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HomeMy WebLinkAboutContract 46821 ,% 567 8 ,9 Q. City Secretary Contract No: . � �I R a �� ����0 pF �G AGREEMENT TO PARTICIPATE IN G.�G�yS ti AX INCREMENT REINVESTMENT ZONE NUMBER FOURTEEN 0�6 8 L 9 5 V p CITY OF FORT WORTH, TEXAS (TRINITY LAKES TIF) This AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER FOURTEEN, CITY OF FORT WORTH, TEXAS ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT COUNTY (the"County"). The City and the County hereby agree that the following statements are true and correct and constitute a basis upon which the City and the County have entered into this Agreement: A. On November 12, 2012, the City Council of the City ("City Council") adopted City Ordinance No. 20505-11-2012 designating certain real property located in the eastern portion of the City in an area generally bounded by the Trinity Railway Express (TRE) rail line to the north, the Trinity River to the south, the Bell Spur to the east, and Highway Loop 820 to the west as Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas (the "TIF District'). The TIF District is informally known as the "Trinity Lakes TIF." Ordinance No. 20505-11-2012 is hereby incorporated by reference for all purposes and is attached hereto as Exhibit "A." B. Designation of the TIF District will cause development of property in and around the TIF District to occur that would not occur otherwise in the foreseeable future. As a result of designation of the TIF District, it is intended that the public infrastructure for Trinity Lakes and for development projects will be funded. It is anticipated that other complementary development in the TIF District will follow. This overall development will result in increased tax revenues and other public benefits for both the City and the County. C. Pursuant to Section 311.013(f) of the Texas Tax Code, the County is not required to pay any tax increment into the tax increment fund of the TIF District unless it enters into an agreement to do so with the City. The County wishes to enter into such an agreement with the City. NOW, THEREFORE, for and in consideration of the conditions set forth herein, the sufficiency of which is hereby acknowledged, the City and the County do hereby contract, covenant and agree as follows: 1. INCORPORA T ION OF RECITALS. The parties hereby agree that the recitals set forth above are true and correct and form the basis upon which they have entered into this Agreement. 2. DEFINITIONS. OFFICIAL RECORD Tan-ant County Participation Agreement CITY SECRETARY Trinity Lakes TIF Page I FT. WORTH, TX In addition to any terms defined in the body of this Agreement, the following terms shall have the definitions ascribed to them as follows: Act means the Tax Increment Financing Act, as amended and codified as Chapter 311 of the Texas Tax Code. Captured Appraised Value in a given year means the total appraised value of all real property taxable by the County and located in the TIF District for that year less the Tax Increment Base. Project Plan means the project plan for the development and/or redevelopment of the TIF District, as adopted by the TIF Board and approved by the City Council of the City, attached hereto as Exhibit "B." TIF Board means the governing board of directors of the TIF District appointed in accordance with Section 311.009 of the Act and Section 3 of the City Ordinance No. 20505-11- 2012. At all times during the term of the TIF District, the County shall appoint and maintain at least one (1) member on the TIF Board, and may appoint non-voting ex-officio members or County staff members who shall also be notified of all TIF Board meetings and actions. TIF District means the certain real properties and boundaries as described in City Ordinance No. 20505-11-2012, attached hereto as Exhibit "A." Tax Increment in a given year means the amount of property taxes levied and collected by the County for that year on the Captured Appraised Value of real property taxable by the County and located in the TIF District. Tax Increment Base means the total appraised value as of January 1, 2012 of all real property taxable by the County and located in the TIF District. Tax Increment Fund means that fund created by the City pursuant to Section 311.014 of the Act and Section 6 of City Ordinance No. 20505-11-2012, which will be maintained by the City as a separate and individual account, into which all revenues of the TIF District will be deposited, including (i) deposits of Tax Increment by the City and by other taxing units with jurisdiction over real property in the TIF District, including the County, and (ii) all accrued interest earned on the cash balance of the fund. TIF Ordinance means City Ordinance No. 20505-11-2012, attached hereto as Exhibit «A.» 3. DEPOSIT OF TAX INCREMENT. Pursuant to a Resolution duly adopted by the governing body of the County, which Resolution is attached hereto as Exhibit "C" and is hereby made part of this Agreement for all purposes, and specifically subject to Section 4 of this Agreement, the