HomeMy WebLinkAboutOrdinance 16768-01-2006ORDINANCE NO. 16768-01 2006
AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS
FOR TAX INCREMENT REINVESTMENT ZONE NUMBER NINE,
CITY OF FORT WORTH, TEXAS (TRINITY RIVER VISION TIF);
MAI~NG 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 December 16, 2003 the City Council of the City of Fort Worth (the
`City") established Tax Increment Financing Reinvestment Zone Number Nine, City of Fort
Worth, Texas (Truuty River Vision TIF) (the `Zone") pursuant to Ordinance No 15797 and
as authorized by Chapter 311 of the Texas Tax Code (the Act"); and
WHEREAS, in accordance with Section 311 O11(a) of the Act, on September 15
2005 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:
Page 1
Ordinance Approving the Project Plan and Financing Plan
'Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, T xas (T ity River Vision TIF)
~~
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 requ>~red by Sections 311 O 11(b) and (c) of the
Act.
1.3. That the Plans are feasible and the project plan conforms to the Crty's master 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 d>rected 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 mvahd, inoperative or void for any reason by a court of competent ~unsdtction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
m full force and effect and shall not m any way be impaired or affected by such decision,
opinion or~udgment.
Page 2
Ordinance Approving the Project Plan and Financing Plan
T Increment Reinvestment Zone Number Nine,
City of Fort Worth, T xas (T ity River V ision TIF)
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 January 19, 2006
APPROVED AS TO FORM AND LEGALITY
By.
Peter Vaky
Assistant Crty Attorney
Date• January 19, 2006
M&C G 15063
Page 3
Ordinance Approving the Project Plan and Financing Plan
Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, T xas (Trinity River Vision TIF)
~.
Financing Plan and Project Plan
for the
Tax Increment Reinvestment Zone Number #9
(The Trinity River Vision TIF)
The City of Fort Worth
Tarrant County
Tarrant County College
Fort Worth ISD
Tarrant Regional Water District
September 2005
1
Prepared for
TABLE OF CONTENTS
I. Description of the Zone
A. Map
B Legal Description
C Existing Conditions
II. Project Description
A. Urban Waterfront Development
III. Economic Impact
A. 40-Year Zone by Zone Analysis
IV Tax Increment Projections
A. 25 Year Targeted Project Analysis
V Public Infrastructure Costs and Financing Plan Summary
VI. Terms and Conditions
VII. Attachments
A. Existing Conditions Map
B 2005 TRV Tax Increment Projections
Pages 3 7
Pages 8-10
Pages 11 16
Pages 17 22
Pages 23 25
Page 26
Page 27
2
I. DESCRIPTION OF THE ZONE
NorthdROW line East ROW line Centerline of
of 23 St of Samuels Ave
_ _ _ _ _ (~ ~j Trinity River
®, ~. ~ 'I~ (! ~~"' ` `~ ~~`"° West ROW line of
West ROW line ~ / ~~ ,~_____i /"-'" BNSF Railroad
of FW&W Railroad ~d ~~_ ~ ~ ~ ``,-- ~T ~ ~ ~r,-
~~~ ~~ ~ South ROW line
North ROW line -~~ of Northside Dr
of Northside Dr East ROW line
~`~ '~ of Samuels Ave
West ROW line '' ~ ~ m
of North Main St ~ ~ ~'' ~''
~~ 4` ~ North Park Business Center
South prop line Blk 9 Lot RD
North ROW line ~~ "°~* - ' ~ ~~~ tl ~
of Grand ~ - '`~ ~~ ~ ~ ~~\ North Park Business Center
~' ~ ~, ~c ~ ~"' South prop line Blk 9 Lot RC
North ROW line ~`~`' ~ ~- - ~ -~~ ~,~-
of Terrace ~ Fruhwirth Addition
`~ ~
'~-"u« "`~ ~~ ~~ South prop line Blk 1 LotA1R
West ROW line ~ ~`~ .. r ~' ~, ~ }- ~t {w
of University Dr ~ ~ ~ ~ Fruhwirth Addition
~~ ~ South prop line of T 5 8~ 6E
?~ ~ ~ ~
~~ r ,~
Y + ~ t •\\
l Centerline of
T ity River
~, .~- ~~ } ~` ~~ Samules Ave Baptist
`~•- """~"` Church Add., South
~~ ~ prop line Blk 1 Lot 1
~- ~~ -
South ROW of ~ ~l~-~ ~ ~ ~- ~ < ~ ~
Shamrock Ll---~ ~~ ° ~~ Mulliken Felix G
~~, ..-~ ~, Survey, N prop line
'~ ~~ A1045 T 33
West ROW line .~ ~ ~' ~ ~,~®
of Vacek St ~® 6a~~ ~ ~ ~ ~~dQ ~~ ~~~~ West ROW line
_ { ~ ~ ~ ~~'~~a~(~ ~C ~gp~~j~O~~ Hof BNSF Railroad
North ROW line of ~~ ~~ ~'~~~~~LQ~~~Q~) ppFj ~~ • ~ South ROW line
Whlte Settlement Rd ~ ~°~ ~ ~ ~, ~ ~q
~~~~~~~ .~{~~~ ~.~~ ~ of Peach St
~ ~~ d
West ROW line ~ ~~ ~~~- ~~~ ~
~, Q ~~ -~ ~~ ~ East ROW line
of FWSW Railroad _ ~ ^D Off` ~~' ~./ of Cummings
~~~ •
South ROW line ~ ti ~~~ ®~ ~~~®® Centerline of North ROW line
of 7th St - ~ .,_„ ~~®~ Trinity River v ~ of Cummings
I~,~`4 +~ ~~ ~I ~ ~ ~ ~~~~~ East ROW line ~~~
West ROW line ~/ ~ North ROW of - of Summit Ave
of Foch St. Forest Park
North ROW line
South ROW line North ROW South ROW line Of Weatherford
of Lancaster line of 5th St of 7th St
TAX INCREMENT REINVESTMENT ZONE # 9
3
LEGAL DESCRIPTION OF THE TIF DISTRICT
Beginning at a point of the intersection of a projection of the west ROW line of FW&W Railroad
and the north ROW line of 23rd St., thence
Easterly along the north ROW line of 23rd St. to a point where said line intersects with the east
ROW line of Samuels Ave. thence
Southerly along the east ROW line of Samuels Ave to a point where said line intersects with the
centerline of the Trinity River thence
