HomeMy WebLinkAboutOrdinance 17621-06-2007.ORDINANCE NO 17621-06-2007
AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS
FOR TAX INCREMENT REINVESTMENT ZONE NUMBER
TWELVE, CITY OF FORT WORTH, TEXAS (EAST BERRY
RENAISSANCE TIF), MAHING VARIOUS FINDINGS RELATED TO
SUCH PLANS, CLARIFYING THE POWERS OF THE BOARD OF
DIRECTORS OF THE ZONE, PROVIDING FOR SEVERABILITY
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on July 19 2006 the City Council of the City of Fort Worth (the `City")
established Tax Increment Financing Reinvestment Zone Number Twelve, City of Fort Worth,
Texas (East Berry Renaissance TIF) (the `Zone") pursuant to Ordinance No 17061-07 2006
and as authorized by Chapter 311 of the Texas Tax Code (the Act"); and
WHEREAS, in accordance with Section 311 O 11(a) of the Act, on April 11 2007 the
board of directors of the Zone (the `Board") adopted a project plan and a financing plan for
the Zone, both of which are attached hereto as Exhibit A (collectively the `Plans"), and
recommended that the Plans be approved by the City Council, as required by Section
311 O 11(d) of the Act;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS.
Section 1.
FINDINGS.
That the City Council hereby makes the following findings of fact:
1
1 1 The statements and facts set forth m the recitals of this Ordinance are true and
correct.
1.2. That the Plans include all information required by Sections 311 O l 1(b) and (c) of the
Act.
1.3. That the Plans are feasible and the project plan conforms to the City's
comprehensive plan.
Section 2.
APPROVAL OF PLANS.
That based on the findings set forth m Section 1 of this Ordinance, the Plans are hereby
approved.
Section 3.
DELIVERY OF PLANS TO TAXING ENTITIES.
That the City Manager is hereby directed to provide a copy of the Plans to the
governing body of each taxing unit that taxes real property located in the Zone
Section 4.
SEVERABILITY
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 m full
2
force and effect and shall not m any way be impaired or affected by such decision, opinion
or judgment.
Section 5.
EFFECTIVENESS.
That this Ordinance shall take effect and be m full force and effect from and after rts
adoption.
AND IT IS SO ORDAINED
ADOPTED AND EFFECTIVE June 19 2007
APPROVED AS TO FORM AND LEGALITY
By•
Peter Vaky
Assistant Crty Attorney
Date June 19 2007
M&C G-15762
EXHIBIT A
Financing Plan and Project Plan
for
Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth, Texas
(East Berry Renaissance TIF)
Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth, Texas
(East Berry Renaissance TIF)
Prod ect Plan and Financing Plan
Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth, Texas
(East Berry Renaissance TIF)
Project Plan and Financing Plan
Table of Contents
I. Tax Increment Financing Overview 3
II. The Project Plan 5
A. Description of the Zone 6
i. Map of Boundary 7
u. Legal Description. 9
iii. Map of Existing Uses 14
iv Map of Property Values 16
B Proposed Changes to Current Ordinances and Codes 18
C Estimated Non-project Costs 18
D Method of Relocating Displaced Persons 18
III. The Financing Plan 19
A. Economic Feasibility of the Zone 20
B Proposed Projects and Improvements 22
C Revenue Prod echons .23
IV Summary of Project Costs and Financing. 25
V Tables 27
2
I. TAX INCREMENT FINANCING OVERVIEW
I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing ("TIF") is a tool Texas local governments use to finance public
improvements within a defined area. These improvements are intended to promote
development or redevelopment m the defined area and surrounding areas. The primary
statute governing tax increment financing is codified m Chapter 311 of the Texas Tax Code
(the `Tax Code") Chapter 311 is often referred to as the Tax Increment Financing Act and
rt allows municipalities to create `reinvestment zones" within which various public
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 m 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 municipalrty• or 3) be m a federally
assisted new community located m the municipality or adjacent to such property
At the time an area is designated a reinvestment zone for tax increment financing, the
existing total appraised value of real property m the zone is identified and designated as the
`base value All taxing units that levy taxes m the zone during the life of the TIF will
continue to receive the tax revenues derived from the `base value
As new development is added to the tax rolls wrthm the TIF area, total assessed valuations
rise. This rise m new value is measured annually and is called the captured appraised
value" The taxes that are collected by the participating taxing jurisdictions on the
incremental increase between the original `base value and the current year's captured
appraised value is the `tax increment" Each taxing unit choosing to participate m the TIF
will agree to deposit a portion or all of the taxes generated from the `tax increment" into a
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 m the area to attract
private development that would not otherwise occur or that may not occur until at a much
later date Additionally the TIF Board may enter into development agreements to
participate m new development or redevelopment.
