HomeMy WebLinkAboutOrdinance 16959-05-2006ORDINANCE NO 16959-OS-2006
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS `TAX ABATEMENT
REINVESTMENT ZONE NUMBER FIFTY FOUR, CITY OF FORT
WORTH, TEXAS" PROVIDING THE EFFECTIVE AND
EXPIRATION DATES FOR THE ZONE AND A MECHANISM
FOR RENEWAL OF THE ZONE AND CONTAINING OTHER
MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to the City Councils adoption on June 15 2004 of
Resolution No 3092 (M&C G 14362) (the `Tax Abatement Policy"), the City of Fort
Worth, Texas (the `City") has elected to be eligible to participate in tax abatement and
has established guidelines and criteria governing tax abatement agreements entered into
between the Crty and various parties, as authorized by and m accordance with the
Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas
Tax Code (the `Code") and
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described m Exhibit A of this Ordinance (the `Zone")
through the creation of a reinvestment zone for purposes of granting a
commercial/industrial tax abatement, as authorized by and m accordance with Chapter
312 of the Code and
WHEREAS, CentrePort Properties, Inc ("Owner") owns real property (the
`Land") located in the Zone that Owner has leased or will lease to CUNA Mutual Group
("Company")• and
WHEREAS, Owner and Company will construct and/or cause to be constructed
improvements on the Land for the purpose of Company's operating a financial services
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Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three, 0 5 2 3- 0 6 P 0 3 3 4 1 N
City of Fort Worth, T xas
office and call center (collectively the `Real Property Improvements") and Company
will locate new taxable tangible personal property on the Land (collectively the
`Personal Property Improvements") once the Real Property Improvements have been
completed, and
WHEREAS, Owner has applied for a real property tax abatement (excluding any
leasehold interest m the Land owned by Company) from the City m return for Owner's
constructing and/or causing construction of the Real Property Improvements and
compliance with certain other commitments that will foster economic development m the
Zone and the Crty m general, and
WHEREAS, Company has applied for a real property tax abatement with respect
to Company's leasehold interest m the Land and for a personal property tax abatement
from the City m return for Company's constructing and/or causing construction of the
Real Property Improvements, locating the Personal Property Improvements on the Land
and compliance with certain other commitments that will foster economic development m
the Zone and the Crty m general, and
WHEREAS, on May 23 2006 the Crty Council held a public hearing regarding
the creation of the Zone, received information concerning the Real Property
Improvements and Personal Property Improvements proposed for the Zone and afforded
a reasonable opportunity for all interested persons to speak and present evidence for or
against the creation of the Zone ("Public Hearing"), as required by Section 312.201(d)
of the Code, and
WHEREAS, notice of the Public Hearing was published m a newspaper of
general circulation in the Crty on May 15 2006 which satisfies the requirement of
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Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three,
City of Fort Worth, T xas
Section 312.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the Public Heanng; and
WHEREAS, in accordance with Sections 312.201(d)(2) and (e) of the Code,
notice of the Public Heanng was delivered m wntmg not later than the seventh day
before the date of the Public Hearing to the presiding officer of the governing body of
each taxing unit that includes m its boundaries real property that is to be included m the
proposed Zone;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
Section 1.
FINDINGS.
That after reviewing all information before rt regarding the establishment of the
Zone and after conducting the Public Heanng and affording a reasonable opportunity for
all interested persons to speak and present evidence for or against the creation of the
Zone, the City Council hereby makes the following findings of fact:
1.1 The statements and facts set forth m the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
1.2. As a result of designation as a reinvestment zone, which is a condition for
Owner's and Company's agreements to construct the Real Property
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Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three,
City of Fort Worth, T
Improvements, the area within the Zone is reasonably likely to contribute to the
expansion of primary employment and to attract mayor investment m the Zone
that will be a benefit to property in the Zone and will contribute to economic
development in the Crty
1.3. The Real Property Improvements proposed for the Zone and the Personal
Property Improvements that will be located thereon, as more specifically outlined
m the Public Hearing and which will be made pursuant to a tax abatement
agreements with Owner and with Company that must subsequently be approved
by the Crty Council, include the construction of a financial services office and call
center that will be operated by Company The Real Property Improvements are
feasible and practical and, once completed, will benefit the land included in the
Zone as well as the City for a period m excess of ten (10) years, which is the
statutory maximum term of any tax abatement agreement entered into under the
Chapter 312 of the Code.