Easterly along the centerline of the Trinity River to a point where said line intersects with the
west ROW line of BNSF Railroad, thence
Southerly along the west ROW line of BNSF Railroad to a point where said line intersects with
the south ROW line of Northside Dr thence
Southwesterly along the south ROW line of Northside Dr to a point where said line intersects
with the east ROW line of Samuels Ave., thence
Southerly along the east ROW line of Samuels Ave to a point where said line intersects with the
south property line of North Park Business Center Blk 9 Lot RC, thence
Westerly along the property line of North Park Business Center Blk 9 Lot RC to a point where
said line intersects with the south property line of North Park Business Center Blk 9 Lot RD
thence
Westerly along the south property line of North Park Business Center Blk 9 Lot RD to a point
where said line intersects with the south property line of Fruhwirth Addition Blk 1 Lot A1R,
thence
Westerly along the south property line of Fruhwirth Addition Blk 1 Lot A1R to a point where
said line intersects with the south property line of Fruhwirth Addition Trs 5 & 6E
Westerly along the south property line of Fruhwirth Addition Trs 5 & 6E to a point where said
line intersects with the centerline of the Trinity River thence
Southwesterly along the centerline of the Trinity River to a point where said line intersects with
the south property line of Samuels Ave Baptist Church Addition Blk 1 Lot 1 thence
Easterly along the south property line of Samuels Ave. Baptist Church Addition Blk 1 Lot 1 to a
point where said line intersects the east ROW line of Samuels Ave thence
Northerly along the east ROW line of Samuels Ave to a point where said line intersects the
north property line of Mulliken Felix G Survey A1045 Tr 33 thence
4
Easterly along the north property line of Mulliken Felix G Survey A1045 Tr 33 to a point where
said line intersects the west ROW line of BNSF Railroad, thence
Southward along the west ROW line of BNSF Railroad to a point where said line intersects the
south ROW line of Peach St., thence
Southwesterly along the south ROW line of Peach St. to a point where said line intersects the
east ROW line of Cummings Ave thence
Northwesterly along the east ROW of Cummings Ave to a point where said line intersects the
north ROW line of Cummings Ave., thence
Westerly along the north ROW line of Cummings Ave to a point where said line intersects the
centerline of the Trinity River thence
Southwesterly along the centerline of the Trinity River to a point where said line intersects with
the north ROW line of 5~' St., thence
Easterly along the north ROW line of St" St. to a point where said line intersects the north ROW
line of Forest Park Blvd., thence
Northward along the north ROW line of Forest Park Blvd. to a point where said line intersects
the north ROW line of Weatherford St., thence
Northeasterly along the north ROW line of Weatherford St. to a point where said line intersects
the east ROW line of Summit Ave thence
Southerly alon~ the east ROW line Summit Ave to a point where said line intersects the south
ROW line of 7t St., thence
Westerly along the south ROW line of 7t" St. to a point where said line intersects the north ROW
line of Forest Park Blvd., thence
Southerly along the north ROW line of Forest Park Blvd. to a point where said line intersects the
south ROW line of Lancaster thence
Westerly along the south ROW line of Lancaster Ave. to a point where said line intersects the
west ROW line of Foch St. thence
Northward along the west ROW line of Foch St. to a point where said line intersects the south
ROW line of 7t" St., thence
Easterly along the south ROW line of 7~' St. to a point where said line intersects the west ROW
line of FW&W Railroad, thence
5
Northward along the west ROW Ime of FW&W Railroad to a point where said line intersects the
north ROW line of White Settlement Rd., thence
Easterly along the north ROW line of White Settlement Rd. to a point where said line intersects
the west ROW line of Vacek St., thence
Northward along the west ROW line of Vacek St. to a point where said line intersects the south
ROW line of Shamrock Ave thence
Westerly along the south ROW line of Shamrock Ave. to a point where said line intersects the
west ROW line of University Dr thence
Northward along the west ROW line of University Dr to a point where said line intersects the
north ROW line of Terrace Ave thence
Northward along the north ROW line of Terrace Ave. to a point where said line intersects the
north ROW line of Grand Ave thence
Northward along the north ROW line of Grand Ave. to a point where said line intersects the west
ROW line of North Mam St., thence
Northward along the west ROW North Main St. to a point where said line intersects the north
ROW line of Northside Dr thence
Westward along the north ROW line of Northside Dr to a point where said line intersects the
west ROW line of BNSF Railroad, thence
Northward along the west ROW line of BNSF Railroad. to a point where said line intersects with
the north ROW line of 23rd St., which is the point of beginning.