The TIF District ends on the earlier of 1) the termination date contained m the ordinance
estabhshmg the zone or 2) the date on which all project cost have been paid m full. Any
revenues remaining m the TIF fund after the dissolution of the TIF are returned pro rata to
each participating taxing unit.
4
II. THE PROJECT PLAN
II. THE PROJECT PLAN
Acknowledging Fort Worth s continued economic growth, the City Council of the Crty of
Fort Worth has made the revitalization and renaissance of the southeast area of paramount
importance. In general, the TIF Plans contemplate that prospective developers of properties
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 m an effort to further enhance the area, thereby making
it more attractive to new development and redevelopment.
The East Berry Renaissance TIF represents an important opportunity to support viable
economic redevelopment m southeast Fort Worth. The area encompassed by the TIF has
been m a general state of economic decline with very little new private investment taking
place m the past twenty five years In order to support new and denser development in the
future, the basic infrastructure m the area must be upgraded because most of the existing
water sewer and storm drainage systems were constructed more than fifty years ago
A. DESCRIPTION OF THE ZONE
The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plans") is
located m the southeast area of Fort Worth, Texas and encompasses property that is bounded
by Glen Garden Drive on the northernmost boundary State Highway 287 on the easternmost
boundary Riverside Drive east of Ripy Street on the southernmost boundary and Interstate
Highway 35 Frontage road on the westernmost boundary This area includes mayor
intersections such as Riverside & Berry and Berry & Mitchell and rt includes the Masonic
Home of Texas School property
A map of the boundary and the legal description of the area are contained on the following
pages as well as maps of the existing uses and property values.
6
~. MAP OF THE BOUNDARY
i. MAP OF THE BOUNDARY
~i. LEGAL DESCRIPTION OF THE TIF
ii. LEGAL DESCRIPTION OF THE TIF
Being a parcel of land out of, the J Huie Survey Abstract Number 669 the G Hartzog Survey
Abstract Number 697 the J Justice Survey Abstract Number 859 the S.P Loving Survey Abstract
Number 943 the W.R. Loving Survey Abstract Number 948 the R.R. Ramey Survey Abstract
Number 1342, the A. Stinson Survey Abstract Number 1413 the A. Thompson Survey Abstract
Number 1499 and the E.S Terrell Survey Abstract Number 1527 situated in the City of Fort
Worth, Tarrant County and being more particularly described by metes and bounds as follows
Beginning at the intersection of the East nght-of way of Interstate Highway 35W and the North
nght-of way of the T&P Railroad,
Thence with the East nght-of way of said Interstate Highway 35W North to the
Southwest corner of Lot 16, Dobbins Subdivision,
Thence with the South line of said Dobbins Subdivision, East to the Southeast corner of
Lot 9 being in the West nght-of way of Evans Avenue;
Thence South with the West nght-of way of said Evans Avenue to the projected
intersection of the South line Block 3 Morringside Terrace Addition with said West nght-of way•
Thence East with the South line of said Block 3 to and along the South line of Block 2,
Mormngside Terrace Addition, to the East nght-of way of Mississippi Avenue•
Thence with the East nght-of way of said Mississippi Avenue, North to the intersection of said East
right-of way and the South nght-of way of Glen Garden Dnve.
