HomeMy WebLinkAboutIR 9678
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9678
October 28, 2014
To the Mayor and Members of the City Council
Page 1 of 1
SUBJECT: PRELIMINARY PROJECT AND FINANCING PLAN FOR PROPOSED
HISTORIC STOCKYARDS/NORTHSIDE TAX INCREMENT FINANCING (TIF)
DISTRICT
Pursuant to state law, before a City can create a Tax Increment Financing (TIF) District, a Preliminary
Project and Financing Plan (Plan) must be created for the District. In order to meet the schedule to create
the TIF District surrounding the Fort Worth Stockyards by the end of the 2014 calendar year, the Plan has
been created to be reviewed by the participating taxing entities. The Plan must include a map of the TIF
showing current and proposed uses, estimated private investment, and any proposed changes to the city
zoning ordinances and codes. The Plan must include a list of proposed projects, the estimated costs of the
proposed projects, a finding that the Plan is economically feasible, a description of how the proposed
projects will be financed, the total appraised value of the TIF and the duration of the TIF.
The Plan incorporates input from Tarrant County, Tarrant Regional Water District and Tarrant County
College District on the proposed boundaries and the proposed projects, and the Plan proposes a
participation rate of 50% for all taxing entities. In addition, the Plan incorporates comments from
stakeholders made at the public meeting held on September 25, 2014. The Plan is attached to this Informal
Report.
With the proposed participation levels over 20 years, it is estimated that the proposed TIF would collect
approximately $40 million that would be used to support public improvements in the district.
Potential public improvements in the Plan include, but are not limited to:
Road and Access Improvements Public Parking Infrastructure
Public Infrastructure Improvements Public Amenities
Streetscaping and Pedestrian Improvements Demolition and Environmental Remediation
In order to move forward with the creation of the TIF, staff will finalize the Plan with the participating
taxing entities, followed by a public presentation to City Council in November 2014. Following the public
presentation and a public hearing, a Mayor and Council Communication (M&C) requesting that the City
Council consider adoption of an ordinance to create the TIF District, create and appoint a Board of
Directors, designate the duration of the TIF, establish the C rate and establish a TIF Fund
will follow in December 2014. Once the Board of Directors meets and adopts the Plan, staff will present an
M&C to City Council to consider acceptance and approval of the Project and Financing Plan and begin the
process of securing participation agreements from the other taxing jurisdictions. Staff anticipates that
adoption of the final Project and Financing Plan and approval of the participation agreements will occur in
the first quarter of 2015.
If you have any questions or need additional information contact Jay Chapa, Housing & Economic
Development Director at 817-392-5804 or Jesus.Chapa@fortworthtexas.gov
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
Tax Increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards TIF)
Draft Preliminary Project Plan and Financing Plan
Prepared for
The City of Fort Worth
October 28, 2014
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Tax Increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards TIF)
Preliminary Project Plan and Financing Plan
Table of Contents
I.Tax Increment Financing Overview ............................................................................................. 3
II.The Project Plan ............................................................................................................................ 5
A.Description of the Zone ................................................................................................... 7
B.Proposed Changes to Current Ordinances and Codes ...................................................... 7
C.Estimated Non-project Costs ............................................................................................ 7
D.Method of Relocating Displaced Persons ......................................................................... 7
III.The Financing Plan ....................................................................................................................... 8
A.Economic Feasibility of the Zone ..................................................................................... 9
B.Proposed Projects and Improvements ............................................................................. 11
C.Revenue Projections ....................................................................................................... 12
IV.Summary of Project Costs and Financing................................................................................... 14
V.Tables .......................................................................................................................................... 16
VI.Exhibits ....................................................................................................................................... 19
1.Map of Boundary ............................................................................................................ 20
2.Legal Description ............................................................................................................ 21
3.Map of Existing Uses ...................................................................................................... 29
4.Map of Property Values .................................................................................................. 30
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I. TAX INCREMENT FINANCING OVERVIEW
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I. TAX INCREMENT FINANCING OVERVIEW
TIF
improvements within a defined area. These improvements are intended to promote
development or redevelopment in the defined area and surrounding areas. The statute
governing tax increment financing is codified in Chapter 311 of the Texas Tax Code (the
Tax Codend it
improvements can be undertaken.