6
EXISTING CONDITIONS OF THE TIF DISTRICT
(ATTACHMENT A)
II. PROJECT DESCRIPTION
The master plan vision is to create eight miles of urban waterfront along the Clear
Fork and West Fork between 7th Street and Samuels Avenue A higher and more
constant water level would be impounded by a hydraulic dam near the Samuels
Avenue Bridge downstream from the function of Marine Creek and the West Fork
of the Trinity River This would create an urban lake and river that link the
Stockyards and near north neighborhoods with Downtown, the Cultural District
area and Rockwood Park area. The constant water level also enables future private
developers to excavate inlets and waterways into developments that can provide
water for amenities and boat access for residents and businesses
~i' ~`' *~ ~, x3ri:Exehange ~"a'~'~w `i,'n a ~"ry~.y~
,w YiLti,~ i
~~+~ e,r ~ ~rd~Sireer ~ ,, Trinity [Jptowrn
~' ~ r ~ ~~~- -~ Development Zones
i>. ~' , ~~ rv1~~ ~ r ~~ ~ l,-+wa - cn:czaacs:
cw..~" ~ *.~ v. ;~-: ~~ ,,t.. ~ ~a.-°' '°~-~~, T1en~iry M1horhimd
~ ,,_ ~ ( ~~"""~ ti ~ rl]cnsiry hherhnnd
"• ~ ~ '~~ iiJrhorlnawf
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:~ ~S . ~C t, Z,~ y..' hborha~d
S e ~f~ ' Sia ~~t i , <'~~~ '~.-~ 6hnnc~wul
O~ . + ~ ::"
~0 r ~ i honc~>od
~- ,Y. '~~ ~ ~x+lr dC `S; ht~iorhond
~~ '`
. ,t ti` `` +9' ^"•" °.`c ~ Tarrnnt County College Campus
~ •°t" ~ north
~,.* i ;~ x
+~ ^E~
J'~ _ 2'' "~:~ ` ~+ scriplreralZanes:
y+'~ • ,~,,~,~-4--~-a~ ~Y,~,~iN^ • ~ ih~~ eicnn irect
m y
~::
~.,
~ ?' ~ ~`~~G~' ~~~ '`~ ~ 5` ,'~ ,ice rr~ r~~ w ~ ~(i~~~''
,y/f ~"Y-
~y~ ~,"i ~ ' ,~p : ~TN.6'd~' r_ • .. U913eumlan•
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' s .kt ~t~_~3-**'+~ ~' 1 v~f.1 i~ b~4*~'r pherat %aner
8
The bypass channel would generally follow the current path of the Fort Worth and
Western Railroad. The bypass channel combined with the historic Oakwood
Cemetery would provide a beautiful greenway that transitions between the
proposed urban developments and the historic near north neighborhoods
This creates thirteen waterfront zones (and eight adjoining areas) for
redevelopment. Approximately 1,380 acres of area could then transition to higher
density mixed-use developments bringing people back to the Central City to live,
work, play and learn. All of the zones, except the historic Samuels Avenue zone
north of Pioneers Rest Cemetery are seen as higher density developments with 3
to 20+ story buildings encouraged. This would allow for continued growth of
Downtown Fort Worth. Much of the subject area is underdeveloped or vacant
land. Some of these industrial land uses have now become obsolete because of
new industrial technologies, environmental conditions and other factors.
Goals for the Central City
Many of the goals for the Central City segment are similar to those for the overall
Trinity River Master Plan. Continuity of trails, enhanced open space and
recreational areas, linkages to nearby neighborhoods, conservation and
environmental restoration for improved water quality and wildlife habitat are all
goals this plan hopes to improve or enhance However the Central City area has a
unique set of characteristics that require a more m-depth look at the long range
economic development potential.
The Central City area is the center or
`hub, of the entire river The river is the
glue that links Fort Worths great
districts The confluence of the Clear Fork
and West Fork define the Downtown area.
