,000,000 reserved solely for new project costs or other financial obligations related directly to the Bank One Tower redevelopment and the Tandy Center redevelopment. Further, Tarrant County will not participate in the funding of any project costs or other financial obligations committed to by the Downtown TIF after February 25, 2003, except those related directly to the Bank One Tower redevelopment and the Tandy Center redevelopment as noted above, even if those project could be funded within the $50,000,000 maximum amount as provided in the original Participation Agreement, unless funding of such additional project costs is granted by specific approval of the Commissioners Court. In regards to the payment of project costs from the additional $22,000,000 reserved solely for those costs associated with the Bank One Tower redevelopment and the Tandy Center redevelopment projects as noted above, Tarrant County directs that no one redevelopment project take priority over the other and that each shall share equally in available TIF funding. Amendment No.2 to Tarrant County Participation Agreement re:Downtown TIF Page 2 J All other terms set forth in Section I of the Participation Agreement and their respective definitions, as well as all other provisions and conditions of the Participation Agreement, shall remain in full force and effect. 3. Capitalized terms used but not identified in this Amendment shall have the same meanings assigned to them in the Participation Agreement. 4. In accordance with Section VIII of the Participation Agreement, a copy of this Amendment will be provided to all TIF Taxing Units. 5. This Amendment contains the final written expression of the City and Taxing Unit with respect to the subject matter hereof. This Amendment may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. da y of ""' µ . EXECUTED this 12�, , 2003: CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS: `' ✓ c y By: ✓ r„. Reid Rector Tom Vandergriff , Assistant City Manager County Judge ATTEST: ATTEST: "X r � � By By: a°°.. loria Pearson "'° County Clerk City Secretary APP °" E_ '� �� ORM/LEGALITY: APPROVE,, , TO Y Peter Vaky Ray Rike an /” Assistant City Attorney Assistt`District Attorney *By law, the District Attorney's Office may only advise or approve contracts or legal documents on behalf of its clients. It may not advise or approve a contract or legal document on behalf of other parties. Our view of this document was conducted solely from the legal perspective of our client. Our approval of this document was benefit of our client. Other parties should not rely on this approval and should seek review and provrlI by tit u;q ♦a: r,, respective attorney(s). °`�4 Amendment No.2 to Tarrant County Participation Agreement re:Downtown TIF �� s ij i1 i!t Page 3 :.._ Feb 19. 2003 5 : 12PM No 1355 P. 2 A Resolution NO. ESTABLISHING TEE DEGREE TO WHICH THE CEPY WILL DEPOSrf TAX INCREMENT INTO THE TAX INCREMENT F""D OF TAX INCREM1 NT RE+MESTMENT ZONE NUMBER THREE,CITY OF FORT WORTH,TEXAS(DOWNTOWN TM =REAS, 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 "Downtown TIP), as previously enlarged pursuant to both Ordinance No. 14795, adopted on October 2, 2001, and Ordinance No. 14839, adopted on October 30, 2001 and as previously reduced pursuant to Ordinance No. 15317, adopted on November 5,2002; and WHEREAS, the City has been contributing, and wishes to continue to contribute, certain tax increment generated by property located in the Downtown TII�to the Tax Increment Fund of the Downtown TIF; and WHEREAS, the City Council wishes to specify the degree to which the City will contribute tape increment generated by property located within, the Downtown TIF to the Tax Increment Fund of the Downtown TIF;and NOW THEREFORE,$E IT RESOL V"ED B Y THE CITY COU'N'CIL•OF"THE CITY OF FORT WORTH THAT: The City will contribute one hundred percent (100%) of the tax increment generated by property located in the Downtown TIF to the Tax Increment Fund of the Downtown TIF (the "TIF Fund`) until the earlier of(i) the dissolution of the Downtown TIF or(ii) such time as the Downtown TIF has committed$72 million toward project costs, as defined in Section 311.002 of the Texas Tax Code, or other financial obligations; provi _ dg , howe___ that any tax increment contributions by the City,to the TIF Fund (i) shall be subject to any of reements under which the City has dedicated such tax incrcuignt for another lawful Purpose and Cii.l. after the Downtown TIF has committed $50 million toward project costs or other financial obligations. shall be' resomd solely for new project costs or other financial obligations committed to by the Downtown TIF on or after February 17,2003 and may not be applied toward any project costs or other financial obligations committed to by the Downtown TIF that were existing before February 17,2003. 01wr or 3FORr%fawrK Feb .19. 2003 5. 12PM No • 1355 P. 3 ORDINANCE NO. AN ORDINANCE REDUCING THE BOUNDARIES OF TAX INCREMENT REWTSTMENT ZONE NUMER THREE, 'CITY' OF FORT WORTH, TEXAS; AND CONTAINING OTRER MLATTERS RELATED TO THE ZONE. WHEREAS, 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, 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(the"Zone");and WHEREAS, Section 311.007 of the Texas Tax Cade (the "Code") allows the City Council to reduce or enlarge the boundaries of an existing reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311.006 of the Code;and WHEREAS,the City wishes to reduce the Zone by removing all property in the Zone that is located within the property boundaries set forth in Eziu'bit "A" of this Ordinance (the "property"), which is attached hereto and hereby made a part of this Ordinance for all purposes;and WHEREAS, by operation of Sections 311.006 and 311.007 of the Code, a municipality may change the boundaries of an existing reinvestment zone so long as (i) less than ten percent (10%) of the property within the amended boundaries of the reinvestment zone, excluding any property dedicated to public use, is used for residential purposes, as defined in Section 311A06(d) of the Code; (ii) the amended boundaries of Pap 1 Ordinance Reducing Tax Increment Reinvestment Zone Number 71m, City of Fort Worth,Texas Feb�. 19. 2003 5; 13PM No . 1355 P . 4 the reinvestment zone will not contain more than -f fteen .percent (15%) of the total i appraised value of taxable veal property in the municipality and in the industrial districts created by the municipality; and (iii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent(15%) of the total appraised value.o£the real property taxable by a county or school district;and WHEREAS, on February 18, 2003 the City Council held a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the removal of the Property from the Zone;and WHEREAS, notice of the public heating was published in a newspaper of general circulation in the City on Febroary 10,2003,which date was not later than sevou (7)days prior to the date of the hearing;and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to remove the Property from the Zone and of the public Waring, NOW, 'THEIREFORF, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS: Section 1. FINDINGS. That after reviewing all information before it regarding the removal of the Property from the Zone and after conducting a public hearing regarding the reduction of the Zone and its benefits to the City and to property in the Zone and affording a Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City ofFort Worth,Texas Feb,. 19. 2003 5; 13PM No, 1355 P- 5 reasonable opportunity for all interested persons-to speak for or against the removal of the Property from the Zone,the City Council hereby makes the following findings of fact; 1.1. The statements, facts, term and conditions set forth in the recitals of this Ordinance are true and correct. 1;2. Removal of the Property from the Zone will benefit the City by allov�ing the City to foster development initiatives on and in the vicinity of the Properly,'as outlined in the public Pm-Council meeting on February 4, 2003 and the City Council. meeting of February 18, 2003, by means that would not be available if the Property remained in the Zone("Other Economic Development Initiatirves'). 1.3. Beneficial development of the Property is likely to occur more quickly by means of Other Economic Development Initiatives. 1,4. Once the Property is removed from the Zone and developed by means of Other Economic Development Initiatives,the value of property remaining in the Zone is lWely to increase.which will benefit both the Zone and the City in general. I.S. The Property is subject to removal from the Zone pursuant to Section 311.007(x) of the Cade. 1.6. With the removal of the Property, legs than ten percent (100A) of the property within the Zone, excluding any property dedicated to public use, will be used for residential purposes,as defined in Section 311.006(d)of the Code. 1.7. With the removal of the Pxoperty, the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. Page 3 Ordinance Reducing Max Increnant Iteinveament zone.Number Thmt, City Wort Worth,Texas Feb�, 19. 2003 5: 13PM 'No. 1355 P. 6 I.S. With the removal of the Property, the Zone will not contain more than f Meen percent(15%) of the total appraised value of real propdrly taxable by any county or school district. Seeflon 2. REMOVAL OF PROPERTY FROM ZONE. That the City Council hereby reduces the boundaries of the Zone by removing the Property from the Zone. The Zone, as reduced, has been designated under Section 311.005(a)(5) of the Code and shall continue to be known as 'Tax rncrement Reinvestment Zone Number Three, City. of Fort Worth, Texas." With removal of the Property from the Zone, the Zone shall comprise the property depicted and described in Exhibit I'D", which is attached hereto'and hereby made a part of this Ordinance for all purposes. Section 3. ZONE BOARD OF OIRECTORS. That the board of directors for the Zone shall remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Page 4 ordinance Reducing Tax Increment Reinvestittent Zone Number lbree, City of Fort Worth,Texas Feb3. 