Thence with the South nght-of way of said Glen Garden Drive to the Southwesterly
nght-of way of Old Mansfield Road,
Thence with the Southwesterly nght-of way of said Old Mansfield Road, Southeasterly to the
intersection of the Southwesterly right-of way of said Old Mansfield Road and the Northwesterly
nght-of way of East Berry Street;
Thence with the Northwesterly and North nght-of way of said East Berry Street, Northeasterly and
East to the intersection of the North nght-of way of said East Berry Street and the Southwesterly
nght-of way of Vaughn Boulevard
Thence: Southeasterly with the Southwesterly right-of way of said Vaughn Boulevard, and
Southeasterly to the intersection of said Southwesterly nght-of way of Vaughn Street and the
Northwesterly right-of way of Wichita Street;
Thence with the Northwesterly nght-of way of said Wichita Street, Southwesterly and
South to the Southeast corner of the Masonic Home School Addition,
10
Thence• with the South line of said Masomc Home School Addition, West to its Southwest corner
and the Easterly nght-of way of Mitchell Boulevard,
Thence with the Westerly line of said Masomc Home School Addition and the Easterly
right-of way of said Mitchell Boulevard, Northwesterly and North to the intersection of the East
right-of way of said Mitchell Boulevard and the South right-of way of said East Berry Street and the
Northwest corner of said Masomc Home School Addition,
Thence with the South and Southeasterly nght-of way of East Berry Street, West and Southwest to
the intersection of the Southerly nght-of way of East Berry Street and the Southwesterly nght-of
way of said Old Mansfield Road,
Thence with the Southwesterly nght-of way of said Old Mansfield Road, Southeast to the Northeast
corner of Block 4 O.D Wyatt Addition,
Thence West, Northwest, and Southwest with the North line of said Block 4 to the Northerly right
of way of Bnardale Road,
Thence• with said North nght-of way of Bnardale Road, West to the Southeast corner of Block 18
Rolling Hills Addition,
Thence with the East line of said Block 18, North to its Northeast corner
Thence with the North line of said Block 18 West to its Northwest corner
Thence. with the Westerly line of said Block 18, Southwesterly to the Southwest corner of said
Block 18 and the Northwesterly nght-of way of said Bnardale Road,
Thence• with the Northwesterly nght-of way of said Bnardale Road, Southwesterly to the
East corner of Block 17 Rolling Hills Addition,
Thence with the Northeasterly line of said Block 17 Northwesterly to its North most
Northeast corner
Thence. with the North and Northwesterly line of said Block 17 West and Southwesterly to the
Northwest corner of said Block 17 the Southwest corner of a 2.54 acre tract of land out of the S.P
Loving Survey Abstract Number 943 as conveyed to the International Association of Black
Professional Fire Fighters as recorded m Volume 14013 Page 423 Deed Records, Tarrant County
Texas, and the East nght-of way of South Riverside Dnve,
Thence• with the East nght-of--way of said South Riverside Drive and the West line of said 2.54 acre
tract of land, North to the Northwest corner of said 2.54 acre tract of land,
Thence Northwesterly to the West nght-of way of said South Riverside Dnve, the Southeast corner
of a 0 03 acre tract of land out said J.P Loving Survey
Thence• with the South line of said 0 03 acre tract of land, West to the East most corner of Lot 4
Beny Industrial Park Addition,
11
Thence with the meanders of the South line of said Lot 4 Southwesterly Westerly and
Northwesterly to the West line of said Lot 4 and the East nght-of way of Yuma Street;
Thence• with the East right-of way of said Yuma Street, South to the Southeast corner of
said nght-of way and the North line of a 5 65 acre tract of land out of said J.P Lovmg Survey
Thence with the North line of said 5 65 acre tract of land, East to the Northeast corner of a 16.50
acre tract of land out of said J.P Lovmg Survey and the West corner of Block 2, River Bend