Land uses along this segment are primarily
commercial or industrial with the
exception of Samuels Avenue historic
neighborhood and the Oakmont/ Riverside
neighborhoods. Because of the aging
industrial area and expanse of
underutilized land, there is an opportunity
to attract approximately $1 6 billion of
new tax base that would not occur unless a
bypass channel and urban waterfront are
constructed.
9
One of the key goals in Fort Worth s Comprehensive Plan and Downtown Plan is
to attract a greater amount of people to the Central City area. The Trinity River
confluence becomes a focal point for bringing people back to the Downtown area.
Furthermore, the river in the Central City area can serve as the City's recreational
and entertainment focal point with a critical mass of mixed-use development right
in the heart of the City
Goals.
1 Provide enhanced flood protection in accordance with U S Army Corps of
Engineers criteria including the elimination of existing sump areas that are
now within the 100-year flood plain
2 Provide aesthetic and recreational focal points for the Central City
3 Add a higher density of people living, working, playing and learning in the
Central City
4 Orient mixed-use development focused toward the river
5 Create an urban lake
6 Provide a higher constant water level
7 Eliminate levees where feasible
8 Provide a continuity of urban trails through Downtown consistent with the
overall Trinity Trail System
9 Improve water quality and expand wildlife habitat
10 Create and enhance linkages to neighborhoods and districts
11 Increase development and redevelopment potential of Central City lands
10
III. ECONOMIC IMPACT
The Economic Impact focuses on the individual development zones and a
conservative market absorption assuming the full development of the urban
waterfront development area and the development that would follow The Tax
Increment Projections include a targeted project approach for the purposes of
determining the minimum development necessary to support tax incrementing
funding of a portion of the urban waterfront development.
40-Year Zone-by Zone Economic Impact Analysis
The proposed urban waterfront development accomplishes several mayor
objectives The bypass channel will reduce Central City flooding threats,
especially the sump areas that still remain in the 100-year flood plain area. The
bypass channel can restore flood protection back to the mandated Standard Project
Flood +4 foot criteria, which has now been compromised due to substantial
urbanization m the Trinity River watershed upstream of Fort Worth.
In addition, Fort Worth can once again focus on orienting to the Trinity River as an
important open space and urban amenity The 40-year build out is estimated to be
about 14 863 000 SF of taxable properties that would be valued at $1 6 billion
dollars (2005 values) This generates substantial ad valorem, sales tax, and other
revenues to the Tarrant Regional Water District, City of Fort Worth, Fort Worth
ISD and Tarrant County jurisdictions It allows the great momentum created by
the last 15 years of Downtown renaissance to continue for at least another half
century
This revenue base coupled with federal and state funds from flood control,
transportation, environmental restoration, environmental clean up ('brownfields'),
and recreational sources would appear to make the whole Trinity River Vision
feasible to be implemented over a 10 to 20-year period. The overall project can be
developed m phases, so that funding can be spread out over several budget cycles
for the various governmental bodies
This urban waterfront is the mechanism for attaining the huge potential of Fort
Worth's Central City It truly links Downtown to the Near Northside areas,
Stockyards area, and Cultural District. In addition, almost every neighborhood in
Fort Worth will be able to access the Trinity Greenbelt and walk, bike, or boat into
this urban waterfront area. Opening up these areas to optimum development gives
Fort Worth the potential to compete in the worldwide economy where many of the
11
entrepreneurs and businesses, such as RadioShack and Pier 1 desire to live, work,
and learn m exciting urban riverfront neighborhoods
Geographic Scope
The area contains 1,380 acres of land. It is divided into 21 zones for economic
development study purposes.
Economic Development and Revenue Analysis Description of Methodology
A series of steps and analyses were undertaken to determine the economic benefit /
cost of moving forward with the urban lake concept.
Step 1 Determine logical development zones and neighborhoods
directly impacted
The first step was to determine logical development areas or zones that could be
evaluated regarding development and redevelopment potential. Key factors to
determine these zones were mayor existing and proposed landmarks and corridors,
access characteristics, timing of availability waterfront access potential, view
potential, current trends, environmental cleanup issues, historic and cultural
features, and what the highest and best land uses would be during the next 40
years, given the need to complement Downtown, the Stockyards, Near North, and
Cultural District neighborhoods.
The Economic Development Zone Map on page 8 shows the 21 zones that total
1,380 acres of area, net of mayor thoroughfares, railroads, proposed waterfront,
greenbelt, and urban lake areas
Step 2 Determine the percentage and land area of each zone that actually
could be redeveloped during the next 40 years
Established ownerships and businesses, difficult environmental cleanup areas,
ecosystem restoration areas, local streets and utilities, and pedestrian access areas
were determined and subtracted to determine the amount of land that could
probably be available for development during the next 40 years
For all 21 zones, rt was determined that at least 48% or 662 acres of land could be
developed within the next 40-year period.