19. 2003 5 . 13PM No 1355 P, 1 Secdon 4. TERM OF ZONE. That the removal of the Property from the Zone shall take effect upon the adoption-of this.-0rdinaaee;- The Zone; as.reduced,•shall.terminate-in aeeordanae-with Section 5 of Ordinance No. 12324. Section 5. DETERMINATION OF TAX INCREMENT BASE, nat the tax increment base of the Zone, as defined by Section 311.012(e) of the Code, shall be reduced by the taxable appraised value of the Property for the year 1995, which is the year in which the Property was designated as part of the Zone pursuant to Ordinance No. 12324. The tax increment base for property remaining in the Zone shall remain unchanged. Section 6. TAX INCREMENT FUND. That beginning with the 2003 tax year, each taxing unit which levies real property taxes on the Property shall be relieved of any obligation to deposit the percentage of any tax isicrement (as defined by Section 311.012(a) of the Code)produced by the Property that the taxing entity elected to dedicate to the Tax Increment Fund (created and established for the Zone pursuant to Section 7 of Ordinance No. 12324) under a participation agreement with the City,as authorized by Section 311.013(f)of the Code. Page 5 otdiaanee Reducing Tax Increment Reinveshrem zone Number Three, City ofFort Worth,Texas F4. 19. 2003 5. 14PM No 1355 P. 8 Section 7. SEV�RA,BIT�Y'TY. 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 eour-t of"'mpet"t,iu'isdietion, 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 8. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney . Date: M&.C: Page 6 Ordinance Reducing Tax lammeM Unveammt Zone Number trim City ofFort Worth,Texas Feb, 19. 2003 5: 14PM No. 1355 P. 9 EXHIBIT"A" ' LEGAL DESCRIPTION AND MAP OF THE PROPERTY BEING REMOVED Beginning at a point ofthe intersection of the south ROW line of Belknap St. and the east ROW line of Taylor St.,thence Northeasterly along the south ROW line of Belknap St.to a point where said line intersects with the west ROW line of Throck dorton St.,thence Southeasterly along the west ROW line of Throclafiorton St:to a point where said line intersects with the north ROW line of 3rd St.,thence Southwesterly along the north ROW line of 3rd St.to a point where said line intersects with the east ROW line of Taylor St.,thence Northwesterly along the east ROW line of Taylor St.to a point where said Iine intersects with the south ROW line of Bellmap St.,which is the point of beginning. South ROW Qfte of BeQmap OL d Wes!ROW of Thrgckmorton S rmm ROW of s Taylor s! 9 C North ROW of 3rd ac C A ar 176.9$3 sf or 4.06 acres I Feb,- 19, 2003 5: 14PM No . 1355 P . 10 EXHMIT"B» LEGAL DESCRIPTION AND MAP OF THE ZONE FOLLOWING REMOVAL OF THE PROPERTY Beginning at a point of the intersection of a projection of the south ROW line of 3rd St. and the west ROW line of licaderson St.,thence Northwesterly along the west ROW line of Henderson St.to a point where said line intersects with the south ROW line of Weatherford St.,thence Southwesterly along the south ROW line of Weatherford St. 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 Iine of Penn SL,thence Northwesterly along the west ROW line of Pena St.which transitions to the south ROW line of Forest Park BIvd.(where Forest park Blvd.curves into Weatherford St.and Belknap St.),thence Following the same Forest Park Blvd.ROW line as it curves to westerly,then to southwesterly to a point where said line intersects with the north ROW line of 5th St., thence Due west along a due west projection of the north ROW line of 5th St,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 St.,thence Southeasterly along the west ROW line of Henderson St.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 Iine of Cherry St.,thence Southeasterly along the east ROW line of Cherry St.to a point where said line intersects with the south ROW Iine of Weatherford St.,thence Northeasterly along the south ROW line of Weatherford St to a point where said line intersects with the east ROW line of Taylor St.,thence Southeasterly along the east ROW of Taylor St,to a point where said line intersections with the north ROW line of P St.,thence Fe6,. 19. 2003 5: 14PM No. 1355 P . 11 Northeasterly along the north ROW line of 3'St to a point where said line intersects with the wrest ROW line of Throckmorton St.,thence Northwesterly along the west ROW line;of Throckmorton St. to a point where said line intersects with the south ROW line of Belknap St.,thence Northeasterly along the south ROW line of Bellmap St.to a point where said line intersects with the west RO'W'line of Houston Street,thence Southeasterly along the west ROW line of Houston St. to a point where said line intersects with the south ROW line of Weatherford St.,thence Northeasterly along the south ROW line of Weatherford St.to a point where said line intersects with the west ROW line of Commerce St.,thence Northwesterly along the west ROW line of Commerce Street to a point where said line intersects with the north ROW line of Belknap St.,thence Southwesterly along the north ROW line of Belknap St. to a point where said line intersects with the west ROW line of Houston St.,thence Northwesterly along the west ROW line of Houston St to a point where said line intersects with the south ROW line of Franklin St.,thence } Westerly along the south ROW line of Franklin St.to a point where said line intersects with the east ROW line of Taylor St.,thence Northwesterly along the east ROW line of Taylor St.to a point where said line intersects with the centerline of the West Fork of the TrWty 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 noA ROW line of Cummings St.(Cummings St.turns westward as depicted on the TAD flax maps).thence Easterly along the said projection and north ROW line of Cummings St.to a point where said line turns southeasterly along the east ROW line of Cummings St.,thence Southeasterly along the east ROW line of Cun niangs St,to a point where said fine intersects with what would be the projection of the north ROW line of Peach St'.,thence Northeasterly along the north ROW line of Peach St.to a point where said line intersects with the east ROW line of the Santa Fe Railroad,thence ISLA IMM Ifni • � ■ __ - � ^' � \�p� �`���Q\`+mow ... ys �+y�� Ilill/ ■ `. � %t••`�♦+` '� •it`d+'i'^ ��t�,�� gar 11111111 II•�IOAII lit•I � 11111111 1(11111 L._I!�-__- 01�` `'�`\+4,�� �`.=.+►��� Y. `� Itlillll 1111 Iltll{� =°=�=-- ��' �� +`. • +- �I ''• '•�'�� , 'T' ��t�\•:..°%1 r%[!.-\�j I/Ilia Ilillliill!!1111' - ��5� 1 `�;' P •" .. ,,� w.•..•. � c . . ...::..c_. /, +�. • .• 4 ♦ "♦ ••fir-. it/ dal °O r• ■i�// ./.w.��, .r..�.mss,••. _.. ��� •�. �� ` '-' �� •�_ All �11 �•,r war . • +���,. -. i-/ �l�1:r1 nn.alhfltl 1 '-wi1� anal►, - �_ I'M II :' eel` '- i �` • s•. t t tY_tt 11I 14 fill w,�r• � tir �11 i�■r�l) ■rlr•_�l�Irr AMENDMENT NO. 1 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS This AMENDMENT NO. 1 TO CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipality organized under the laws of the State of Texas and acting by and through Reid Rector, its duly authorized Assistant City Manager and TARRANT COUNTY, TEXAS ("Taxing Unit"), acting by and through Tom Vandergriff, its duly authorized County Judge. The City and Taxing Unit hereby agree that the following statements are true and correct and constitute the basis upon which the City and Taxing Unit have entered into this Amendment: A. On December 19, 1995 the City Council of the City adopted Ordinance No. 12324 designating certain real property in the downtown area of the City as Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (the "Original TIF"). Ordinance No. 12324 is attached hereto as Exhibit "A". B. On or about May 6, 1996, the City and Taxing Unit entered into an agreement under which Taxing Unit agreed to deposit up to one hundred percent (100%) of Taxing Unit's Tax Increment into the TIF District's Tax Increment Fund ("Participation Agreement"), as specifically provided in that Participation Agreement. The Participation Agreement is a public document on file in the City Secretary's Office as City Secretary Contract No. 21825. C. On October 30, 2001, the City Council of the City adopted Ordinance No. 14839 expanding the Original TIF to include additional real property in the downtown area of the City contiguous to. that comprising the Original TIF (the "Expanded TIF"). Ordinance No. 14839 is attached hereto as Exhibit"B". D. After hearing a presentation by the City regarding the tentative plans for the development or redevelopment of the Expanded TIF and an estimate of the general impact of the Expanded TIF on property values and tax revenues, Taxing Unit's Commissioner's Court has adopted a Resolution declaring its intent that Taxing Unit contribute up to one hundred percent (100%) of Taxing Unit's Tax Increment into the Tax Increment Fund, which intent the parties hereto wish to reduce to writing through this Amendment. Amendment No. 1 to Tarrant County Participation Agreement re:Downtown TIF Page 1 i f NOW, THEREFORE, the City and Taxing Unit, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. The following terms provided in Section I of the Participation Agreement are hereby amended to be defined as follows: "TIF District" shall mean Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, designated by City Ordinance No. 12324 on December 19, 1995 and expanded by City Ordinance No. 14839 on October 30, 2001, which Ordinances are incorporated herein by reference for all purposes. "Tax Increment Base" shall mean (i) the total appraised value of all real property taxable by Taxing Unit and located in the Original TIF on January 1, 1995 and (ii) the total appraised value of all real property taxable by Taxing Unit and located in the Expanded TIF on January 1, 2001. 