Condos,
Thence with the Northeasterly line of said 16 50 acre tract of land and the Southwesterly
line of said Block 2, Southeast to the Southwest corner of said Block 2 and the Northwest corner of a
1.27 acre tract of land out of said J.P Loving survey as conveyed to Simman Development in
Volume 16020 Page 132, Deed Records, Tarrant County Texas,
Thence with the South line of said Block 2 and the North line of said 1.27 acre tract of land, East to
the Southeast corner of said Block 2, the Northeast corner of said 1.27 acre tract of land and the
West right-of way of said South Riverside Dnve,
Thence with the East line of said 1.27 acre tract of land, and the West nght-of way of said South
Riverside Dnve, Southeasterly to the Northeast corner of Block A, Grace Temple Addition,
Thence• with the North line of said Block A, West to the Northeasterly nght-of way of the T&P
Railroad,
Thence• with the Northeasterly nght-of way of said T&P Railroad, Northwesterly to the
intersection of the said Northeasterly nght-of way of the T&P Railroad and the West right-of way of
the International & Great Northern Railroad, and the Southeast corner of Lot 36, Block 4
Mornmgside Park Addition,
Thence• with the Westerly right-of way of said International & Great Northern Railroad
and the Southeasterly line of said Block 4 Mornngside Park Addition, Northeasterly to the South
corner of the John Randol Addition,
Thence: with the East line of said Block 4 Mornngside Park Addition and the West hne of said
Block 2, John Randol Addition, North to the Northwest corner of said Block 2, and being m the
West right-of way of Mississippi Avenue;
Thence with the East line of said Block 4 Mornngside Addition and the West nght-of way of said
Mississippi Avenue, North to the North most Northeast corner of Lot 5 said Block 4 Morningside
Addition and the South nght-of way of an alley
Thence with the South nght-of way of said alley West to the Northwest corner of Lot 1 Block 2,
said Mornmgside Park Addition, and the East nght-of way of Evans Avenue;
Thence• West to the West right-of way of said Evans Avenue, the Southeast corner of Lot 1 Block
A, and the Northeast corner of Lot 1 Block 1 said Morningside Park Addition,
12
Thence• with the South hne of said Lot 1 Block A, and the North lme of Bald Lot 1
Block 1 West to the Northwest corner of sald Lot 1 Block 1
Thence with the West lme of said Block 1 Mornmgslde Park Addrtlon, South to the
North nght-of way of said T&P Railroad,
Thence with the North nght-of way of said T&P Railroad, Northwesterly to the place of
beglmm~g, and contaimng some 3,970 acres of land.
Note: This exhibit prepared under 22 TAC § 663.21 does not reflect the results of an the ground survey and is not to
be used to vey or establish interest in real property except those fights and interest implied by the creation
configuration of the boundary of the political subdivision for which it was prepared.
East Berry Corridor TIF
CFW/DOE/Survey Division
File No. 52656001
13
iii. MAP OF EXISTING USES
14
iii. MAP OF EXISTING USES
a
a
m
RG~CV
sltle-berry Parcels
al Us (TAD 2005)
acan2- Unimproved
Reside Improved
.: x n :Comets eil Industn Impr
is
iv MAP OF PROPERTY VALUE S
16
iv MAP OF PROPERTY VALUES
17
B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
There are currently no proposed changes to zoning ordinances, building codes, nor any other
municipal ordinances relating to the TIF that would affect the anticipated implementation of
the Plans by the Board.
C. ESTIMATED NON PROJECT COSTS
Non-project costs are not expected to be incurred wrthm the TIF
D METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plans.
18
III. THE FINANCING PLAN
19
III. THE FINANCING PLAN
A. ECONOMIC FEASIBILITY OF THE ZONE
Increased Tax Base
The following economic impact analysis is based on known development plans wrthm the
TIF district and the opportunities that exist to capture tax increment due to the low appraised
values m the area.