12
With an average expected net Floor Area Ratio (FAR) of dust 1 0 this could
support about 29 million building SF Therefore, capacity for development is not
the determining factor for the next 40 years, since all of Downtown is now about
10 million SF almost all of which has been developed or substantially renovated in
the last 40 years
Step 3 Determine a reasonable market for absorption of new or
redeveloped buildings in the next 40 years
A conservative approach was used to determine development absorption over the
next 40 years A summary follows
Residential.
The main focus of proposing the urban waterfront and bypass channel is to
improve flood protection while encouraging more people to live in the central city
which will be good for air quality reduce traffic congestion, increase
understanding of community and diversity and other positive urban goals
A study by MPF indicates there is at least a demand for about 5 000 residential
units in the central city which includes the subject area, but also includes the
Medical District (south of Downtown) Excluding the residential capacity and
distribution of demand for the Medical District, and the south 2/3 of Downtown,
this results in a demand of about 2 750 units for the subject 21 zone area.
Given the growth and popularity of living downtown and extrapolating this for 40
years, absorption of 10,330 residential units is very reasonable This would result
in 11,363 000 SF of residential building space
Commercial/Office/Retail Support
In the last 40 years (going back to 1962), practically every office building in
Downtown has been built new or substantially renovated. About nine office
towers account for over 4 5 million SF all having been built in the last 40 years
Recently RadioShack and Pier 1 have completed corporate office complexes
totaling about 1.3 million SF Adding the two 5 8 million square feet of office has
been developed in the last 40 years and another 750 000 SF of smaller office
buildings have been built or substantially renovated.
Over the next 40 years, Downtown and the 21 zone waterfront area could easily be
expected to attract another 9 million SF of commercial space To be conservative,
this economic development analysis only assumes that 2 75 million SF or about
13
39% is expected to actually locate in the 21 zone urban lake area. Obviously this
could be much more given the success of other Downtown areas with waterfront
developments, such as Portland, Seattle, and Denver Some of the low prediction
of office space has to do with the need to keep office concentrated south of the old
West Fork and east of the Clear Fork because Downtown still has vacant lands that
can be in-filled.
Market Absorption Summary Next 40 Years
Units Avg. Size Square Feet
Residential 10,330 1,200 11,363 000
Office/Commercial/Industrial/Retail Support 2,750 000
Total. 14,113,000
14
Area Impact
The 6 500 households expected will have an average household income of
approximately $77 000 Urban dwellers spend about 25% of income on gable
expenditures So, about $19,250 per year would be taxable expenditures per household.
This results m $385 per year per household to Local City and Transportation Authority
revenue, or about $2,500 000 per year The great advantage of people living m the
central city is that they tend to spend most of their expendable dollars in the city limits
of Fort Worth.
In addition, sales taxes paid by visitors to the area, construction, home improvements,
etc would be m addition and would be very substantial Having an urban waterfront
would most assuredly make Fort Worth more attractive for tourists, visitors, and
convention traffic It would also attract more corporate and business headquarters like
Pier 1 and RadioShack that bring m abundant business travel and related expenditures
Hotel /Bed Tax
A much stronger Downtown with growing corporate headquarters and businesses will
assuredly increase revenue from room nights, rental cars, and similar activities An
actual number has not been calculated for this project, because said revenues will likely
go to support other visitor tourist, and cultural attractions
Overall Central City Health
Just as important as the above, direct revenues are needed to enhance the sustainable
economy for Downtown and the Central City Spin-off economic advantages to
adjoining districts and neighborhoods, including the near north neighborhoods (north of
Oakwood Cemetery), the Stockyards Area, and Cultural District, Oakhurst /Riverside
Areas, and near Westside neighborhoods would be substantial in terms of visitation,
expenditures, neighborhood services, shopping and urban livability
Proposed Changes of Zoning Ordinances, Master Plan, Building Codes and other
City Ordinances
No short term changes are required. Full implementation of the 2004 Trinity Uptown
Plan prepared by Gideon Toal, Inc will occur over the next 8 to 12 years and will
require appropriate local jurisdictional approval, including City Council.
Estimated Non Project Costs
Estimated non project costs are set forth in Section V
15
Method of Relocating Displaced Persons
All real estate acquisition and any associated displacement of persons will conform. to
federal guidelines and regulations In addition, local government and business
associations are developing a comprehensive strategy to assist with displacement
associated with real estate acquisition necessary for the project improvements.
The 25-Year TIF #9 Projections
From the 40-year projected build-out summarized above, a 25-year conservative build-
out projection was developed for purposes of the TIF Finance Plan.
16
IV TAX INCREMENT PROJECTIONS
A financial model was created to establish potential revenue streams for the
purposes of capturing tax increment. The Tax Increment Projections include a
targeted project approach for the purposes of determining the minimum
development necessary to support tax increment funding of a portion of the urban
waterfront development.