2. All other terms set forth in Section I of the Participation Agreement and their respective definitions, as well as all other provisions and conditions of the Participation Agreement, shall remain in full force and effect. 3. Capitalized terms used but not identified in this Amendment shall have the same meanings assigned to them in the Participation Agreement. 4. In accordance with Section VIII of the Participation Agreement, a copy of this Amendment will be provided to all TIF Taxing Units. 5. This Amendment contains the final written expression of the City and Taxing Unit with respect to the subject matter hereof. This Amendment may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. EXECUTED this day of ,2002: CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS: B Y Y B , r Reid Rector Tom Vandergriff ?� Assistant City Manager County Judge Amendment No. 1 to Tarrant County Participation Agreement re:Downtown TIF Page 2 F ATTEST: ATTEST: By: By: , Gloria Pearson County Clerk City Secretary APPROVED AS TO FORM/LEGALITY: APPROVED AS TO FORM: By: By: Peter Vaky Ray Ri W Assistant City Attorney AssistErnt District Attorney M&C: Amendment No. 1 to Tarrant County Participation Agreement re:Downtown TIF Page 3 TARRANT COUNTY RESOLUTION PARTICIPATION IN CITY OF FORT WORTH NORTH DOWNTOWN TAX INCREMENT FINANCING DISTRICT WHEREAS, the general laws of the State of Texas authorize governmental taxing entities to join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the development and redevelopment of properties that might not be undertaken without such incentive; and WHEREAS, property owners within an area of downtown Fort Worth have petitioned the City of Fort Worth for the creation of a reinvestment zone.in the downtown area pursuant to the Act; and WHEREAS, the Fort Worth City Council approved Ordinance Number 12324 on December 19, 1995, establishing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, in accordance with the Tax Increment Financing Act, to promote development and redevelopment in the downtown area of the City of Fort Worth through the use of tax increment financing; and WHEREAS, in accordance with the requirements of the Act, the Fort Worth City Council has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's establishment of the tax increment reinvestment zone and, through its appointed representatives, has made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment zone; and WHEREAS,the Tarrant County Commissioners Court recognizes.that Tarrant County's participation in the creation of the tax increment reinvestment zone will have the desired effect of redeveloping a portion of the downtown area to the benefit of all taxing units which levy taxes in the proposed reinvestment zone. NOW, THEREFORE, BE IT RESOLVED: 1. That the Tarrant County Commissioners Court hereby approves participation in the Downtown Fort Worth Tax Increment Financing District and the payment into the tax increment fund of 100% of its tax increment produced from property located in the reinvestment zone in accordance with the terms of the attached Agreement; that the Agreement be and is hereby approved; that the County and its Commissioners Court hereby agree to enter into the Agreement as a party thereto; and the County Judge of the County be and is hereby authorized and directed to execute said Agreement on behalf of the County and its Commissioners Court substantially in the form of the attached Exhibit A and carry out the terms thereof at the appropriate time(s). 1 2. That the Tarrant County Commissioners Court will appoint a member to the Board of Directors of the reinvestment zone and participate in the preparation of a project plan and reinvestment zone financing plan for the tax increment financing zone. PASSED AND APPROVED, IN OPEN COURT,this 27th day of February, 1996. om Vandergriff, Co e Dionne Bagsby Ma i V avensw ay Commissioner, Precinct 1 Commissioner, Prec 2 ABo Wpo D. Johnson Commissioner, Precinct 3 Commissioner, Precinct 4 ATTEST: APPRO AS T r: County Clerk Asst. D rict Attorney 2 STATE OF TEXAS ! r '4`'` 4 9f1i';Y G C,+�NTRACT PAC} --�-` COUNTY OF TARRANT § CITY OF FORT WORTH AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN THE TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS THIS AGREEMENT is made and entered into by and between the City of Fort Worth, Texas ( "City" ) , a Texas home-rule municipality, and Tarrant County, Texas ( "Taxing Unit" ) . W I T N E S S E T H: WHEREAS, on December 19, 1995, the Fort Worth City Council approved Ordinance No. 12324, establishing Tax -Increment Reinvestment Zone Number Three, City of Fort Worth, Texas ( "TIF District" ) , in accordance with the Tax Increment Financing Act, as amended (V.T.C.A. , Tax Code, Chapter 311) (the "Act" ) , to promote development and redevelopment in the downtown area of the City of Fort Worth through the use of tax increment financing; and WHEREAS, City and Taxing Unit wish to enter into an agreement defining the terms and conditions under which Taxing Unit will contribute a portion of its tax increment to the TIF District Tax Increment Fund; NOW THEREFORE, City and Taxing Unit, in consideration of the terms, conditions and covenants contained herein, hereby agree as follows : I. DEFINITIONS Terms not defined herein shall be construed as defined in the Act (hereinafter defined) , or through normal usage if not defined in the Act. The following terms shall have the following meanings when used in this Agreement: "Act" shall mean V.T..C.A. , Tax Code, Chapter 311, the Tax Increment Financing Act, as amended. "Captured Appraised Value" shall mean the total appraised value of the property located within the TIF District for the year less the Tax Increment Base of the TIF Taxing Units. "Project Plan and Reinvestment Zone Financing Plan" shall mean the project and financing plan for the development or redevelopment of the TIF District. "TIF District" shall mean Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, established by the Fort Worth City Council Ordinance No. 12324 , on December 19, 1995, a copy of which ordinance is attached hereto and marked Exhibit "A" . "TIF Taxing Units" shall mean those political subdivisions of the State of Texas authorized to impose ad valorem taxes on property located within the TIF District. "Tax Increment" shall mean the amount of property taxes levied and collected by a TIF Taxing Unit for the year on the Captured Appraised Value of taxable property located in the TIF District. "Tax Increment Base" shall mean the total appraised value of all property taxable by the TIF Taxing Units and located in the TIF District on January 1, 1995 . "Tax Increment Fund" shall mean a fund consisting of all the Tax Increment deposits, all revenues from the sale of tax increment bonds or notes, revenues from the sale of any property acquired as part of the Project Plan and Reinvestment Zone Financing Plan, and other revenues to be used in the development or redevelopment of the TIF District. II. AGREEMENT TO DEPOSIT TAX INCREMENT Pursuant to a Resolution, duly adopted by its governing body, a copy of which is attached hereto as Exhibit "B" , the Taxing Unit annually shall deposit into the 'Tax Increment Fund the amount as calculated by the method set forth in Exhibit "C" . hereto. III. RESPONSIBILITY FOR ACTS City and Taxing Unit shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and Taxing Unit, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however, waiving any governmental immunity available to City and Taxing Unit under Texas law and without waiving any defenses of the parties under Texas law. IV. ADMINISTRATION OF AGREEMENT This Agreement shall be administered on behalf of- the City by the City Manager's Office of the City, or the designee thereof. V. DELIVERY ADDRESS Whenever this Agreement requires or permits any consent, approval, notice, request, proposal, or demand from one party to the other, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the party intended to receive it at that party's address shown below: 2 If intended for City, to: Economic Development Director City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 If intended for Taxing Unit, to: Tarrant County Commissioners Court 100 East Weatherford Fort Worth, Texas 76196-0609 or to such other address as either party may request, in writing, from time to time. VI. GOVERNING LAW AND VENUE This Agreement is made subject to the provisions of the Charter and ordinances of City, as amended; the Texas Constitution, codes, and statutes; and all other applicable state and federal laws, regulations and requirements, as amended. Venue for any cause of action arising hereunder shall lie exclusively in Tarrant County, Texas . VII. TERM This agreement is effective from January 1, 1996, through December 31, 2025. VIII. ENTIRE AGREEMENT/AMENDMENTS This Agreement embodies the complete understanding of City and Taxing Unit, and shall supersede all oral or written previous and contemporary agreements between the parties relating to matters herein. This Agreement may be amended, modified, or supplemented only by an instrument in writing executed by City .and Taxing Unit, a copy of which will be provided to all TIF Taxing Units. Any amendment, modification or supplement which adversely affects any other TIF Taxing Unit must be consented to in writing by such TIF Taxing Unit. Any alterations, additions or deletions to the terms of this Agreement required by changes in federal, state or local law, or regulations will be automatically incorporated into this Agreement without written amendment, and shall become effective on the date designated by such law or regulation. EXECUTED this the day of—/)I (2, , 1996, by City, signing by and through its Cit Manager, and by 16xing Unit, signing by and through its duly authorized officials. 