A municipality makes an area eligible for tax increment financing by designating a
reinvestment zone. Essentially, for the City to initiate the designation of an area as a
reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the
municipality creating the zone, retard the provision of housing accommodations, or
constitute an economic or social liability and be a menace to the public health, safety,
morals, or welfare in its present condition; or 2) be predominately open and, because of
obsolete platting, deterioration of structure or site improvements, or other factors,
substantially impair or arrest the sound growth of the municipality; or 3) be in a federally
assisted new community located in the municipality or adjacent to such property.
At the time an area is designated a reinvestment zone for tax increment financing, the
existing total taxable value of real property in the zone is identified and designated as the
As new development is added to the tax rolls within the TIF area, total assessed valuations
incremental increase between the origin
TIF fund administered by a TIF Board that is appointed by the local taxing units.
The TIF Board uses the tax increment to make public improvements in the area to attract
private development that would not otherwise occur or that may not occur until a much later
date. Additionally, the TIF Board may enter into development agreements to participate in
new development or redevelopment.
The TIF District ends on the earlier of 1) the termination date contained in the ordinance
establishing the zone or 2) the date on which all project cost have been paid in full. Any
revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to
each participating taxing unit.
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II. THE PROJECT PLAN
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II.THE PROJECT PLAN
The City Council recognizes the historical and economic importance of the Fort Worth
Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by
inadequate infrastructure and pockets of persistent blight, and is committed to the
preservation and enhancement of the Greater Stockyards Area through strategic investment
and the attraction of compatible development.
The Project Plan of the TIF is intended to address certain challenges that are common to the
area encompassed by the TIF through public improvements that may include, in general,
road improvements, rail crossings or overpasses, public water and sewer line improvements,
demolition and environmental remediation, streetscaping and pedestrian improvements,
public parking infrastructure, and certain public amenities.
In general, the TIF Plan contemplates that prospective developers of properties located
within the TIF may fund portions of public infrastructure associated with development
opportunities utilizing financial support from the TIF Board through development
agreements that provide for reimbursement of eligible expenses for these developments. It is
also anticipated that the TIF Board may undertake certain public improvement projects once
sufficient tax increment is available in an effort to further enhance the area, thereby making
it more attractive to new development and redevelopment.
Projects will qualify for assistance by the TIF if they meet at least one of the criteria outlined
below. Qualifying for assistance by the TIF does not mean that the project will
automatically receive TIF assistance. Only projects in which the TIF Board has approved
participation by the TIF through a development agreement will receive assistance.
Mixed-use (within a single building)
Projects that lead to direct job creation
Adaptive reuse of an existing building
Transit-oriented development
Board-approved streetscape improvements
Redevelopment along major commercial corridors
Historic preservation or restoration
Involves transportation improvements that substantially enhance the accessibility of
and mobility within the area
Mixed-income housing
Board-approved public amenities
Creates or improves pedestrian linkages.
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A. DESCRIPTION OF THE ZONE
The reinvestment
located in the northern area of Fort Worth, Texas and encompasses property that is generally
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bounded by Northwest 30 Street on the northernmost boundary, Interstate Highway 35
Frontage road on the easternmost boundary, North Grand Avenue on the southernmost
boundary, and Clinton Avenue on the westernmost boundary. This area includes major
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intersections such as N. Main & 28 St. and N. Main & Northside Dr. and it includes the
Historic Fort Worth Stockyards district.
A map of the boundary and the legal description of the area are contained in exhibits at the
end of this document, as are maps of the existing uses and property values.