Since TIF #9 was established in 2003 significant new development has already
occurred. These new developments and immediate and foreseeable projects drive
the TIF Increment Projections
Trinity Uptown
Development Zones
s ~~~"~ ~ rte-:;=,. ~ e
~~~. ~~~ C'nre Znnes:
I'r. ~ 'X~ ~ AI FligherDensity ighhorhncxf
i'+ ~ „ + ~ A213ighcr iknsity thorhood
.-.~--ft ~.~ Yt~t ~~., ighcrDensityNcighlwrhnnd
¢!~ x r ~$ * ~ '; hood
~' 321\cighbonc~wd
y ~ ~,;,~ ,. p' S igltborhoad
~' ~ ~ ~'~ ighhntitood
'~' ~ R° '+ -' D2N Neighborhood
* ' ,~ "~, G'r; ~ ' ll? ighborhood
ry ollcge Campus
~~ ~~-~, ~ Nonh(Nain
2 t - " ~ ;'-~~" °`~ ~ Peripltera! Znnes:
i ~.
~i "~~ e s i + ~, Hcndcrsan rmt
~ ~"' ~: l ~'"~".~`'~,~ ~ • ~_ iv. Trinity rk rllagcJ of th
'~!Trw-~..i i .,~'~",;,;~,ti,,,,,,,,. ity 31utf
q~' r~'~ ~q~*,;~ ,.r~ "`~.y~y.:~p' 1'arrrint Rcgirntal District
~~~ •~`,~r~'.~ 41 rh`~. ~*.rat'^~.~'t;+a al,n~^,,•'3~3 R.I~'onhsidcllrivc
~ ~ •'~ .~~~~ ''---~~ !fit FN9
17
The Fina12004 TIF Increment Report (the first year of increment capture since TIF
#9 was created in 2003) yielded a taxable value increment of $40 181 539 New
construction accounted for $25.,941 004 of the new increment. This first year
increment report produced higher than anticipated revenue based upon the initial
TIF model.
TIF #9 realized $25 million in taxable value increment from the partially
completed Pier One Corporate Headquarters (i e 2004 tax bill represents value as
of January 1 2004 m which only a portion of the project was completed) To
encourage the development of the headquarters, the City of Fort Worth granted a
20-year economic development grant of the increased property taxes however the
remaining taxing jurisdictions did not. Therefore, outside from the City s tax rate
the remaining tax~urisdictions value is captured in the TIF
Another known project located within TIF #9 that will contribute to new
development growth is the South of Seventh (So7) that will assist in funding the
TIF projects In 2004 12 new town homes and a Marriott Residence Inn were
completed and will add incremental value to the tax roles in 2005 and 2006
Additional phases will continue to add increment to the TIF
In Apri12005 the City of Fort Worth approved a lease and option agreement with
La Grave Reconstruction Co LLP for approximately 33 acres located between La
Grave Field and the currently acquired Tarrant County College property to the
south. The lease and agreement allows Reconstruction to purchase the City
property for development over an 18-year period. Reconstruction is actively
negotiating with developers to partner on the overall envisioned master plan. It is
anticipated that the first phase could commence within 12 36 months
Trinity Bluff mixed-use development encompasses approximately 30 acres along
the bluff overlooking the east bank of the Trinity River at the historic site of Fort
Worth s oldest commumty• the area is a natural extension of the city's Central
Business District.
In 2004 the Trinity Bluff development was initiated.
Phase I included 61 town homes and a 300 unit apartment project and is not m
TIF #9
Phase II of the Trinity Bluff development is m TIF #9 and includes potentially
$200 million of new town homes and apartments which is included in TIF #9
These immediate projects in combination with the project impacts outlined in the
21 zone analysis are the development drivers of the TIF Plan.
18
25-Year Tax Increment By District
5-Year
2009 2014 2019 2024 2029 umu a rve a er
years
h 766
t
C
FWISD I I ~ I
RWD
my
32,662,350 E13,212,501 319,970,661 E29,359,282 346,493,836 3497,198,579
Portion )% 32,129,880 ,570,001 315,976,529 523,487,426 337,195,069 E397,758,863
umu aUVe after
Cumulative 004-2009 2010-2014 20 5-2019 2019-2024 2025. 029 Years
ity
t
C
FWISD I I I I
RWD
ty
,062,147 ,211,714 ,851,557 ,738,980 ,334,187 ,198,579
,343
Portion ,449,713 ,969,371 ,681,246 ,391,184 ,267,350 ,758,863
Cumulative otals 20042009; 20042014 2004-2019 1 20042024 2004-2029
Cumulative to T ing
Paricipating
Jurisdictions (20%) ~~ ~ '~~-`
i
,612,428 ,854,771
30,025,082 -~
,372,878
99,439,716
~_
_-~
__, .. r._.-~______.~ I
__ ~..__._~
.--------
Cumulative +I
to (80%) j i
~
,449,713 ,419,084
,100,329
,491,513 _.
,758,863
~
Total ~ ,062,1411 -- ,273,866 160,126,412) ,864,392 497,198,679
19
The tables below summarize the assumptions made m the projected tax increment
model.