3 APPROVED AS TO FORM AND LEGALITY: CITY OF FO T WO H, TEXAS B / //)4d Y� By: am W, ood Bob Terrell Deputy City Attorney City Manager ATTEST: By:_ Alice Church City Secretary TAR RA T OUNTY, TEXAS /,z Z,/,v�, z By: 7,/)T an ergrif County Judge ----o 1111 P-t-4- - V�lii ZaL1On, - Dote 4 ORDINANCE NO.� AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH. REINVESTMENT ZONE, AND OTHER MATTERS RELATED THERETO. WHEREAS, the City. Council of the City of Fort Worth, Texas (the "City" ) was presented a petition submitted by the owners constituting at least fifty percent (50%) of the appraised value of the property hereinafter described requesting that said property be designated as a "reinvestment zone, " as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes' Annotated (the "Act" ) ; and WHEREAS, the City Council of the City desires to promote the development and/or redevelopment of the property described in such petition and within the City's jurisdiction, by the creation of a reinvestment zone as authorized by the Act; and WHEREAS, in compliance with the Act, the City called a public hearing to hear public comments on the creation of the proposed reinvestment zone and its benefits to the City and to the property in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, notice of such public hearing was published in the Fort Worth Star-Telegram, a daily paper of general circulation in the City, such publication date being December 11, 1995, a date not later than seven (7 ) days prior to the date of the public hearing; and WHEREAS, notice of such public hearing,, in required form and substance, was provided in writing to the governing body of each taxing unit that levies real property taxes in the proposed reinvestment zone, and each such taxing unit has adopted a E,­.h ib it "A" resolution wherein they have agreed, pursuant to Section 311. 003 (e) of the Act, to waive the requirement for sixty days notice prior to such public hearing; and WHEREAS, in compliance with the Act, the City made a formal presentation, in required substance and form, to the governing body of each county or school district that levies real property taxes in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, the City prepared a preliminary reinvestment zone financing plan and sent a copy of the plan to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone; and WHEREAS, the public hearing was convened at the time and place mentioned in the published notice, to wit, on the 19th day of December, 1995, at 10: 00 a.m. , at the Council Chambers in the City Hall of the City of Fort Worth, Texas, which hearing was then closed; and WHEREAS, the City, at such hearing, invited all owners of property located within the proposed reinvestment zone, representatives of all other taxing units, and any other interested persons and/or their attorneys to appear and contend for or against (1 ) the creation of the reinvestment zone, (2) the boundaries of the proposed reinvestment zone as described in the boundary description and depicted in the map, both of which together are attached hereto as Exhibit "A" , (3) the concept of tax increment financing, and (4) the appointment of a board of directors for the proposed reinvestment zone; and WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the 2 foregoing matters relating to the creation of the zone, and o reinvestment reinvestment if any, of the reinvestment zone a contest matters relating o appeared to g the creation of the reinvestment zone; . NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL CITY OF FORT WORTH, TEXAS: OF THE SECTION 1 : That the facts and recitations contained in t Preamble of this ordinance are hereby found he and declared to be true and correct. SECTION 2: That the City Council, after conducti hearing and having heard such evidence and testimony g such following findings . has made the ngs and determinations based on the evidence an testimony presented to it: d (a) That the public hearing on adoption of the reinvestment zone has been properly called, held, and conducted and that notice of such hearing has been published a required by law. s . (b) That all taxing units levying real property taxes the within reinvestment zone received notice of the City,s intention to create the reinvestment zone and of Public hearing and that all such taxing unit the s, pursuant to Section 311.003 (e) of the Act, have agreed by resolution to waive the requirement for sixty days notice prior to such public .hearing. (c) That all taxing units levying real property taxes the reinvestment zone received a within Preliminary reinvestment zone financing plan from the City. (d) That the City timely made formal presentations t counties and school districts that le ° all levy real property 3 taxes within the reinvestment zone as required by the Act, and that each taxing unit which levies real pro pert taxes within the reinvestment zone was notified of e Y such present ach ation: (e) That creation of the proposed reinvestment zone and improvements made therein will significantly enhance t value of all .the the , taxable real property in the t reinvestment zone and will be of general benefit for City, he (f) That the reinvestment zone, as described in Exhibit "A.. hereof, meets the criteria for the creation o in th f reinvestment `; zone as set forth in the Act Section 311. 005 thereof, , including at: (1) It is a contiguous geographic area located who Within the corp orate limits of the Cit wholly Y: and (2) The boundaries of the reinvestment zone contain t same area as the he area described in a petition submitted to the City Council by the owners o f Property constituting at least fifty percent (500) Of the appraised value of the Property in the area according to the most recent certified appraisal roll for Tarrant County, Texas. (g) That the total appraised value of all taxab propert le real y in the reinvestment zone according to the most recent appraisal roll of the City, together with the total appraised value of taxable real _ property in all other existing reinvestment zones within the City, according to the most recent a appraisal roll of the City, 4 does not exceed fifteen perce ( ) of the nt 15� total a current ppraised value of taxable real property in the City and in the industrial districts created by the C ' ty, if any. 1 (h) That the reinvestment zone does not cont a ' in more than fifteen percent (15%) of the total appraised value of real property taxable by Tarrant County or any school district. (i) That the development or redevelopment of the Property in the reinvestment zone will not occur Private investment in the reasonably solely through SECTION 3; Y foreseeable future. That the City hereby creates a reinvestment zone containing the area described in the boundar depicted in the ma Y description and as, p, both of which are together attached hereto as Exhibit "A", and such reinvestment zone shall hereafter be identified as Tax Increment Reinvestment Zone Numbe Fort Worth r Three, City of Texas (the "Zone" or "Reinvestment Zone" SECTION 4: That there is h ) . hereby established a directors for the Zone which shall consist of nine board of board of directors of the Reinvestment Zone shall 9) members. The shall serve as follows: 11 be appointed and a Fort the F ( ) Each of Worth Independent School District, Tarrant County Junior College District and Tarrant County may appoint one member of the board if such school district or county has approved the payment of Part of the tax increment Produced ll or ced by the unit. The - member of the state senate in whose district the Zone is located (currently Mike Moncrief) is a member of the 5 G board (the "State Senate Member") , and the member of the state house of representatives in whose district the Zone is located (currently Doyle Willis) is a member board of the r except that either may designate another individual to serve in the member's place at the of the member. pleasure If the Zone is or shall become located in more than one senate or house district then the foregoing shall apply only to the g ng senator or representative in whose district a larger g portion of the Zone is- located. The remaining members of the board shall be appointed by the city Council. A vacancy on the board shall be filled as set forth in the Act. If a taxing unit its right to a ppoint waives a member of the board, the City may then appoint such board member. The initial board of directors shall be appointed by resolution governin of the g bodies of the City and the taxing units as Provided herein within sixty (60) days of the passa this ordinance or within a reasonable time the ge reafter.of All members a ppointed to the board shall meet eligibility requirements as set forth in the Act. (b) The board members shall serve two year terms;ms: provided, such terms shall be staggered as herein. The initial directors appointed ppointed by the City and the State Senate Member or the designee thereof serve initial terms commencing on the date Of shall and expirin aPPO1ntment g on December 31, 19970, and all other directors shall serve initial terms commencin date of appointment g on the ment and expiring on December 31, 1996 6 s f Each year on or before December 31 the City Council shall designate a member of the board to serve as chairman of the board of directors for the next succeeding calendar year, and the board shall elect from its members a vice chairman and other .officers as it deems appropriate. The term of the chairman shall begin on January 1 of the year .immediately following