B.PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
It is anticipated that the City of Fort Worth will establish an urban design district to ensure
that new development in the Stockyards area is compatible with existing architecture and
that the heritage of the Fort Worth Stockyards is preserved. While viewed as consistent with
the aims of the TIF, the establishment of an urban design district or similar ordinance
affecting zoning or building form within the zone is not prompted or necessitated by the
establishment of the TIF.
C.ESTIMATED PRIVATE INVESTMENT (NON-PROJECT COSTS)
Private investment of up to $185 million is planned to take place in one area of the zone in
association with the Fort Worth Stockyards Heritage Project. It is estimated that additional
private investment, spurred by the creation of the TIF District and the planned project, will
reach approximately $200 million over the 20-year term.
D.METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plan.
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III. THE FINANCING PLAN
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A.ECONOMIC FEASIBILITY OF THE ZONE
Increased Tax Base
i.
The following economic impact analysis is based on anticipated development plans within
the proposed TIF district and the opportunities that exist to capture tax increment due to a
significant number of low appraised values in the area.
The success of any TIF is predicated on the increase in value of the appraised real property
so that tax increment may be captured. This tax increment can then be used to make
infrastructure improvements in an effort to attract new growth and in this particular case,
promote redevelopment opportunities. With that in mind, initiating this TIF zone in 2014 is
important so that the TIF District can be in place to assist and enhance planned private
investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project,
which may one day encompass more than 1 million square feet of mixed-use redevelopment
and new development has the potential of serving as a catalyst that may initiate the
redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend
support to the catalyst project as well as provide impetus to the private sector to invest in the
area. The planned project as well as discussions concerning other potential development in
the. area
projects can be funded to further support overall redevelopment. This will not only enhance
the success and impact of new development in and near the Historic Fort Worth Stockyards,
but will enable public improvements that can support the cultivation of new development
opportunities at sites that are presently blighted, challenged by inadequate infrastructure or
that have experienced suppressed property values.
With the designation of the proposed 925-acre TIF, it is anticipated that the area within and
surrounding the TIF will experience certain increases in value as the project improvements
are completed. Potential development is expected to include commercial, retail, restaurants,
entertainment, and residential uses. With regard to the revenue projections that have been
developed for this plan, a 1.5 percent annual growth rate has been utilized for the initial four
years which then accelerates to a 2.5 percent annual growth rate for the remainder of the TIF.
Additionally, an approximate $147 million in improvements to properties currently
identified as being favorably positioned for new development have been incorporated in to
the projections. It is also anticipated that within the twenty-year term, the TIF will be
capable of supporting additional major development similar to that which is currently
planned by the Fort Worth Stockyards Heritage Project. The incremental value of such
development has been incorporated into the projections for the TIF.
As a result of the anticipated improvements described above, it is estimated that the TIF
increment will generate approximately $40 million if the City, County, Tarrant Regional
Water District and Tarrant County College District each choose to participate by designating
50% of their tax increment.
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ii. Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
approximately 123 acres of the developable area becoming new or redeveloped mixed-use,
retail and commercial business.
iii. Employment Opportunities
In addition to the jobs created during construction of the project improvements, it is expected
that the future development of the zone resulting from the private project improvements will
generate a wide variety of additional employment opportunities.
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B.PROPOSED PROJECTS AND IMPROVEMENTS
The redevelopment within the Stockyards TIF will consist of a combination of public
improvements and private investment projects. These improvements will provide a
-term public needs of the
neighborhood and secure mixed-use, economic growth opportunities in the Greater
Stockyards Area.
i. Initial Improvements
The initial improvements contemplated in the Stockyards TIF include public infrastructure
(e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use and
commercial development. In addition, demolition, environmental remediation, and all
expenses allowable under the Tax Increment Financing Act are contemplated as needed for
areas of the TIF zone identified as ripe for new or redevelopment. The improvements
undertaken by the TIF will be associated with the projects listed below:
The improvements undertaken by the TIF will include, but not be limited to the projects
listed below:
Road and Access Improvements - Street, traffic, utility, drainage and other public
infrastructure projects within the TIF boundaries, including projects that improve
access to and from the TIF area, such as rail crossings or rail overpasses.