Section 2.
DESIGNATION OF ZONE.
That the Crty Council hereby designates the Zone described m Exhibit A
attached and made a part of this Ordinance for all purposes as a reinvestment zone for
purposes of granting acommercial/industrial tax abatement, as authorized by and m
accordance with Chapter 312 of the Code. This Zone shall be known as `Tax Abatement
Reinvestment Zone Number Fifty four Crty of Fort Worth, Texas. This project is
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Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three,
City of Fort Worth, T xas
eligible for commerciaUindustnal tax abatement pursuant to Section 4.2 of the Tax
Abatement Policy
Section 3.
TERM OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
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 ~unsdiction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
in full force and effect and shall not m any way be impaired or affected by such decision,
opinion or~udgment.
Section 5.
IMMEDIATE EFFECT
That this Ordinance shall take effect upon rts adoption.
AND IT IS SO ORDAINED
ADOPTED AND EFFECTIVE May 23, 2006
Page 5
Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three,
City of Fort Worth, T
APPROVED AS TO FORM AND LEGALITY
By.
Peter Vaky
Assistant Crty Attorney
M&C G 15216
S 23-0 6
Page 6
Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-three,
City of Fort Worth, T xas
EXHIBIT A
DESCRIPTION OF ZONE
Block 311 Area 3 Section 4 of the CentrePort addition.
Ordinance Designating Tax Abatement Reinvestment Zone Number Fifty-four
City of Fort Worth, T xas
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 5/23/2006 Ordinance No. 16959-05-2006
DATE Tuesday May 23 2006
LOG NAME 17TARZ54CUNA REFERENCE NO G-15216
SUBJECT
Adopt Ordinance Designating Tax Abatement Reinvestment Zone No 54 City of Fort Worth Texas
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 54 City of
Fort Worth Texas, and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 54 City of Fort
Worth Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
DISCUSSION
The proposed Reinvestment Zone Number 54 City of Fort Worth Texas (Zone) is in east Fort Worth in the
CentrePort Business Park and is in Council District 5 The exact boundaries of the proposed zone are
described in Exhibit A of the attached ordinance. CUNA Mutual Group a leading provider of financial
services to credit unions, is considering development of this site into a customer care facility
As required by Chapter 312 of the Texas Tax Code a public hearing must be conducted regarding the
creation of the Zone Notice of this hearing was (1) delivered to the governing body of each affected taxing
unit, and (2) published in a newspaper of general circulation at least seven days prior to this hearing
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax abatement
reinvestment zone set forth in Chapter 312 of the Texas Tax Code in that the area is reasonably likely as a
result of the designation, to contribute to the retention or expansion of primary employment or to attract
major investment in the Zone that would be a benefit to the property and that would contribute to the
economic development of the City Further the improvements sought in the Zone are feasible practical
and would be a benefit to the land to be included in the Zone and to the City after any tax abatement
agreements which may be entered into have expired
The term of the proposed Zone will be five years from the date of adoption of the attached ordinance and
may be renewed for periods not to exceed five years each.
FISCAL INFORMATION/CERTIFICATION
Lo~name: 17TARZ54CUNA Page 1 of 2
The Finance Director certifies that this action does not require the expenditure of City funds.
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: Jesus Chapa (5804)
Ardina Washington (8003)
Logname 17TARZ54CUNA Page 2 of 2