the year the City Council so designates the Chairman. (c) The board of directors shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare and adopt a ro 'ect P 7 plan and reinvestment zone financing plan for the Zone and must submit such plans to the City Council for its approval. The board of directors shall Possess all powers necessary ss to prepare, implement and monitor such project plan for the Zone as the City Council considers advisable. The board of directors shall prepare an annual report on the status of the Zone and shall submit such report to the City as required in the Act. (d) The board of directors shall adopt P goals for the participation of disadvantaged business enterprises with respect to the purchase of supplies, materials, services and equipment in accordance with and subject to the provisions of the Act. SECTION 5 : That the Zone shall take effect on Januar 1996, and that the termination of the Zone shall occur on y 1, 31, 2025 or at December an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the Zon 7 should be terminated due to insufficient accelerated Private investment, private investment or other as all good cause, or at such time project costs and tax increment obligations, if a interest thereon, have been paid i nY, and the n full. SECTION 6: That the Tax Increment Base for the Z ' the total appraised value of all taxable r eat one, which is the Zone property located in is to be determined as of Januar which the Zone Y 1. 1995, the year in was designated a reinvestment zone. SECTION 7: That there is hereby created Increment Fund for the Zone which may b and established Tax Y e divided into such accounts and subaccounts as may be authorized ordinance by 'subsequent resolution � into which all Tax Incr or ements, less any of t not required to be paid into the Tax Increment amounts ncrement Fund pursuant to the Act, are to be deposited. The Tax Increment Fund and any accounts and subaccounts are to be maintained depositor in an account at the y bank of the City and shall be secured in th Prescribed by law for Texas cities. e manner the sale of an In addition, all revenues from whole or in y obligations hereafter issued by the City secure part from the Tax Increments d in revenues from the sale of any property acquired as part Of the tax increment financing plan, and other revenues to be dedicated to and used in the Zone shall be deposited into such fund account or subaccount from which money Will be disbursed to pay project Costs for th e Zone or to satisfy the claims of holders of such obligations issued lled for the Zone. 8: That the Zone is designated under Section 311. 005 (a) (5) of the Act. 8 SECTION 9 : That the City Manager and City Attorney are hereby authorized to execute and deliver for and on behalf of the City increment 1' x agreements with the Fort Worth Independent School . District, Tarrant County, Tarrant County Hospital District Tarrant County Junior College District and Tarrant County Water Control and Improvement District and Number One pursuant to the Sections 311. 008 and 311. 013 (g) of provisions of the Act. SECTION 10: That if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be .invalid or unenforceable, the invalidity or unenforceabilit of such section Y paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 11: That this Ordinance shall take effect immediately from and after its y passage in accordance with the provisions of the g 1 Charter of the City of Fort Worth and it is accordingly y so ay G n er Mayor 9 ATTEST: Alice Church City Secretary [SEAL] APPROVED AS TO FORM APP LEGALITY; By: Wade Adkins City Attorney Adopted:_ Effective: 10 TAX INCREMENT REINEXHIBIT "A VE TMENT ,ZONE NUMBER THREE (DOWNTOWN TIF) Beginning at a point of the intersection of a projection of the south ROW line of 3 St. and the west ROW Iine of Henderson St., thence rd Northwesterly along the west ROW line of Henderson St. to a point where s intersects with the south ROW line of Weatherford St., thence aid lute Southwesterly along the south ROW line of Weatherford St. and what would be projection of the said south line to a point where the projection of said Iine intersects with the west ROW line of Penn St., thence Northerly along the west ROW line of Penn St. which transitions to the line of Forest Park Blvd. (where Forest Park Blvd. curves info Weatherford ROWd Belknap St.), thence Following the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said line intersects with the north ROW line of 5th St., thence Due west along a due west projection of the north ROW line of 5th St. to a point where this due west line intersects with the centerline of th Trinity River, thence e Clear Fork of the Following the centerline of the Clear Fork of the Trinity River northeasterly to a Point of intersection with the centerline of the West Fork of the Trinity River, thence Southeasterly, then easterly, and then northeasterly along the centerline of Fork of the Trinity River to a point of intersection with the projection the West ROW line of Cummings St. C J of the north TAD tax maps), thence (Cummings St. turns westward as depicted on the Easterly along the said projection and north ROW line of Cummins St where said line turns southeasterly along the east ROW line of Cummings Sit thence Southeasterly along the east ROW line of Cummings St. to a point where said line thence intersects with what would be the projection of the north ROW line of Peach St. Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad, thence South-southeasterly along the east ROW line of the Santa Fe Railroad to a point of intersection with what would be a straight projection of the south ROW line of 6th St., thence • k Beginning at a point of the intersection of a projection of the south ROW line of 3 St. and the west ROW in of Henderson St., thence rd Northwesterly along the west ROW line of Henderson S intersects with the south ROW Iine of Weatherford St., the pO1nt where said Iine Southwesterly along the south ROW line of Weathe projection of the said south line to a rford St. and what would be a intersects with the west ROW line of Penn St.,nt where the projection of said Iine thence Northerly along the west ROW line of Penn St. which Iine of Forest Park Blvd. (where Forest Park Blvd. cuzkesin{o 0 the south ROW Belknap St.), thence Weatherford St. and Following the same Forest Park BIvd. ROW Iine as it curves to southwesterly to a point where said line intersects with the north ROW l St., thence westerly, then to . W line of 5th Due west along a due west projection of the north ROW where this due west line intersects the centerIe li the 5th St, to a point Trini intersects River, thence Clear Fork of the Following the centerline of the CIear Fork of the Trinity R Point of intersection with the centerline of the West Forkzof the Trinity v a thence �tY River, Southeasterly, then easterl Fork of the Trim y' and then northeasterly along the centerline of the West ROW line of C tY River to a point of intersection with the T� tax maps), thence gs St. (Cummings buns westward section of the north ( unurun s St. as depicted on the Easterly along the said projection and north ROW Iine o where said line turns southeasterly along the east ROW line Cummings St' to a point thence f Cummings St., Southeasterly along the east ROW line of C intersects with what would be the ummings St. to a Point where said line thence projection of the north ROW Iine of Peach St., Northeasterly along the north ROW Iine of Peach St. to a intersects with the east ROW line of the Santa Fe Railroad oint where said line , thence South-southeasterly along the east ROW line of the Santa, Fe Railroad of intersection with what would be a straight projection of the ilroO to a point 6th St., thence south ROW line of 6th Southwesterly along the south ROW line of 6th St. to a point where said line intersects with the west ROW Iine of Commerce St., thence Northwesterly along the west ROW line of Commerce St. to a point where said line intersects with the south ROW line of 5th St.,thence Southwesterly along the south ROW line of 5th St. to a point where said line intersects with the east ROW line of Main St., thence Southeasterly along the east ROW line of Main St. to a point where said line intersects with the south ROW Iine of 6th St,thence Southwesterly along the south ROW line of 6th St. to a point where -said line intersects with what would be a straight projection of the east ROW line of Burnett St., thence Northwesterly along what would be a straight projection of the east ROW line of Burnett St. (west line of Block 101) to a point where said line intersects with the south ROW line of 5th St., thence Southwesterly along the south ROW line of 5th St: to a point where said line intersects with what would be a straight projection of the west ROW line of Burnett St., thence Northwesterly along the west ROW line of Burnett St. to a point where said line intersects with the south ROW line of 3rd St., thence Southwesterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Henderson St., which is the point of beginning. ' Save and except that the following blocks within said perimeter bound are omitted and excluded from.the Reinvestment Zone: Blocks 45R, Courthouse A, Block 27, Block 24, Block 58, Block 57, Block 8R, Block 64, Block 86, Block 87 (Lots 1, 2A, and 2B), in the Fort Worth Original Town Addition, and Save and except that following area is omitted and excluded from the Reinvestment Zone: Beginning at a point where the north ROW line of Belknap St. intersects the east ROW line of Henderson St., thence northwesterly along the east ROW line of Henderson St. to a point where said Iine intersects the south ROW line of Peach St., thence northeasterly along said south ROW line to a point where said line intersects the