Public Infrastructure Improvements - Public water and sewer line improvements,
demolition and environmental remediation projects within TIF boundaries.
Streetscaping and Pedestrian Improvements
Public Parking Infrastructure (surface or structured)
Public Amenities - Improved public access to or public use of Marine Creek, gateway
improvements at key entry points of the Greater Stockyards Area, public plazas or
similar public improvements that support development and redevelopment within TIF
boundaries
Demolition and environmental remediation
Administrative Expenses
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ii. Future Improvements
There are no future projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the project plan if subsequent projects
are identified by the TIF Board as appropriate and eligible for tax increment funding.
C.TAX INCREMENT REVENUE PROJECTIONS
i. Bonded Indebtedness
No bonded indebtedness is expected to be incurred with respect to any of the project
improvements.
ii. Projection of Revenues
This section outlines the estimated zone tax increment. The zone tax increment will depend
on many factors, including (a) the base value of real property in the zone subject to property
tax; (b) captured appraised value; (c) annual growth of the zone
(which largely depends on private growth within the zone); (d) participation by tax units; (e)
tax rates; (f) collection rates; and (g) the term of the zone. Each of these factors is discussed
in turn.
(a) Taxable Appraised Value for 2014 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the zone (estimated to be $171,822,838), which
is anticipated to be the zone
(b) Captured Appraised Value. Table 1 sets forth the estimated total appraised
value of property in the zone over the life of the TIF (estimated to be approximately
$808,347,140 in year 2034).
(c) . The estimated
captured appraised value (thus reflecting estimated growth of real property taxable values) of
the zone for each year of its existence and the estimated tax increment to be generated
annually in total and from each taxing entity is outlined on Table 1.
(d) Participation by Tax Units. Although each taxing entity has not agreed to a
specific level of participation, the financial projections set forth in the Plans anticipates that
the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water
District will participate in the zone, by contributing fifty percent (50%) of their tax
increment with respect to the zone.
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(e) Projected Tax Rates. Property tax rates are assumed to remain constant.
(f) Projected Collection Rates. The Plans assumes a one hundred percent (100%)
collection rate.
(g) Term of the Zone. The term of the zone will be 21 years, expiring on
December 31, 2035, beginning with that zone tax increment generated by the 2015 tax
appraisal and ending with that zone tax increment generated by the 2034 tax appraisal.
iii. Estimated Payment of Project Costs
Based on the assumptions and estimates set forth in the information above, it is expected that
the zone tax increment will be sufficient to pay in full all project costs (including interest).
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IV. SUMMARY OF PROJECT COSTS
AND FINANCING
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III. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
Road and Access Improvements* $ 15,000,000
Public Infrastructure Improvements * $ 15,000,000
Streetscaping and Pedestrian Improvements * $ 3,500,000
Public Parking Infrastructure * $ 3,500,000
Public Amenities $ 2,500,000
Administrative Expenses $ 500,000
TOTAL PROJECT COSTS $ 40,000,000
B. Anticipated TIF Revenues
City of Fort Worth $ 26,897,248
Tarrant County $ 8,305,115
Tarrant County College District $ 4,703,086
Tarrant Regional Water District $ 629,175
TOTAL REVENUE $ 40,534,625
* Project costs assume interest associated with reimbursement for public improvements.
Note: The amounts outlined below are strictly estimates and do not serve as caps on any specific area.
Eligible project costs not outlined above may be funded on a specific project as approved by the TIF Board.
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V. TABLES
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VI. EXHIBITS
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EXHIBIT 1. MAP OF THE BOUNDARY
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EXHIBIT 2. LEGAL DESCRIPTION OF THE TIF
A tract of land out of the J. Baugh Survey, Abstract No. 115, the J. Thomas Survey, Abstract No.
