HomeMy WebLinkAboutOrdinance 17100-08-2006-ORDINANCE NO 17100-08-2006
AN ORDINANCE APPROVING AN AMENDED PROJECT AND
FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE
NUMBER EIGHT CITY OF FORT WORTH, TEXAS (LANCASTER
CORRIDOR TIF), MAHING VARIOUS FINDINGS RELATED TO
SUCH AMENDED PLAN PROVIDING FOR SEVERABILITY AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the Act") and
pursuant to Ordinance No 15775 adopted by the Crty Council of the City of Fort Worth,
Texas (the `City") on December 9 2003 the City created Tax Increment Reinvestment
Zone Number Eight, City of Fort Worth, Texas (the Zone"), and
WHEREAS, on January 22, 2004 the board of directors of the Zone (the `Board")
adopted a project and financing plan for the Zone (the `Plan"), as required by Section
311 O 11(a) of the Act; and
WHEREAS, in accordance with Section 311 O 11(d) of the Act, on January 27 2004
the Crty Council approved the Plan pursuant to Ordinance No 15844 and
WHEREAS, on February 24 2005 the Plan was subsequently amended by the Board
pursuant to Board Resolution 2005-02, which amendment was approved by the City Council
on March 29 2005 pursuant to Ordinance No 16343-03-2005 and
WHEREAS, as authorized by Section 311 O11(e) of the Act, on June 29 2006, and
pursuant to Board Resolution 2006-04 the Board amended Section IV of the Plan to add
management and adrmnistrahon costs, certain unprovements to the historic T&P Warehouse
and surrounding property and construction of public infrastructure associated with the
redevelopment of Lancaster Avenue as authorized projects of the Zone, and made certain other
Page 1
Ordinance Approving Amendment to Project and Financing Plan
Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, T xas
--- non-material amendments to the Plan, all as depicted m the underlined language of Exhibit
A and recommended that the Plan, as amended, be approved by the City Council,
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 The statements and facts set forth in the recitals of this Ordinance are true and
correct.
1.2. That the Plan, as amended, includes all information requnred by Sections 311 O11(b)
and (c) of the Act.
1.3. That the Plan, as amended, ns feasible and the amended and restated Plan conforms
to the Crty's master plan.
1.4 That on August 15 2006 but prior to the adoption of this Ordinance, the Crty
Council held a public hearing on the Plan, as amended, and afforded a reasonable
opportunity for interested persons to speak for or against designation of the Zone and
approval of the Plan, as amended, as well as for owners of property located nn the
Zone to protest the nnclusnon of their property nn the Zone (the `Public Hearing"),
as requnred by Section 311 O 11(e) of the Act.
1.5. That notnce of the Public Hearing was pubinshed nn a newspaper having general
circulatnon m the Cnty on August 4 2006 which satisfies the procedural requnrement
Page 2
Ordinance Approving Amendment to Project and Financing Plan
Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, T xas
of Section 311 003(c} of the Act that notice of the Public Hearing be so published at
least seven (7) days prior to the date of the Public Hearing.
Section 2.
APPROVAL OF AMENDED PLAN
That based on the findings set forth In Section 1 of this Ordinance, the Plan, as
amended, is hereby approved.
Section 3.
DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That the Econormc and Commumty Development Department is hereby directed to
provide a copy of the Plan, as amended, to the governing body of each taxing umt that taxes
real property located nn the Zone.
Section 4.
SEVERABILITY
That if any portnon, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative or vond for any reason by a court of competent jurisdiction, the
remaimng 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, opimon
or judgment.
Page 3
Ordinance Approving Amendment to Project and Financing Plan
Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, T xas
Section 5.
EFFECTIVENESS.
That this Ordinance shall take effect and be m full force and effect from and after its
adoption.