south ROW line of Franklin St., thence easterly along the south ROW line of Franklin St. to a point where said line intersects the west ROW line of Taylor St., thence southeasterly along the west ROW line of Taylor Street to a point where said line intersects the north ROW line of Belknap St. thence southwesterly along north_ROW line of Belknap St. to point where said line intersects the east RO e line of Henderson St., which is the point of beginning, and W Save and except that the following area is omitted and excluded from the Reinvestment Zone: Begiimmg at a point where the north ROW line of Belknap St. intersects the east ROW line of Taylor St., thence northwesterly anon the e t ROW line of Taylor St. to a point where said line intersects the south RO east Franklin St., thence easterly along the south ROW line of Franklin St. to a point where said Iine intersects the west ROW line of Houston St. thence point along the west ROW line of Houston St. to a point where said line ntutheasterly north ROW line of Belknap St., thence southwesterly along the north ROW line of Belknap St, to a point where said Iine 0: TARRANT COUNTY SUPPORT FOR TERMINATION'P ION ' AND REESTABLISHMENT - OF NORTH DOWNTOWN TIF HEREA:S,the general laws of the State of Texas authorize governmental taxing entities to join other taxing a reinvestment zone under the Tax Increment Financing Act,Chapter 311 of the Texas'fax Code(the'Act"), r velopment and redevelopment of properties that might not be undertaken without Junsdreirons in the establishment ), Provide incentive for the such incentive;and UREAS, the Fort Worth City Council,pursuant to the Act,established City of Fort Worth Tax Increment Financing mber One for an area of Downtown Fort Worth by adoption of Ordinance No. 11767 on December 13, 1994• and Reinvestment Zone iEEREAS,owners of ro ' P Po f with a majority of the appraised value of mat property within the Tax Increment Financing Reinvestment Zone rhavepetitioned the City of Fort Worth to terminate Tax Increment Financing Reinvestment Zone Number One in 19 ire the'end oYl995,a new tax increment financing reinvestment zone in approximately the same area; 95 and to establish, IEREAS, the Tarrant County Commissioners Court recognizes that the termination of City f F 'and vestment Zone Number One,the establishment of a new tax increment financing reinvestment zone in approximately he sa 1y ort Worth_Tax Increment Financing )ariicipation of Tarrant County in the newly established reinvestment zone will have the desired effect of redeveloping (town area to the benefit of all taxing units which levy taxes in the proposed reinvestment zone;and Y me area,and p ng a portion of the KREAS,the Texas Tax Code,Section 311-003 provides that notice of the date of a public hearing on the creation of a be given later than the 60th day before the date of the public hearing if the governing body of each coup and school roperty taxes in the proposed zone agrees to waive the requirement." reinvestment zone county ool district that levies THEREFORE,BE IT RESOLVED: That the Tarrant County Commissioners Court hereby agues to waive the 60 day requirement of Texas Tax Code §311.003 for notice of a public_ hearing on the establishment of a new tax increment financing reinvestment zone for the downtown That the Tarrant County Commissioners Court hereby declares its support for the termination of City f Fort Worth Financing Reinvestment Zone Number One and the establishment by the end of 1995 of a new tax increment fin zone in approximately the same area, ty °�Tax Increment - financing reinvestment That the Tarrant County Commissioners Court,hereby declares its intent to contribute a portion of its tax inc Produced from property located in the newly established Downtown tax increment financing increment, up to 100%, That Tarrant County hereby declares its intent to a reinvestment zone. in the preparation n a project plan and reinvestment zone financin plan for the newly the reinvestment zone and to the Board of Directors reinvestment financing zone. participate } established Downtown tax increment this 5th day of Decembe--_ r 1995, T COUNTY COMMISSIONERS COURT VX Tom VandergrilI County Judge �•' °rk's OX, esti Xj CL- O o ,,f +. o � ❑ +moo �� aa" 0 f+- Zone Boundary ' Major Government or Tax Exempt Omitted From Proposed Reinvestment Zone Exhibit " All The Proposed . Reinvestment .Zone TAX INCREMENT REINVESTMENT ZONE NUMBER THREE (DOWNTOWN TIF) EXHIBIT "C" I• TAXING UNITS' TAX INCREMENT PERCENTAGES A. Fort Worth Independent School District ("FWISDII ) 1 . Commencing for the tax year 1996 and ending on the earlier of the tax year (a) 2003 or (b) in which bounds or other obligations secured by the Tax Increments are issued, FWISD will deposit into the Tax Increment Fund an amount equal to 1000 of its Tax Increment. 2 . For the remaining term of this Agreement FWISD will deposit into the Tax Increment Fund an amount equal to 1000 of the product of (x) the Captured Appraised Value within FWISD times (y) the lower of the tax rate per $100 valuation levied for the then current tax year by either- the City of Fort Worth or FWISD (the "Alternate Rate" . ) B. City of Fort Worth, Tarrant County, Tarrant County Hospital District, Tarrant County Junior College District and*Tarrant County Water Control and Improvement District Number One (collectively, the "Other Taxing Units,, . ) 1 . For each year during the .term of this Agreement, the Other Training Units will deposit into the tax Increment Fund an amount equal to 1000 of their respective Tax Increments as defined in Section I . II. LIMITATIONS ON TAX INCREMENT DEPOSITS A. Deposit Limitation The total amount of Tax Increments deposited annually into the Tax Increment Fund by all TIF Taxing Units shall not exceed $5, 000, 000 (the "Deposit Ceiling") , and the amount of each TIP Taxing Unit' s Tax Increment deposit shall not exceed its pro rata share of the Deposit Ceiling. Each TIF Taxing Unit' s -pro rata share is the product of $5, 000, 000 times a fraction, the numerator of which is each TIF Taxing Unit's tax rate and the denominator of which is the sum of the tax rates of all TIF Taxing Units; provided, however, FWISD DIs tax rate for purposes of its numerator and for purposes of the denominator shall be the Alternate Rate if such rate is then in effect . By way of illustration, set forth on Schedule 1 hereto are examples of each TIF Taxing unit' s pro rata share of the Tax Increment deposits which will be required in the event the Deposit Ceiling is reached. In accordance. with Section 311 . 013 of the Act, the TIF Taxing Units shall not be required to pay tax increment into the tax increment fund of the Reinvestment Zone after three (3) years from the date the Reinvestment Zone has been created unless: 1 1. bonds have been issued for the Reinvestment Zone under Section 311. 015 of the Act to finance the Project . 2 . the City has acquired property in the Reinvestment Zone pursuant to the project plan, or 3 . construction of Phase I of the Project pursuant to the project, plan has begun in the Reinvestment Zone. B. Project Cost Limitation The maximum amount of "project costs" (as defined in Section 311 . 002 of the Act) that may be paid through Tax Increment deposits directly and/or financed through the issuance of bonds or other obligations of the City secured by Tax Increment deposits is $50, 000 . 00 . C. Use of Funds 1 . All amounts paid into the tax increment fund shall be used to pay direct project costs and/or the principal of and interest on bonds or other obligations, secured in whole or in part by tax increment deposits, issued to finance said project costs under the Act, and to pay direct costs properly chargeable under. generally accepted accounting principles to the administration of the TIF District; however, in no event shall any of the amounts paid into the tax increment fund be used to pay any overhead or administrative costs of City of other agency employees or officials for time spent or services rendered on behalf of the TIF District or with respect to the Project . 2 . No funds will be expended or no bonds or other obligations, secured in whole or in part by tax increment deposits, of the TIF District will be issued to finance project costs of the Project until a final project plan and financing -plan has been prepared and adopted by the Board of-Directors of the TIF District and approved by the City Council of the City and (b) the City has been furnished documentation and evidence satisfactory ' to the Board of Directors of the TIF District and the City to the effect that all final agreements and arrangements for the financing and construction of the Project have been completed and executed. 2 wm wm � NCCOirc°o wm � rn °mv ticcDo C) Z~ Z O'd' CM r r N U W W W W M rn crO M W Z W +- Cl) LO LO ttO z ~ Q z � z r zF< z `- H W W F- 6!1 69 6%16%64 69 a' F- EA 69 6%6A 64 64 � a 69 bfi bf}EH 69 6A LO N O p O N r t.p N O p M 0 to N N O a W a CL CL CV th 0 CO O a w w N M c a q O w t(j st O O t} �{ c} CO CO r M co 0 = W C'1 V' 'd• O) cD O = W C'1 tY' V' Q7 c0 O = W C7 LO v r O O) O O Q U 0' N r Q U a' N r LL' W r'�--to �. 