1526, the M.E. Jobe Survey, Abstract No. 886, the W.M. Gray Survey, Abstract No. 635, the M.
Roddy Survey, Abstract No. 1370, the S. Gilmore Survey, Abstract No. 580, the S. Gilmore Survey,
Abstract No. 590, the S.K. Smith Survey, Abstract No. 1417 and the E. Little Survey, Abstract No.
954 and being more particularly described by metes and bounds as follows:
Beginning at the intersection of the east right-of-way line of Clinton Avenue and the north right-of-
way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60, North Fort Worth
Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrant County,
Texas;
Thence: bearing roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of-way
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line of N.W. 16 Street;
Thence: bearing roughly North 50 degrees East with said right-of-way, about 113.0 feet to its
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intersection with the south right-of-way line of 20 Street;
Thence: with said right-of-way line, EAST about 287.0 feet to the east right-of-way line of Houston
Street;
Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north
Th
right-of-way line of 24 Street, the southwest corner of Lot 56, Block 19, Exchange Subdivision of
Blocks 18 & 19, M.G. Ellis Addition according to plat recorded in Volume 204, Page 69, Plat
Records of Tarrant County, Texas;
Thence: with said right-of-way line WEST, about 386.0 feet to its intersection with the east right-of-
way line of Clinton Avenue, the southwest corner of Lot 72, Block 18 of said Subdivision;
Thence: with said right-of-way line, NORTH about 2,780.0 feet;
Thence: continuing with said right-of-way line, bearing roughly North 15 degrees West, about
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1,289.0 feet to its intersection with the south right-of-way line of 30 Street, the northwest corner of
Lot 13, Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, Page 19, Plat
Records of Tarrant County, Texas;
Thence: EAST, about 1,495.0 feet to the east right-of-way line of North Commerce Street;
Thence: bearing roughly North 15 degrees West, about 663.0 feet to its intersection with the south
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right-of-way line of 31 Street, the most westerly corner of Block 7, Fort Worth Stockyards
Company Addition, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant
County, Texas;
Thence: EAST, about 360.0 feet to the east right-of-way line of North Calhoun Street;
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Thence: with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the
northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco Heights according
to plat recorded in Volume 388-51, Page 43, Plat Records of Tarrant County, Texas;
Thence: EAST, about 321.0 feet to the west right-of-way line of the Burlington Northern & Santa Fe
Railroad right-of-way;
Thence: southeasterly, with said right-of-way line about 1,182.0 feet;
Thence: bearing roughly North 63 degrees East, about 289.0 feet to a point lying on the east right-of-
way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100, Fostepco Heights
Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County,
Texas;
Thence: southeasterly with said right-of-way line, about 482.0 feet to the southwest corner of Lot 6,
Block 100 of said Addition, the northwest corner of Lot 7 of said Addition;
Thence: with the common line of said Lots roughly EAST, about 112.0 feet to the west right-of-way
line of Terry Street;
Thence: with said right-of-way line SOUTH, about 142.0 feet;
Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east
right-of-way line of Hays Street;
Thence: bearing roughly NORTH with said right-of-way line about 450.0 feet to its intersection with
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the south right-of-way line of 30 Street;
Thence: with said right-of-way line EAST, about 27.0 feet to its intersection with the west right-of-
way line of Burlington Northern & Santa Fe Railroad;
Thence: northeasterly with said right-of-way line about 1,152.0 feet;
Thence: EAST, about 210.0 feet to the east right-of-way line of said railroad;
Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot
10, Block 101 of said Fostepco Heights Addition;
Thence: departing said railroad right-of-way line bearing northeasterly about 150.0 feet to the west
right-of-way line of Decatur Avenue, the southeast corner of said Lot 10;