AND .IT IS SO ORDAINED
ADOPTED AND EFFECTIVE August 15, 2006
APPROVED AS TO FORM AND LEGALITY
Peter Vaky
Assistant City Attorney
Date August 15, 2006
M&C G 15346
Page 4
Ordinance Approving Amendment to Project and Financing Plan
Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, T xas
Financing Plan and Project Plan
for the
Tax Increment Reinvestment Zone Number Eight,
City of Fort Worth, Texas
(Lancaster Corridor TIF)
June 29, 2006
Table of Contents
I. Description of the Proposed Zone (Pages 3 5)
A. Map
B Legal Description
II. Economic Impact (Pages 6-10)
A. Necessary Pubhc/Private Partnerships
B Catalyst Redevelopment Projects
C Targeted Redevelopment Zones
D Anticipated Economic Activity
III. Tax Increment Projections (Page 11)
IV Project Costs and Financing (Pages 12 14)
V Term and Governance (Pages 15 17)
2
I. Description of the Proposed Zone
A. TIF Map
South ROW West ROW
line of 3rd St. hne of Burnett lme ofR7o St.
West ROW ~~ i'''°~l~ ~;,,~' ~-`'~~, ~ ~_ ti.,,-. ..tr~~ f ~~ ~ ~ ,:~`"f ,'"
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line of :.- ~ ~: - -~ l f~ ~~ -~~, ~,~y~ ~ ~~
Henderson f! ~ -`' ~ ~ North ROW ~~ ~ ~~~,~,-~~-~ ~>'• ~ r.`~ i~~ f
_ ''.' '~s_" ~ ~ ; ,~ ~ lme of 7th St. ' " 1 ~,.~/~.-''`~ ~-~ , r~" ~- _
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North ROW line
of I 30 exit at
Henderson St.
North ROW ~ ~~~
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4
B. Legal Description of the TIF District
Beginning at a point of the intersection of a~ro~ection of the west ROW line of
Henderson St and the south ROW line of 3r St. thence
Northeasterly along the south ROW line of 3rd St. to a point where said line
intersects with the west ROW line of Burnett St. thence
Southeasterly along the west ROW of Burnett St. to a point where said line
intersects the north ROW line of 7th St. thence
Easterly along the north ROW line of 7th St. to a point where said line
intersects the north ROW line of 7th St. thence
Northeasterly along the north ROW line of 7th St. to a point where said line
intersects the east ROW line of Calhoun St., thence
Southeasterly along the east ROW line of Calhoun St. to a point where said
line intersects the north ROW line of Interstate 30 thence
Westerly along the north ROW line to a point where said line intersects the
north ROW line of the Interstate 30 exit at Henderson St. thence
Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to
a point where said line intersects the west ROW line of Henderson, thence
Northward along the west ROW line of Henderson St. to a point where said
line intersects with the south ROW line of 3rd St. which is the point of
beginning.
Map and Boundary Description prepared by Gideon Toal, Inc.
5
II. Economic Impact
A. Necessary Public/Private Partnerships
Lancaster Comdor Will Require Pubhc/Pnvate Partnerships to Develop m a Timely
Manner
The demolition of the former I 30 overhead has repositioned the Lancaster Ave as one of the
mayor urban parkways m Fort Worth and Tarrant County and as one of the pnmary gateways to
Downtown Fort Worth and the Medical Distract. A repositioned Lancaster Avenue opens the
potential of sigmficant redevelopment in the Lancaster Comdor however the redevelopment of
the Lancaster Comdor has many challenges and can be sigmficanthy accelerated with the
prudent use of public/pnvate partnerships. Several of the contemplated redevelopment projects
m the area will serve as a catalyst for further development m the area. The funded Lancaster
Avenue roadway and streetscape will be an additional catalyst for further development.
LANCASTER STREETSCAPE
7
-.
B. Catalyst Redevelopment Projects
Other projects in the redevelopment corridor will have spin-off economic
benefits that will facilitate further private investment.
FORT WORTH P:AMADA HOTEL
CONVENTION CENTER
~.~`_~ ~.
- ~ ~nM ~~°E-¢
L,"r «,Y,
Several significant projects, includnng local and national hnstonc landmarks are poised to
redevelop generating new taxes for the local taxing entrtnes and will create economic activity
where rt has been dormant for many years.
US POST
OFFICE
8
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2K.8 FtSS{3Gl ES
<,;~ ~ ~o~p, mu
T&P TERMINAL
T&P WAREHOUSE
C. Targeted Redevelopment Zones
It is anticipated that redevelopment will occur throughout the Lancaster Corridor with the
use of appropriate public/private partnership incentives.