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AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITE' OF TORT WORTH, TEXAS; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, 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,which was subsequently enlarged pursuant to Ordinance No. 14795, adopted by the City Council on October 2, 2001 (the "Zone"); an d WHEREAS, Section 311.007(b) of the Texas Tax Code (the "Code"), subject to certain -provisions of Section 311.006 of the Code, allows the City Council to enlarge the boundaries of an existing reinvestment zone to include an area described in a petition requesting that the area be included in the reinvestment zone if the petition is submitted to the City-Council by the owners of property constituting at least fifty percent (5.0%) 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; and WHEREAS, on October 19, 2001 the City Council was presented with a petition to enlarge the Zone by adding the real property specifically described in Exhibit "A' of this Ordinance (the "Property"),which petition was signed by the owners of property constituting at least fifty percent (50 11a) of the appraised value of the Property according to the most recent . certified appraisal roll for Tarrant County; and WHEREAS, Section 311.006 of the Code allows a municipality to enlarge the boundaries of an existing reinvestment zone pursuant to Section 311.007(b) of the Code so long Page I Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas as (i)the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality, and (ii) the amended boundaries of the reinvestment zone will not contain more.than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, on October 30, 2001 the City Council held a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the addition of the Property into the Zone; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the'City on October 23, 2001, a date not later than seven (7) days prior to the date of the public hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the Properly into the Zone and of the public hearing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL, OF THE CITY OF FORT WORTH, TEXAS: Section I. FINDINGS. That after reviewing all information before it regarding the enlargement of the Zone and after conducting a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons Page 2 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas F to speak for or against the enlargement of 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. 1.2. The Property is generally underdeveloped and blighted and substantially impairs the sound growth of the City because of the presence of (i) a substantial number of deteriorated and deteriorating structures; (ii) the predominance of inadequate sidewalks and sidewalk layouts; (iii) inadequate and/or deteriorated parking areas, lighting systems and related infrastructure; and (iv) faulty lot layouts that hinder accessibility and private reinvestment. 1.3. Development of the Property will not occur solely through private investment in the reasonably foreseeable future. 1.4. Improvements in the Zone, including the Property, as specifically outlined in the project plan adopted by the Zone's board of directors, will significantly enhance the value of all the taxable real property in the Zone, including the Property, and will be of general benefit to the City 1.5. With the addition of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. 1.6. With the addition of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school . district. Page 3 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas Section 2. DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Property, specifically described in Exhibit "A", which is attached hereto and hereby made a part of this Ordinance for all purposes. The Zone, as, enlarged, has been designated under Section 311.005(a)(5) of the Code and will continue to be known as "Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone will remain unchanged and shall continue to conform to the requirements of Section-311.009 of the Code. Section 4. TERM OF ZONE. That the addition of the Property into Zone shall take effect upon the adoption of this Ordinance. The Zone, as enlarged, shall terminate in accordance with Section 5 of Ordinance No. 12324. Section 5. DETERYHNATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 311.012(c) of the Code, for the Property added to the Zone shall be the total appraised value of the Property taxable by a taxing Page 4 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas n unit for the year 2001, which is the year in which the Property was added to the Zone. The tax increment base for the property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section b. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Section.7 of Ordinance No. 12324 (the "TIF Fund") shall include the percentage of any tax increment(as defined by Section 311.012(a) of the Code)produced by the Property that (i) the City dedicates to the TIF Fund and (ii) each taxing unit which levies real property taxes on the Property elects to dedicate to the TIF Fund under a participation agreement with the City, as authorized by Section 311.013(f) of the Code. Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager dnd City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment agreements relating to the Property with taxing units that levy real property taxes on the Property. Page 5 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas Section S. SIEVERABILITY. 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 9. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: /0 —,3 p—b APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney Date:_ // /— D 1 Page 6 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth,Texas t EDIT "A" BOUNDARY DESCRIPTION OF TAX INCREMENT REINVESTMENT ZONE NUA0ER ONE EXPANSION CITY'OF FORT WORTH)TEXAS Beginning at a point of the intersection of the south ROW line of 6th St. and the east ROW lime of Burnett St.,thence Northeasterly along the south ROW line of 6th St.to a point where said line intersects with the west ROW line of Main St.,thence Northwesterly along the east ROW line of Main St. to a point where said line intersects. with the south ROW line of 5th St.,thence Northeasterly along the south ROW line of 5th St.to a point where said line intersects with the west ROW line of Commerce St.,thence Southeasterly along the west ROW line of Commerce St.to a point where said line intersects with the south ROW line of 7th St.,thence Northeasterly along the south ROW line of 7th St.to.a point where said line intersects with the east ROW line of the Santa-Fe Railroad,thence South to southeasterly along the east ROW line of the Santa Fe Railroad to a point where said'line 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 St.,thence North:;:-esterly along the east ROW line of Calhoun St. to a point where said line intersects the north ROW line of 7th Street,thence Southwesterly,then west along the north ROW line of 7th St.to a point where said line intersects the east ROW line of Burnett Street,which is the point of beginning. RE Vk:1 • §Pk wla looms W IO i WI�.""Itl'kRMilnl ,— `Wallis so WIN F .,0 T 111 IR �_ _• �►\\\�\\\u\\\u\0\\\\\QV\0\\p\\\\ _,• 1 ♦, ♦ fiflill ■11111 1��, all �MV OVA `�` I It! `` ~ �Ell Kill Nil I ILI, :��e �.% ��ii■ ��Ir. " — :.:fir , ��� 11 11► .,�.' �''�11t11t1 IIIIIIItIi 111/111111 � .:�;� ZZ MUS Y 9 f:. F E�a�m� 069®® Downtown FOrtWorth, hic. TO: Mayor and City Council, City of Fort Worth FROM: Kenneth R. Devero DATE: October 19, 2001 SUBJECT: Boundary Expansion of Tax Increment Reinvestment Zone No. 3, City of Fort Worth, Texas Attached are petitions from property owners representing 70% of the property value described in Exhibit A of the proposed boundary expansion of Tax Increment Reinvestment Zone Number Three of the City of Fort Worth, Texas. The purpose of this request is to expand the current boundary of the TIF district to facilitate future development in the corridor. Thank you for your consideration of this request which will be a very positive stimulus toward the continued economic development of the Downtown. 777 Taylor Street,Suite 100 Fort Worth,Texas 76102-4908 (817)870-1692 Fax(817)335-3113 wwwAM.org A PETITION TO THE CITY COUNCIL OF THE CITY OF FT. WORTH, TEXAS FOR ENLARGEMENT OF THE BOUNDARY OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS TO THE CITY COUNCIL OF THE CITY OF FT. WORTH, TEXAS: The City Council of the City of Ft. Worth, Texas, is hereby requested,pursuant to the provisions of Chapter 311, Texas Tax Code, to adopt an- ordinance for the enlargement of the boundary of Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas. The area of land, which is the subject of this request, is shown in a map included as Exhibit "A' (the "Proposed TIF Expansion") to this Petition, which may be executed in multiple counterparts. The property owners collectively executing the multiple counterparts of this Petition.("Petitioners") are the owners of property constituting at least fifty(50)percent of the appraised value of a contiguous area of land shown and described at Exhibit"A", according to the most recent certified appraisal roll of the Tarrant County Appraisal District. A description of the property owned by each Petitioners in included at the signature page for the Petitioner. In support of this Petition, the Petitioners would respectfully show the City Council as follows: 1. The Proposed TIF Expansion includes approximately 360 acres which should be redeveloped with the existing land uses to promote quality mixed-use development. 2. The Proposed TIF Expansion contains substantial areas that are unproductive or underdeveloped in their present condition. The public infrastructure cannot support private reinvestment, as proposed in the Downtown Fort Worth Strategic Action Plan 1993. The streets, sidewalks, public parking areas, lighting systems and related infrastructure are inadequate and impede redevelopment or new development. Portions of the area also have obsolete platting. These conditions substantially impair the sound growth of the area. 3. One of the major redevelopments of the Proposed TIF Expansion includes the construction and funding of a full-time farmer's and public market. The proposed redevelopment requires the replacement and reconstruction of the public infrastructure and new public facilities. The proposed reconstruction will be financed through the enlargement of the boundary of the Reinvestment Zone over the proposed area. 1 The Petitioners request that pursuant to Chapter 311, Tax Code that the City Council, the governing body of the City of Ft. Worth, enlarge the boundaries of Tax Increment Reinvestment Zone Number Three under the provisions of Section 311.005(a)(5) Vernon's Tax Code, (the "Zone") to promote the development and redevelopment of such area. The Petitioners request such other action and assistance that the City Council may deem necessary and appropriate to implement the redevelopment of the Zone. Respectfully submitted to the City Council of the City of Ft. Worth by and through its City Secretary this the day of 2001 by the undersigned Petitioners. 