Thence: with said Decatur Avenue right-of-way line southeasterly about 975.0 feet;
Thence: departing said right-of-way line bearing roughly EAST, about 1,581.0 feet to the southeast
corner of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat
Records of Tarrant County, Texas;
Thence: with the east line of Block 6 of said Addition bearing SOUTH, about 50.0 feet;
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Thence: bearing roughly EAST, about 225.0 feet to the east right-of-way line of Oscar Street, the
southwest corner of Lot 15, Block 5 of said Moody Addition;
Thence: with the east right-of-way line of said Oscar Street bearing roughly NORTH, about 306.0
feet to its intersection with the south right-of-way line of Loraine Street, the northwest corner of Lot
10 of said Block 5;
Thence: with the south right-of-way line of Loraine Street bearing roughly EAST, about 117.0 feet
to the northwest corner of said Lot 10 lying on the west line of an alley;
Thence: with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast
corner of Lot 16 of said Moody Addition;
Thence: bearing roughly EAST, about 1,387.0 feet to the east line of an alley in Block 1 of said
Addition, the northwest corner of Lot 2;
Thence: NORTH, about 50.0 feet to the northwest corner of Lot 3 of said Moody Addition;
Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200.0 feet to the east
right-of-way line of Deen Road;
Thence: with said right-of-way line bearing roughly NORTH, about 779.0 feet;
Thence: bearing roughly North 45 degrees East, about 14.0 feet to the south right-of-way line of
Dewey Street, the northwest corner of Lot 1R1, Block 1, United Service Center Addition according
to plat recorded in Volume 388-140, Page 35, Plat Records of Tarrant County, Texas;
Thence: bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate
Highway No. 35 (North Freeway), the northeast corner of Block 14, Karren Addition Third Filing
according to plat recorded in Volume 388-6, Page 60, Plat Records of Tarrant County, Texas;
Thence: southwesterly along said right-of-way line about 1,110.0 feet to the northerly right-of-way
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line of 28 Street;
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Thence: SOUTH, about 115.0 feet to the south right-of-way line of said 28 Street, the northeast
corner of Lot 1, Taylor & McBrayer Subdivision according to plat recorded in Volume 388-F, Page
77, Plat Records of Tarrant County, Texas;
Thence: southeasterly about 36.0 feet;
Thence: southeasterly about 55.0 feet to the east right-of-way line of Warfield Street, the northwest
corner of Lot 54, of said Addition;
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Thence: with the south right-of-way line of said 28 Street bearing EAST, about 185.0 feet to the
west right-of-way line of said North Freeway;
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Thence: southeasterly about 320.0 feet to the northeast corner of Lot 1, Block 1, Lonestar Forklift
Addition according to plat recorded in Cabinet A, Slide 12844, Plat Records of Tarrant County,
Texas;
Thence: bearing roughly SOUTH, about 784.0 feet to the northeast corner of Lot 1, Block 1,
McCann Addition according to plat recorded in Cabinet A, Slide 10865, Plat Records of Tarrant
County, Texas, lying on said North Freeway right-of-way line;
Thence: WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest
corner of said Addition;
Thence: bearing roughly South 10 degrees West, About 70.0 feet to its intersection with the east line
of a T.E.S.Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tarrant
County, Texas;
Thence: bearing roughly SOUTH, about 837.0 feet to the north right-of-way line of Fort Worth Belt
Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County, Texas;
Thence: southwesterly about 240.0 feet to the southwest corner of that certain tract of land conveyed
to Trinity Industries, Inc. according to deed recorded in Volume 6181, Page 563, Deed Records of
Tarrant County, Texas lying on the east right-of-way line of said Cold Springs Road;
Thence: bearing roughly North 29 degrees East about 259.0 feet to an angle point of said right-of-
way;
Thence: bearing roughly NORTH, about 174.0 feet to the intersection of the east right-of-way line of
Warfield Avenue and the west right-of-way line of Cold Springs Road;
Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0