9
D Anticipated Economic Activity
Attachment A details construction that is projected to occur over the next
twenty years. By the end of 2005 it is estimated that 108 123 square
feet of new property developments will become available wrthm the TIF
boundary Likewise, by 2023 rt is estimated that 4 079 999 square feet
of new property development will occur within the TIF boundary
10
,„ III. Tax Increment Projections
Attachment B projects the revenue for the TIF over its 21 year life,
assuming a 1 5% annual appreciation of the property within the
boundary of the TIF Additionally the projects assume new property
value resulting from development occurring over the next 21 years In
total, the TIF is projected to have revenue of around $45 million during
its lifetime
11
IV Project Costs and Financing
The TIF District anticipates the capture of increment from the new
development outlined m Attachment A and utilizing those additional funds
to leverage selective catalyst projects m the Lancaster Corridor This Project
Plan includes the following protects. These protect costs are eh~ible for TIF
funding.
1. T&P Terminal Buildm~. initial costs of $2 8 million m net present value
terms (2003 dollars) for the redevelopment of the T&P Terminal Building
(the `T&P Terminal Redevelopment Project") Project costs for the T&P
Terminal Redevelopment Protect would include
Historic Facade Easement Lease
Facade and Site Work
Professional Service Costs
Improvements to the public right-of way for landscaping and
pedestrian connections
Environmental Remediation
City Fee Support
2. Public Infrastructure Associated with Convention Center Hotel Protect
construction and installation of public infrastructure, including street
improvements, utility relocations, parking improvements and landscaping of
public areas on and adtacent to the two (2) City blocks located on the west
side of Houston Street known as Blocks 7 and 8 Tarrant County Convention
Center Addition, on which construction by Omni Hotels, Inc of a hotel to
support the Fort Worth Convention Center and various other related
improvements, including a parking garage, is desired (the `Convention
Center Hotel Development Project") Such public infrastructure would be
paid for or reimbursed from tax increment remaining after satisfaction of any
commitments to the T&P Terminal Redevelopment Project, the T&P
Warehouse Redevelopment Protect and any other projects receiving priority
of payment as subsequently determined by the TIF District s board of
directors, subject to any restrictions specifically imposed by the participating
taxing turisdictions.
3. Management and Administration Costs The TIF District s board of
directors is authorized to expend up to 5% of annual TIF revenues for
management and administrative purposes which allocation shall have
12
priority over-any other TIF protect mcludm~ but not limited to the T&P ~-
Terminal Redevelopment Protect and the Convention Center Hotel
Development Protect.
4. T&P Warehouse. up to $9 million for assistance with public
infrastructure costs associated with the redevelopment of the T&P
Warehouse (the `T&P Warehouse Redevelopment Project"), payable as a
reimbursement following completion. Protect costs for the T&P Warehouse
Redevelopment Protect would include.
Environmental remediation and demolition
Facade improvements
Public streetscape/construction and relocation of utilities
Site work on or adtacent to the T&P Warehouse Property
Clearing and gradin#; of the T&P Warehouse Property
Hardscape and landscape improvements
Roof repairs and stabilization of the structure on the roof as
necessary to preserve the historic facade of the T&P Warehouse
Professional fees directly related to approved protect costs
Costs of construchn~ a public plaza
Administrative expenses (third party studies reports historical
review and legal fees directly related to the protect costs)
Reimbursement of City tap and impact fees
Interest on any unpaid balance of the reimbursement
5. Public Infrastructure Associated. with Lancaster Avenue Redevelopment
construction and installation of public infrastructure, includin street
improvements, utllrty relocations parking Improvements and landscapmg_of
public areas on and adtacent to all portions of Lancaster Avenue that are
within the TIF District. Such public Infrastructure would be paid for or
reimbursed from tax increment remaining after satisfaction of anX
commitments to the T&P Terminal Redevelopment Protect the T&P
Warehouse Redevelopment Protect and any other protects receivin priorrty
of payment as subsequently determined by the TIF District s board of
directors, subtect to any restrictions specifically op sed by the participating
taxing turisdictions.