The success of any TIF Zone is predicated on the increase m value of the appraised real
property so that tax increment may be captured. This tax increment can then be used to
make infrastructure improvements m an effort to promote further growth. With that m mind,
initiating this TIF Zone m 2006 is important since private investment planned for the area is
currently underway Specifically the Sierra Vista residential development planned at the
northwest corner of the intersection of East Berry and Riverside Drive can serve as a catalyst
that both initiates the redevelopment of the area and helps ensure the success of the TIF Zone
m the early years Along with this single family housing project, numerous development
opportunities have come to the forefront including the potential development of the Masonic
Home of Texas School property which includes approximately 200-acres of prime green
space wrthm the core of the central city
With the designation of the 604-acre TIF rt is anticipated that the area wrthm and
surrounding the TIF will experience a substantial increase m value as the project
improvements are completed and the planned developments build out. Potential
development is expected to include commercial, retail, restaurants, entertainment, and
residential uses These new developments should have a greater impact on the overall
increase m taxable real property wrthm the Zone than typically found in other areas of Fort
Worth. A comparison of land values per acre in a comparable area of the City of Fort Worth
in which a TIF Zone has been created, illustrates the potential for a dramatic increase m
existing property values due to the depressed existing values The area for the TIF shows
that the average value per acre of real property is under $50 000 while the average value per
acre of the Southside TIF (generally bounded by Interstate Highway 30 on the north, Evans
Avenue on the east, Allen on the south, and Forest Park on the west) when created in 1997
was over $140 000 Because of the overall depressed existing values m the area, rt is
surmised that new investment made in the area will increase the value of existing properties
at a faster rate than the typical rate of inflation, which means an even greater opportunity for
the TIF Zone to be successful.
It is estimated that the area m the Zone will experience significant development during the
20-year period in which the TIF Zone is m place with the potential for TIF Increment to
exceed $30 million if all taxing entities choose to participate by designating 100% of their
tax increment. Although prohibited from participating m the TIF rt is anticipated that the
Fort Worth Independent School District could receive an estimated $39.2 million in tax
revenue over the 20-year period.
20
r
u Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
approximately 110 acres of the developable area becoming new or redeveloped retail and
commercial business.
iii Employment Opportunities
In addition to the fobs created during construction of the project improvements, it is expected
that the future development of the Zone resulting from the pnvate project improvements will
generate a wide variety of additional employment opportunities
21
B. PROPOSED PROJECTS AND IMPROVEMENTS
The redevelopment within the East Berry Renaissance TIF will consist of a combination of
public improvements and private investments projects. These improvements will provide a
`foundation for development" to encourage and support the long term public needs of the
neighborhood and secure mixed-use economic growth opportunities m southeast Fort Worth.
i. Initial Improvements
The initial improvements contemplated m the East Berry Renaissance TIF include public
infrastructure (e g. water sewer drainage, roads, sidewalks, etc) associated with mixed-use
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
East Berry Corridor Improvements -Street, traffic, utility drainage and other public
infrastructure projects on East Berry Street from IH 35 to Highway 287
• Public Infrastructure such as water sewer drainage, roads, sidewalks, etc associated
with the following development projects
o Sierra Vista Phase II -Commercial and Retail Developments planned
for the northeast corner of Riverside and Berry
o Masonic Home of Texas School property -Development of this site
once sold to a private investment group which is expected m 2006
o Sierra Vista Phase III -Commercial and Retail Development planned
on the southwest corner of Riverside and Berry
• Berry Street Gateway Enhancements Street, traffic, utility drainage and other public
infrastructure projects at the gateways of the TIF at IH 35 and at Highway 287
• Administrative Expenses
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.
22
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 m the Zone subject to
property tax, (b) captured appraised value, (c) annual growth of the Zone s taxable real
property (which largely depends on private growth wrthm 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 m turn.