TAX RATE
City 0 8650000
Hospital District 0.2324000
County College 0 1393800
School District 0 0000000
Water District 0 0200000
County 0.2725000
TOTAL TAX RATE 1 5292800
ASSUMPTIONS
TIF CREATED
TAXABLE BASE YEAR
TAXING ENTITIES
PARTIAL PARTICIPATION
FINANCING
BOND ISSUANCE
TIF EXPIRATION
FY 2003/2004
2004
ALL EXCEPT SCHOOL
80% TIF / 20% GENERAL FUNDS
5% INTEREST / 30 YEAR TERM
2008 $75 92M
2013 $102 6M
2028
Model assumes an 80% TIF Fund and 20% General Fund contributions for all
taxing jurisdictions
20
Development Assumptions
Tax Increment Model
The 25 year targeted project approach assumes accruing tax increment through 2
methods
1 2% annual growth in property values due to increase value from development of
the urban waterfront and bypass channel, and
2 $1.24 billion in new development occurring during a 25 year period detailed
below
PV 2005
2006 60 000 000
2007 28 301 887
2008 66 749 733
2010 177 032 934
2012 283 765 676
2016 182 621 337
2020 168 350 451
2026 274 483 908
1,241 305 925
Land value increases and additional development would be sigmficantly increased
and enhanced with the development of the urban waterfront and bypass channel.
Without the development of the urban waterfront and bypass channel, the study
area would see some development growth, however not at the rate included in the
financial model. It is reasonable to assume that the development of the urban
waterfront and bypass channel will significantly increase land values by more than
2% annually however 2% is the conservative baseline used. Therefore, without
the proposed public infrastructure, only a small portion of the anticipated
development would occur and the full development potential of the area would not
be realized.
21
New developments and immediate and foreseeable projects.
3,500,000,000
3,000,000,000
2,500,000,000
2,000,000,000
1, 500, 000, 000
1 000,000,000
500,000,000
0
to f0 ~ m M O_ r N M V h O n O W O N M V N O n °0 O
O O O O O
O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N N N N N
^ New Development
^La Grave, T ity Bluff, New
^ Pier One Full
~ S07
^ Base 2%
Base Year
22
1~
V PUBLIC INFRASTRUCTURE COST AND FINANCING PLAN
SUMMARY
Proposed Trinity River Vision TIF# 9 Project Plan
Land Acquistion -and Demolition $81,300 000
Utility Relocation and Derriolition $21,900,000
By Pass Channel /Levee Coast. $63,900 000
Valley Storage Balance $56,950 000
Water Control Structures $80,580 000
Storm Runoff $8,550 000
Roadway Bridges, RR Grade Separations $6S,350 000
Environmental Remediation Allowance $26,800 000
Waterfront and Pedestrian Badges $28,800 000
Administration and Management of the TIF $870 000
$435 000 000'
The above project categories include provisions for contingency legal, project
management, design, engineering, permitting, and testing (based on 2005
construction costs)
2 The above project categories do not include increased costs due to inflation or
financing costs (interest and fees on non-TIF debt) The TIF will not incur
any bonded debt.
3 Preliminary funding scenarios indicate that the TIF would need to contribute
$115 9 million based upon 2005 construction costs plus appropriate inflation
and financing costs
23
~:
r,'~
Financing Plan Summary
Based on discussions with local government and federal agencies, the following
sources of funds have been estimated.
Local. Government Sources
Cost Estimates = $ 435 M
Assume 50% Local Match $ 217.5 M
From Normal Local Program Sources $ 37 6 M
From TRWD 64.1 M
Subtotal $ 101 7 M
Remaining to Finance from TIF $115.9 M
$115 9 million in 2005 dollars are needed from the TIF Tarrant Regional Water
District (TRWD) or another appropriate entity may elect to issue revenue bonds to
fund the TIF s $115.9 million level of participation in funding the public
improvements In this event, the total revenue bond issuance is estimated to be
$178 52 million, representing the future value of $115 9 million of the TIF s level
of participation and $48 million of the TRWD s $64 million contribution,
excluding $16 million contributed by TRWD from 2004-2008, most likely through
two separate issuances in 2008 and 2013 as outlined in the 2005 TRV TIF
Increment Projections (Attachment B) It is anticipated that the revenue bond
terms would be 30 years at 5% interest. Other terms might be applicable at the
time of issuance The TIF would then enter into a written agreement with the
TRWD or another entity for reimbursement of principal and interest under the
bonds
24
~°
Summary of Local Government Participation Next Ten Years
_~ ty __ Sou -_ T Fs _ _ F.stim
City CIP-Streets
~ $11000,000 $13,310,000
_~_ _
CIP-Parks ' $4 000,000 $4,840,000
Water /Sew Fund $5,000,000 $6,050,000
HUD ~ $2,000,000 $2,420,000
SubT tal: $22,000,000 $26,620,000
County Road d Bridge j v $6,000 000 $7 26
0,000'
Riverfront TIF (RadioShack) $2,100,000 _
_ $2,541 000
'
In-kind T ils/Farthw k I $1,000,000 $1,210,000'
SubT tal: $9,100,000 $11,011,000
TRWD In-kind Construction $6,400,000 $774 00474 004 0i
(
~
-~`
f In-kind Recreation
system
A
nnual Budget ~
$2,500,000
- $44,000,000
$3,025,000
$53,240,000
SubT tal: $52,900,000 $64,009,000
T I: $84,000,000 $101,640,000
TIF District: $115,860,000
Total Local (50%): $ 217,500,000
(2005 Dollar Values)
$115 9 million from TIF based on 2005 dollars
Conclusion
Based upon the TIF Financing and Development Assumptions found on Pages 20
and 21 the TIF Model calculates the year by year cash flow analysis of the TIF
revenues and expenses In 2027 when the Ending Cash Balance exceeds the
Undiscounted Value of the Remaining Expenses, the TIF has funded the required
improvements and no additional TIF Increment is needed.
