HomeMy WebLinkAboutIR 9670 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9670
To the Mayor and Members of the City Council September 23, 2014
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*a SUBJECT: UPDATE ON THE ESTABLISHMENT OF A TAX INCREMENT
rrn FINANCING (TIF) DISTRICT IN THE HISTORIC STOCKYARDS
Purpose:
The purpose of this informal report is to brief the City Council on current efforts to establish a Tax
Increment Financing (TIF) district surrounding the Fort Worth Stockyards (Council District 2) and to
provide an anticipated timeline of events required for its creation.
Background:
In June of 2014, staff proposed to establish a TIF district for the area surrounding the Fort Worth
Stockyards in order to support public improvements to encourage development and redevelopment in the
area. Earlier this year, Fort Worth Heritage Development LLC announced a project to redevelop a large
portion of the historic Fort Worth Stockyards.
The proposed TIF meets the criteria as established by Section 311.005 of the Texas Tax Code due to (A) a
substantial number of substandard, slum, deteriorated, or deteriorating structures and (B) the predominance
of defective or inadequate sidewalk or street layout.
On Thursday, September 25, 2014, staff will conduct a presentation to stakeholders in order to provide an
overview of the proposed Stockyards TIF, to solicit comments on the possible boundaries of the proposed
TIF, and identify potential public improvements that the TIF might support. Staff recommends that all steps
necessary to create the TIF be completed no later than December of this year.
In order to facilitate the creation of the proposed Stockyards TIF, staff will bring an M&C before the City
Council in December to take action on the adoption of an ordinance to create the TIF district, create and
appoint a Board of Directors, designate terms for the TIF district and establish a TIF Fund. In January,
2015, staff will bring an M&C before the City Council to take action on the acceptance of the Project and
Financing Plans for the TIF.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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