Any additional TIF Protect costs would be subtect to review and approval
by the participating taxing jurisdictions. Protects that could be subtect to
13
additional TIF funding, but subject to review and approval by the participating
taxing entities would be
• U S. Post O~ce• Streets, Utilities, Landscaping,
Parking, Facade Protection
• Four Blocks North. of Lancaster Public
Infrastructure Streets, Utilities, Parking,
Landscaping
• Water Gardens Improvements Entrances to
Lancaster Public Restrooms, Visitor Center
Utilities, Streets, Landscaping, Access and
Parking
14
V Boundaries,. Term and Governance
Boundaries
• The boundaries of the TIF District have been proposed to allow taxable
properties to contribute to the surrounding Lancaster Corridor catalyst
redevelopment projects and allow the taxing jurisdictions to receive
additional funds that otherwise would not be collected.
• The size and scope of the boundaries includes multiple tax-exempt
properties that will benefit from the Lancaster Corridor redevelopment.
• Below is a current land ownership map depicting the taxable and tax
exempt properties.
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LANCASTER
Lancaster shp
C Non-Exempt
1 Church Exemption
`~ Charitable Org Exemption
Government Exemption
15
Boundaries (continued)
• The size of the TIF District is 225 acres or 9 801 000 square feet of area.
225 acres
Term
• The TIF District expires on the earlier of (i) December 31 2024 or an
earlier termination date designated by an ordinance subsequently adopted
by the Crty Council of the City of Fort Worth or (ii) the date on which all
project costs, tax increment bonds (if any) and interest on those bonds
have been paid m full.
• A cap on total expenditures is imposed, at 2003 dollars, of $16 000 000
Governance
• The Project and Financing Plans only grant the TIF Board the use of $2 8
million in net present value terms for the T&P Terminal Redevelopment
Project and any additional available tax increment for public
infrastructure and improvements associated with the Convention Center
Hotel Development Prod ect.
16
• Any additional expenditure would require participating taxing
jurisdiction review and approval and subsequent TIF Board approval.
17
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20
City of Fort Worth, Texas
-~ Mayor and Council Communication
COUNCIL ACTION Approved on 8/15/2006 Ordinance No 17100-08-2006
DATE Tuesday August 15 2006
LOG NAME 17TIF8 PLAN
REFERENCE NO G 15346
SUBJECT
Adopt Ordinance Amending the Project and Financing Plan for Tax Increment Reinvestment Zone
.Number Eight, City of Fort Worth Texas (Lancaster Corridor TIF)
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning an amendment to the Project and Financing Plan (the Plan) for Tax
Increment Reinvestment Zone Number Eight, City of Fort Worth Texas (Lancaster Corridor TIF) which is
attached to the attached Ordinance to afford an opportunity for interested persons to speak for or against
the recommended approval of the Plan amendment and the TIF's designation as well as for property
owners to protest inclusion of their property in the TIF and
2 Close the public hearing and adopt the attached Ordinance approving the Lancaster Corridor TIF Plan
amendment.
DISCUSSION
The Lancaster Corridor TIF project plan initially adopted by the TIF's board of directors and approved by the
City Council limited authorized TIF projects to the T&P Terminal Building redevelopment project. On June
29 2006 the TIF Board adopted an amended TIF project plan that adds the T&P Warehouse
redevelopment project, Lancaster Avenue Streetscape Improvements and a TIF management fee
as additional TIF-eligible projects. This amended Plan does not require the TIF Board to fund any such
projects but rather makes them eligible for TIF funding if the TIF Board wishes to provide assistance for
those projects at some point in the future The TIF Board also made certain non-material changes to the
TIF Plan The amended TIF Plan is included as part of the attached Ordinance All changes to the original
TIF project plan are indicated either by adouble-underline for added language or a strikethrough for deleted
language
Before the amended Plan can take effect, state law requires that the City Council approve the Plan
amendment by Ordinance adopted after the holding of a public hearing at which interested persons may
speak for or against the amended TIF Plan or the TIF's designation and at which property owners may
protest inclusion of their property in the TIF In accordance with state law notice of the public hearing was
published in a newspaper having general circulation in the City at least seven days prior to the date of this
hearing
The Lancaster TIF is located in COUNCIL DISTRICT 9
Logname 17TIF8 PLAN Page 1 of 2
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Logname 17TIF8 PLAN Page 2 of 2