(a) Taxable Appraised Value for 2006 (the Base Value) Table 1 sets forth the
total taxable appraised value of property in the Zone (estimated to be $30 154 930), which is
anticipated to be the Zone s base value
(b) Captured Appraised Value Table 1 sets forth the estimated total appraised
value of property m the Zone over the life of the TIF (estimated to be approximately
$212,474 746 m year 2026)
(c) Expected Annual Growth of the Zone s Taxable Real Pr~erty 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 m total and from each taxing entity is outlined on Table 1
(d) Participation by Tax Unrts Although each taxing entity has not agreed to a
specific level of participation, the financial projections set forth m the Plans anticipates that
the City of Fort Worth, Tarrant County the Tarrant County Hospital District, Tarrant County
College, and Tarrant Regional Water District will participate in the Zone, by contributing
one hundred percent (100%) of their tax increment with respect to the Zone.
(e) Pro,ected Tax Rates Property tax rates are assumed to remain constant.
(f) Pro,ected 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 2027 beginning with that Zone tax increment generated by the 2007 tax
appraisal and ending with that Zone tax increment generated by the 2026 tax appraisal
23
iii Estimated Payment of Project Costs
Based on the assumptions and estimates set forth m the information above, it is expected that
the Zone tax increment will be sufficient to pay in full all project costs (including interest)
24
IV SUMMARY OF PROJECT COSTS
AND FINANCING
Zs
IV SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
East Berry Corridor Improvements* $ 7,500 000
Public Infrastructure associated with
o Sierra Vista Phase Retail/Commercial (Northeast Corner)* $ 4,200 000
o Masonic Home of Texas Property Redevelopment* $ 5,200 000
o Sierra Vista Phase Retail/Commercial (Southwest Corner)* $ 1 000 000
• Berry Street Gateway Enhancements* $ 1 700 000
• Administrative Expenses $ 500,000
TOTAL PROJECT COSTS $20,100,000
B Anticipated TIF Revenues
• City of Fort Worth $19,260 657
• Tarrant County $ 6 471 944
• Tarrant County Hospital District $ 5,590 738
• Tarrant County College District $ 3 310 310
> >
Tarrant Regional Water District $ 475,005
TOTAL REVENUE $35,108,655
* Project costs assume interest associated with reimbursement for public improvements.
26
V TABLES
27
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City of Fort Worth, Texas
Mayor and Council Communication
DATE Tuesday June 19 2007
LOG NAME 17TIF12 PLAN
REFERENCE NO G 15762
SUBJECT
Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone
Number Twelve City of Fort Worth Texas (East Berry Renaissance TIF)
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance approving the Project Plan and
Financing Plan for Tax Increment Reinvestment Zone Number Twelve City of Fort Worth Texas (East
Berry Renaissance TIF or the TIF)
DISCUSSION
On May 9 2006 the City Council authorized the distribution of the Preliminary Project Plan and Financing
Plan for the TIF to each of the taxing entities in accordance with state law that governs tax increment
financing City staff had a number of meetings with representatives of the various taxing entities to receive
comments regarding the Preliminary Plans On July 18 2006 the City Council approved Ordinance
Number 17061 establishing the TIF The Board of Directors for the TIF were appointed on January 30
2007 At its meeting on April 11 2007 the Board unanimously adopted the attached Project Plan and
Financing Plan for consideration by the City Council
With the attached Project Plan and Financing Plan in place the TIF will help fund public infrastructure
improvements along the East Berry Street Corridor including water sewer drainage roads and sidewalks
associated with mixed-use development. In addition demolition environmental remediation and all
expenses allowable under the Tax Increment Financing Act shall be contemplated as needed for areas of
the TIF identified as ripe for new investment or redevelopment.
State law requires that the City Council approve by ordinance a TIF's project .and financing plans before
they can take effect. Accordingly City staff recommends that the City Council adopt the attached ordinance
approving the Project and Financing Plans for the East Berry Renaissance TIF as adopted by the TIF
Board
TIF Number Twelve is located in COUNCIL DISTRICT 8
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action has no material effect on City funds
Logname 17TIF 12 PLAN Page 1 of 2
TO Fund/AccountlCenters
FROM Fund/AccountlCenters
Submitted for City Manager's Office by Dale Fisseler (6140)
Originating Department Head Tom Higgins (6192)
Additional Information Contact: Ossana Hermosillo (8618)
Logname 17TIF 12 PLAN Page 2 of 2