2 PETITIONERS: Name: Ft Worth Club By: UJ <: Signature L Printed Name ��,ry�-✓�. FUt.A��e"}i. ,ASS% S�GI-�;�� - Title Owner of property located in Fort Worth Original Town,Blk 106 Lot A in the City of Fort Worth,Texas. STATE OF TEXAS COUNTY OF TARRANT a _Subscribed and sworn to me in my presence this L day of 0ov�� ', 2001 A.D. ;o,�YAVe SARAH L. CLOUTIER Notary Public-State of Texas NOTARY PUBLIC y STATE Ex TEXAS of��+`� My COmm.Exp.3-4-2003 t, Notary's Printed Name My Commi sion Expires• PETMONERS: Name: Electric Company ) By: S Lure � �A Printed Name Mug- Title Owner of property located in Fort Worth Original Town,Blk 68 Lts 1 Thru 4,Blk 73 Lts 1 & 2,131k 73 Lis 3 &4 in the City of Fort Worth,Texas. STATE OF TEXAS COUNTY OF TARiRANT - Subscribed and sworn to me in my presence this 14� day of / ice 2001•A-D. Notary Public - State of Tafas Le-)!HnG S Mo�nz� Notary's Printed Name My Commission Expires: /-/8-,-10Cz3 °�.LYW'1:3'2'`..`*�'3�b`i+5r.:.AYE:11'•._:�?�..^r1Sn"g:.i7S.Vt1.L•=�fl�.::>r2} . ,•�„4o4v,� iy i t 3 .•� S. tS7�lk'0':1 iJ a •�'*M,'C..%.' r.;'=,+�7s3s"f.(:i4S. � ��%:i�t'y1:3 AAA :AX PETITIONERS: Name: Star Telegram Operating Ltd, 3 : Signature 1/ 0 - ted Nam 1 Title Owner of property located in Fort Worth Original Town,Blk 105 Lots 1 &4 in the City of Fort Worth, Texas. STATE OF TEXAS COUNTY OF TARRANT _ Subscribed and sworn to me in my presence this .7 day of 2001 A.D. 2a,�arr�`c KIM A. HARP NOTARY PUBLIC Notary Public - State of Tdxas STATE OF TEXAS My Comm:Exp.2-18-2005 Notary's Printed Name My Commission Expires: D � PE'T'ITIONERS: Name: Crescent Real Estate Equities Limited Partnership, a Delaware limited partnership Bk Crescent Real Estate Equities, Ltd., -a Delaware corporation,its general partner By: Printed Name -r-gA _ e Ivl Title Owner of property located in Fort Worth Original Town,Blk 108 Lts 7 8 15 & 16, Blk 110 Lots 1B &2B,Blk 109 Lots 1 Thru 16 in the City of Fort Worth, Texas. STATE OF TEXAS COUNTY OF TARRANT Subscribed and sworn to me in my presence this �� day of 2001 A.D. Notary ublic - State oT Texas a:. EUZABET H A. HAYS August 11,..2004 Notary's Printed Name My Commission Expires: PETITIONERS: Name: Ron Investments Ltd; Signature f P ' Name Title Owner of property located in Daggett Addition,Blks Fl F2 F3 F4 L1 in the City of Fort Worth,Texas. STATE OF TEXAS COUNTY OF TARRANT - Subscribed and sworn to me in my presence this day of " ,2001 A.D. Notary Public- State of Texas AlllCr+ KIL9 A,ICARLAN Notary&! state I�s commission ex pires M iChe!!e A SGa n la n dUne 19,2004 Notary's Printed Name My Commission Expires: PETITIONERS: Name: Fwtx Building, The By: ignature 50ntt 0 h rt �nS Printed Name --MavaQ i VI q_ ckub e.)/- Title Owner of property located in Fort Worth Original Town,Blk 107 Lot 1R,Blk 107 Lot l OR,Blk 107 Lot SR in the City of Fort Worth,Texas. STATE OF TEXAS COUNTY OF TARRANT Subscribed and sworn to me in my presence this day of��— 2001 A.D. Notary Public - State of Texas MiC;IfKU A SCA�i1.AI�f �StM of Texas a�s 114Jc r-lle .4 Scranlan Notary's Printed Name My Commission Expires:d4ne, PETITIONERS: Name: Elm Street Portfolio,Lp. 1401 Elm Street, Ste. 4777 Dallas, TX 75202 By: —.�„ Signature Printed Name Title Owner of property located in Fort Worth Original Town,Blk 104 Lts 1 Thru 4 in the City - of Fort Worth, Texas. STATE OF TEXAS COUNTY OF TARRANT Subscribed and sworn to me in my presence this day of ae7lei " , 2001 A.D. E MICHI+I.1. A.SCANLAN`f"s Notary Public,State of Texas otary Public- State of Texas My Commission Expires;;.� June 19,2004 �l icl�et le A , Silo-n Notary's Printed Name My Commission Expires '24e PETITIONERS: Name: Amon G Carter Foundation, By: J{, Signature W. Patrick Harris Printed Name Executive Vice President Title Owner of property located in Daggett Addition,Blk E4 Lts 910& 11,Blk E5 Lts 9 & 10 &Pt Cl St,Blk E6 Lt 7&N Pt Lt-8,Blk E6 S Pt Lt 8 in the City of Fort Worth, Texas. STATE OF TEXAS COUNTY OF TARRANT _Subscribed and sworn to mein my presence this 17tday of October ,2001 A.D. Notary Public-State of Texas SUSAN F WEAVER J* Nolary public STATE OF TEXAS Susan F. Weaver My Comm. Expires 05.30.2005 p Notary's Printed Name . My Commission Expires: 5/30/2005 OGT.19.2001 1:25PM ING INVESTMENT MGMT NO.392 P.5i5 PETITIONERS: Name: �IIe�e Tns Co 0 Iowa,. ING Investor nagement, LL0 As rIze e By: ign a 09 P uted Name .5v � Title Owner of property located in Fort Worth.Original Town,Blk 108 Us 9 Tbra 12-is the CRY of Fort Worth, Texas_ STALTF, OF TExAs- 6 t corat: ,COUNTY OF ill _Subscn`bed and sworn to me in MY presence this Aay of ®C_4o �D2001 A.D. RENEE JOHNSON 'Notary Public-State o 61 j t /t-i a COBB COUNTYUGERGIA MY COMMISSION EXPIRES i '14 J 0o JUNE 2, 2002 Notary's Printed Name My Commission Expires: Ord' PETITIONERS,: ; F.W.Baker Building,LA, Name: Fw B er Building Lp. a Texas limited partnership,by its general partner,Kelly Capital hip,Investom its pn A . 1 Texas limited partnership,by its genCr3! , \ partner.Red Chief,Inc. By: Signature 7y}Z \/1,r Printed Name Title Owner of property located in Fort Worth Original Town,Blk 108 Lts 1 Thai 4 in the City of Fort Worth, Texas. STATE OF TEXAS COUNTY OF TARRANT Subscribed and sworn to me in my presence this 2?—day of �'_P, , 2001 A.D. Notary Public - State of Texas 11-- Notary's Printed Name My Commission Expires: oti?P4 PU?�, Victoria Dawn Holland zf ,y My Commission Expires di March 22 2005 c City of Fort Worth, Texas "eigorr acrd Council Communication--]DATE REFERENCE NUMBER LOG NAME PAGE 6/3/03 C-19612 1 12COUNTY 1 of 2 SUBJECT AURTHORIZE EXECUTION OF AMENDMENTS TO AGREEMENTS WITH TARRANT COUNTY AND TARRANT COUNTY HOSPITAL DISTRICT FOR PARTICIPATION IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS DOWNTOWN TIF RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute amendments to the agreements with Tarrant County (County) and Tarrant County Hospital District (Hospital District) increasing the level at which the County and the Hospital District will contribute tax increment to the Downtown TIF. DISCUSSION: Pursuant to the Downtown TIF's original Project and Financing Plan, all taxing units that have been contributing tax increment revenue to the Downtown TIF limited their participation to a maximum of $50 million in committed project costs by the Downtown TIF. Therefore, once the Downtown TIF had committed to or otherwise pledged $50 million toward allowable project costs, the taxing units would cease their contributions to the Downtown TIF and the Downtown TIF would not financially be able to undertake any additional projects. On February 4, 2003, City staff presented the City Council with a proposal for the redevelopment of the former Bank One Tower, which was severely damaged in the tornado of March 28, 2000, and is currently vacant. They also approved the redevelopment of the Tandy Center, which is scheduled to be vacated in 2005 when RadioShack Corporation moves into its new corporate campus on the site of the former Ripley Arnold Apartments. In accordance with that proposal, the Downtown TIF's board of directors has entered into leases for public parking spaces in the parking garages of both buildings and into a development agreement for the abatement of asbestos in the former Bank One Tower. All three of these agreements are critical in order for the redevelopment projects to be financially viable. In order for the Downtown TIF to fund these transactions, the $50 million project cost cap must be increased. On February 18, 2003, the City Council adopted Resolution No. 2922 increasing the cap applicable to the City to $72 million, with the understanding that any tax increment contributed by the City to the Downtown TIF once it had committed $50 million toward various projects would be reserved for projects undertaken on or after February 17, 2003. The County and the Hospital District have also agreed to increase their contributions in the same manner, reserving the additional funding for projects related to the redevelopment of the former Bank One Tower and the Tandy Center, and have accordingly executed amendments to City Secretary Contract Nos. 21825 and 21823, respectively, which are the agreements with the City pursuant to which the County and the Hospital District contribute tax increment revenue to the Downtown TIF. In order for the amendments to be effective, state law requires that the City Council authorize execution of these amendments. City of Fort Worth, Texas 4vemor And Council Communication DATE REFERENCE NUMBER I LOG NAME PAGE 6/3/03 C-19612 12COUNTY 2 of 2 SUBJECT AURTHORIZE EXECUTION OF AMENDMENTS TO AGREEMENTS WITH TARRANT COUNTY AND TARRANT COUNTY HOSPITAL DISTRICT FOR PARTICIPATION IN TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS DOWNTOWN TIF FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that these transactions will have no material effect on City funds. RZ:r Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) Reid Rector 6140 Originating Department Head: David Yett 7623 (from) APPROVED 06/03/03 Additional Information Contact: Peter Vaky 7601