feet to its intersection with the north right-of-way line of Warwick Street, the southwest corner of
Lot 42 of said Taylor & McBrayer Subdivision;
Thence: WEST, about 180.50 feet to the intersection of the east right-of-way line of Sterling Street,
the southwest corner of Lot 13 of said Subdivision;
Thence: with said right-of-way line, NORTH about 600.0 feet;
Thence: bearing roughly WEST, about 1,551.0 feet along the north right-of-way line of Salisbury
Avenue to the west right-of-way line of Hale Avenue, the southeast corner of Lot 8, Block 25,
Diamond Hill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant
County, Texas;
Thence: with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection
with the north right-of-way line of Orion Avenue, the southeast corner of Lot 10, Block 25 of said
Addition;
Thence: with said Orion Avenue right-of-way line WEST, about 1,225.0 feet to the southwest corner
of Lot 17, Block 8 of said Diamond Hill Addition;
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Thence: bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said
Orion Avenue, the northwest corner of Lot B, Block 9 of said Addition abutting Trail Drivers Park;
Thence: bearing roughly South 21 degrees West, about 439.0 feet to the southwest corner of Lot 12
of said Block;
Thence: bearing roughly North 57 degrees West, about 994.0 feet to the southeast corner of Lot 12,
Block 5 of said Addition;
Thence: bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 11,
Block 5 of said Addition;
Thence: bearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of
Decatur Avenue, the southwest corner of Lot 12, Block 5 of said Addition:
Thence: bearing roughly North 58 degrees West, about 64.0 feet to the west right-of-way line of
Decatur Avenue, the southeast corner of Lot 2A1, Block 2, Fort Worth Stockyards Company,
according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas;
Thence: with said Decatur Ave right-of-way line bearing roughly South 6 degrees East, about 506.0
feet;
Thence: bearing roughly SOUTH, about 975.0 feet to the north right-of-way line of Fort Worth Belt
Railroad right-of-way, the southeast corner of Tract 10, Abstract 954 of the E. Little Survey as
conveyed to DFW K & H Real Estate, LLC per deed recorded at Instrument No. D206009372, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly North 82 degrees East, about 54.0 feet to the east right-of-way line of said
Decatur Avenue, the southwest corner of Lot 2A, Block 4 of said Diamond Hill Addition;
Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest corner of Lot 31,
Block 3 of said Addition:
Thence: NORTH, about 115.0 feet to the northwest corner of said Lot 31;
Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot
lying on the west right-of-way line of Peak Street;
Thence: bearing roughly South 47 degrees East, about 79.0 feet to the southwest corner of Lot 2,
Block 4 of said Diamond Hill Addition lying on the east right-of-way line of Peak Street and the
north right-of-way line of said Fort Worth Belt Railroad;
Thence: northeasterly along said railroad right-of-way line about 3,182.0 feet to a point lying on the
approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K. Smith Survey,
Abstract No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill
Addition;
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Thence: bearing roughly SOUTH, about 103.0 feet to the south line of said Fort Worth Belt Railroad
right-of-way lying on the north line of Lot 4, Block 1, Gorbett Industrial Addition according to plat
recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, Texas;
Thence: southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of
Cold Springs Road, the northeast corner of said Addition;
Thence: southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way
line of Northside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to
plat recorded in Volume 388-45, page 68, Plat Records of Tarrant County, Texas;
Thence: southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet,
an arc length of 431.52 feet to the southwest corner of said Lot;
Thence: bearing roughly North 10 degrees East, about 469.50 feet along the westerly line of said
Delta Industrial District plat to the southeast corner of Lot 1, Block 2, Delta Industrial District
according to plat recorded in Volume 388-168, Page 59, Plat Records of Tarrant County, Texas;