The TIF generates an estimated $397 76 million over the 25 year TIF term in total
direct revenues Based on the funding strategy and assumptions above, the project
needs $116 million m financing based on 2005 construction costs. The current pro
forma analysis indicates this will allow for possible inflation and financing costs
The project is financially feasible
25
~,
;~
VI. TERMS AND CONDITIONS
The following terms have been discussed to guide completion of
intergovernmental discussions and participation agreements.
Amount of TIF Financing and the Project Plan
All revenues generated by the TIF shall go to pay for eligible projects as outlined
in the approved project plan including management, administration, design,
engineering, testing, and financing costs
Consideration of Additional Projects
The TIF Board can consider adding additional projects, but amendments to the
Project Plan will require approval from the City County TRWD and TCC
Length of TIF in Years.
The TIF has a 25 year term and is scheduled to end on December 31 2028
Financing Issues.
Approval of this TIF District does not obligate any of the participating taxing
jurisdictions to issue debt instruments to finance any part of the project plan
without going back for review and approval from the appropriate local
governments
Tax Increment Participation Rates.
The financing plan described above was based on an assumption that each of the
participating local governments would participate at an 80% level. Subject to
further review some local governments have indicated a desired to consider higher
levels in the earlier years, or until the TIF is stabilized" financially
Consequently the actual participation rates from each local government may
change as the TIF District plans and participation agreements are finalized.
TIF funds from years 2004 and 2005 shall be kept in reserved accounts subject to
payment to the TIF once participation agreements are finalized.
26
t
~'
ATTACHMENTS
A EXISTING CONDITIONS MAP
B 2005 TRV TIF TAX INCREMENT PROJECTIONS
27
3
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Page 1 of 2
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 1/19/2006 Ordinance No 16768-01 2006
DATE Thursday January 19 2006
LOG NAME 17TRV PLANS
REFERENCE NO G 15063
SUBJECT
Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone
Number Nine City of Fort Worth Texas (Trinity River Vision TIF)
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance approving the attached Project Plan
and Financing Plan for Tax Increment Reinvestment Zone Number Nine City of Fort Worth Texas (Trinity
River Vision TIF)
DISCUSSION
In November 2003 the City Council authorized the distribution of the Preliminary Project Plan and
Financing Plan to each of the taxing entities in accordance with state law that governs tax increment
financing On December 12 2003 the City Council approved Ordinance Number 15797 which established
Tax Increment Reinvestment Zone Number Nine City of Fort Worth Texas (the Trinity River Vision TIF)
City staff had a number of meetings with representatives of the various taxing entities to receive comments
regarding the Preliminary Plans. On December 14 2004 City Council appointed the Board of Directors for
the Trinity River Vision TIF The Board met in July 2005 and again in September 2005 During the
Board's September 15 2005 meeting the Board unanimously adopted the attached Project Plan and
Financing Plan for consideration by the City Council
As the attached Project Plan and Financing Plan depicts the Trinity River Vision TIF master plan is to
create a bypass channel to reduce central city flooding threats especially the sump areas that still remain
in the 100-year flood plan area. The bypass channel restores flood protection back to the mandated
Standard Project Flood +4 foot criteria which has now been compromised due to substantial urbanization in
the Trinity River watershed upstream of Fort Worth This is accomplished by diverting future flood waters
around an 800 acre area immediately north of downtown Fort Worth A by-product of this project will be
eight miles of urban waterfront along the Clear Fork and West Fork of the Trinity River between 7th Street
and Samuels Avenue which may provide economic development opportunities.
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 Trinity River Vision TIF as adopted by the TIF Board
TIF Number Nine is located in COUNCIL DISTRICTS 2 and 9
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action has no material effect on City funds.
http.//www.cfwnet.org/council~acket/Reports/mc~rmt.asp 1/23/2006
Page 2 of 2
TO Fund/Account/Centers
FROM Fund/Account/Centers
Submitted for City Manager's Office b~ Dale Fisseler (6140)
Originating Department Head Tom Higgins (6192)
Additional Information Contact: Keisha Ward (6376)
http.//www cfwnet.org/councihacket/Reports/mc~nnt.asp 1/23/2006
E
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