Thence: bearing roughly North 76 degrees West, about 1,177.0 feet to the southwest corner of said
Lot and Block;
Thence: bearing roughly North 12 degrees East, about 681.50 feet to the south right-of-way line of
Brennan Avenue, the northwest corner of said Lot 1, Block 2;
Thence: bearing roughly North 72 degrees West along said right-of-way line about 155.0 feet to the
northeast corner of Lot 2, Block 47, Diamond Hill Addition according to plat recorded in Volume
388-209, Page 55, Plat Records of Tarrant County, Texas;
Thence: bearing roughly South 12 degrees West, about 547.50 feet to the southeast corner of Lot 2
of said Addition at an ell corner of Lot 1, Block 1 Brennan Avenue Service Center Addition
according to plat recorded in Cabinet A, Slide 835, Plat Records of Tarrant County, Texas;
Thence: bearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said
Lot 1;
Thence: bearing roughly South 10 degrees West, about 580.0 feet to an ell corner of said Lot 1, the
southeast corner of Lot 20A of said Diamond Hill Addition;
Thence: bearing roughly North 80 degrees West, about 446.0 feet;
Thence: bearing roughly South 58 degrees West, about 31.0 feet;
Thence: bearing roughly South 77 degrees West, about 142.0 feet;
Thence: bearing roughly South 60 degrees West, about 195.0 feet;
Thence: bearing roughly South 45 degrees West, about 274.0 feet to the intersection of the east
right-of-way line of Samuels Avenue;
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Thence: bearing roughly North 37 degrees West, about 71.50 feet to the southeast corner of Block
Rd
13 of said Fort Worth Stockyards Company Addition lying on the north right-of-way line of 23
Street;
Thence: bearing roughly South 78 degrees West, about 48.0 feet;
Thence: continuing with said right-of-way line bearing roughly WEST, about 1,743.0 feet to its
intersection with the east right-of-way line of Niles City Blvd;
Thence: westerly with said right-of-way line about 518.0 feet;
Thence: bearing roughly SOUTH, about 204.0 feet to the westerly southwest corner of Block 20 of
said Fort Worth Stockyards Company Addition, the northwest corner of Lot 1R, Block 178R, M.G.
Ellis Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly South 60 degrees East, about 23.0 feet;
Thence: bearing roughly South 55 degrees East, about 112.40 feet;
Thence: bearing roughly South 53 degrees East, about 109.40 feet;
Thence: bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast corner
of said Lot 1R, lying on the west right-of-way line of Fort Worth & Western Railroad:
Thence: with said railroad right-of-way line bearing roughly SOUTH, about 707.0 feet to the north
St
right-of-way line of 21 Street;
Thence: with said right-of-way line EAST, about 229.0 feet;
Thence: southeasterly with said railroad right-of-way line about 710.0 feet;
Thence: WEST, about 39.0 feet;
Thence: bearing roughly South 4 degrees West, about 1,216.0 feet to the north right-of-way line of
Northside Drive, the southwest corner of Lot 1, Block 54, North Fort Worth Addition according to
plat recorded in Volume 63, page 149, Plat Records of Tarrant County, Texas;
Thence: with said right-of-way line, bearing roughly South 60 degrees West, about 956.0 feet to the
southeast corner of Lot 22, Block 78 of said Addition lying on the west right-of-way line of North
Main Street;
Thence: with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the
southeast corner of Lot 1, Block 59 of said Addition lying on the north right-of-way line of Grand
Avenue;
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Thence: southwesterly with the north right-of-way line of Grand Avenue, about 652.0 feet to the
Place of Beginning, containing some 925.29 acres of land, more or less.
Bearings and Distances per City of Fort Worth Graphic Information System.
This description prepared by Steve Cisneros, TPW Survey Services, October of 2014.
ground survey, and is not to be used to convey or establish interests in real property except those
rights or interests implied or established by the creation or reconfiguration of the boundary of the
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EXHIBIT 3. MAP OF EXISTING USES
Single Family
Multi-Family
Commercial
Industrial
Transportation
Utilities
Vacant
Source: Tarrant Appraisal District, 2013
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EXHIBIT 4. MAP OF PROPERTY VALUES
Source: Tarrant Appraisal District, 2013
30