County hereby agrees to deposit each year during the term of the TIF District, beginning with the 2014 tax year, fifty Tarrant County Participation Agreement Trinity Lakes TIF Page 2 percent (50%) of the County's Tax Increment into the Tax Increment Fund up to a maximum cumulative contribution of Ten Million Eight Hundred Six Thousand Eight Hundred and Two Dollars ($10,806,802) (the "Maximum County Contribution"). The calculation to determine the dollar amount of the County's Tax Increment to be deposited shall be made in accordance with the County's Tax Increment Financing Policy and such deposits shall be made in accordance with the City's standard administrative procedures relative to all tax increment reinvestment zones administered by the City, but only following receipt of a bill from the City that outlines the City's calculation of the amount of the deposit that is required for that year. 4. LIMITATIONS ON TAX INCRE"NiENT DEPOSITS AND USE OF FUNDS. This Agreement is based on the following conditions, and the City agrees and acknowledges the County's right to enforce the conditions contained herein by injunction or any other lawful means in the event of one or more such conditions not satisfied. 4.1 Amendment to TIF Ordinance. The TIF Ordinance designates the boundaries, the eligible real properties for the calculation of Tax Increment for the TIF District and the specific participation level of the City. All amendments to the TIF Ordinance shall be approved by the TIF Board prior to approval by the City Council. If the City Council approves an amendment to the TIF Ordinance different from the amendment approved by the TIF Board, the County shall suspend payment into the TIF Fund as described in Section 3 until the amendment is approved by the governing body of the County. 4.2 Certain TIF District Proiect Costs Excluded. The Tax Increment deposited into the Tax Increment Fund by the County shall be used to pay a pro rata portion of a maximum of $62,454,250 in project costs for infrastructure improvements or other public improvements as set forth and identified in the Project Plan attached hereto as Exhibit "B" (the "Maximum Project Costs"). All TIF Fund allocations, including but not limited to any management and administrative cost, must be approved by the TIF Board in accordance with the Project Plan. If the Project Plan is amended, the County shall suspend payment into the TIF Fund as described in Section 3 until the amendment is approved by the governing body of the County as an amendment to this Agreement. 4.3 TIF District Expansion. As defined, the TIF District shall include real properties located within the boundaries as described in the TIF Ordinance. If the TIF District is expanded, the County is not required to deposit into the Tax Increment Fund any Tax Increment generated from properties in the expanded area unless participation in the expanded boundary area is approved by the governing body of the County as an amendment to this Agreement. Additionally, the Tax Increment deposited into the Tax Increment Fund by the County may not be used for any permissible project costs in any portion of the Tan-ant County Participation Agreement Trinity Lakes TIF Page 3 expanded area of the TIF District unless approved by the governing body of the County as an amendment to this Agreement. 5. TERM. This Agreement shall take effect on the date as of which both parties have executed it and shall expire upon expiration of termination of the TIF District, which currently is the earlier of(i) December 31, 2032 or an earlier termination date designated by ordinance subsequently adopted by the City Council of the City or (ii) the date on which all project costs of the TIF District, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full, or (iii) the date on which the Maximum County Contribution is reached, or (iv) the date on which the County's pro-rata portion of the Maximum Project Costs, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full. 6. TIF FUND ACCOUNTING. No later than July 1 of each year following execution of this Agreement, the City shall provide the County with an annual accounting of the funds deposited to and dispersed from the Tax Increment Fund, including accrued interest. After all project costs of the TIF District have been paid or at the time of the expiration of this Agreement, any funds remaining in the Tax Increment Fund following the final annual accounting by the City shall be paid to those taxing units participating in the TIF District in proportion to each taxing unit's share of the total amount of Tax Increment deposited into the Tax Increment Fund. 7. RESPONSIBILITY FOR ACTS. The City and the County shall each be responsible for the sole negligent acts of their officers, agents, employees, or separate contractors. In the event of a joint and concurrent negligence of both the City and the County, responsibility, if any, shall be apportioned comparatively with the laws of the State of Texas, with the understanding that neither party waives any governmental powers or immunities or any other defenses available to each individually. 8. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party may subsequently designate in writing, by certified mail, postage prepaid, or by hand delivery: TaiTant County Participation Agreement Trinity Lakes TIF Page 4 City: County: City of Fort Worth Tarrant County Administrator's Office Attn: City Manager 100 East Weatherford Street 1000 Throckmorton Street Suite 404 Fort Worth, Texas 76102 Fort Worth, Texas 76196-0609 with copies to: the City Attorney and Housing and Economic Development Director at the same address 9. NO WAIVER. The failure of either party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that party's right to insist upon appropriate performance or to assert any such right on any future occasion. 10. VENUE AND JURISDICTION. If any action, whether real or asserted, at law or in equity, arises on the basis of any provision of this Agreement, venue for such action shall lie in state courts located in Tarrant County, Texas or the United States District Court for the Northern District of Texas—Fort Worth Division. This Agreement shall be construed in accordance with the laws of the State of Texas. 11. NO THIRD PARTY RIGHTS. The provisions and conditions of this Agreement are solely for the benefit of the City and the County and are not intended to create any rights, contractual or otherwise, to any other person or entity. 12. FORCE MAJEURE. The parties shall exercise every reasonable effort to meet their respective obligations as set forth in this Agreement, but shall not be held liable for any delay in or omission of performance due to force majeure or other causes beyond their reasonable control, including, but limited to, compliance with any government law, ordinance or regulation, acts of God, acts of omission, fires, strikes, lockouts, national disasters, wars, riots, material or labor restrictions, transportation problems and/or any other cause beyond the reasonable control of either party. 13. INTERPRETATION. In the event of any dispute over the meaning or application of any provision of this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither more strongly for or against any party, regardless of the actual drafter of the Agreement. Tarrant County Participation Agreement Trinity Lakes TIF Page 5 14. CAPTIONS. Captions and headings not used in this Agreement are for reference purposes only and shall not be deemed part of this Agreement. 15. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and the County as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. Notwithstanding anything to be the contrary herein, this Agreement shall not be amended unless executed in writing by both parties and approved by the City Council of the City in an open meeting held in accordance with Chapter 551 of the Texas Government Code. 16. COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall be considered an original,but all of which shall constitute one instrument. Tarrant County Participation Agreement Trinity Lakes TIF Page 6 EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS: Fernando Costa By: Assistant City Manager B. Glen Whitley County Judge Date: Date,: ATTEST: • ATTEST: By: J&i aID7:7� Mary J. Kayser °°°°°°°O By: City Secretary °°� A °°°w® 4Nka �� g 0 o 0 Deputy County Clerk APPROVED AS FO %00Y� X 00 0° AF APPROVED AS TO FORM:AS Males ikFFaarmer By:. Senior Assistant City Attorney Name: Criminal District Attorney's Office* Contract Authorization M&C G-17744, City 2 Ordinance No. 20505-11-202 (11/12/2012) COURT ORDER # IOq0� J *By lam,, the Criminal District Attorney's Office may only approve contracts for its clients. We reviewed this document as to form from our client's legal perspective. Other parties may not rely on this approval. Instead those parties should seek contract review from independent counsel. OFFICIAL RECORD Tarrant County Participation Agreement CITY SECRETARY Trinity;Lakes TIF Page 7 FT. WORTHI TX EXHIBIT "A" TAX INCREMENT REINVESTMENT ZONE #14 CITY ORDINANCE NO. 20505-11-2012 Tarrant County Participation Agreement Trinity Lakes TIF Page 8 FOR'r WORTH MEMORANDUM DATE: Match 14,2013 TO: Mary Kayser, City Secretary FROM: Maleshia Farmer, Senior Assistant City Attorney SUBJECT: Ordinance No. 20505-11-2012 (TIF 14) The above referenced Ordinance adopted by the City Council on November 12, 2012 contains a scrivener's error in Section 4 with regard to the Term. M&C G-17744, which was approved to adopt the Ordinance, correctly indicates the termination date for the TIF of December 31, 2032. Section 4 of the Ordinance, Term of Zone, indicates a termination date for the TIF of December 31, 2037. The correct termination date is December 31, 2032. A corrected Ordinance is attached. There are no publication requirements for the Ordinance. Please correct the ordinance and process accordingly. Please let me know if you have any questions or need any additional information. Regards, Maleshia B. Farmer Sr. Assistant City Attorney OFFICE OF THE CITY ATTORNEY The City of Fort Worth * 1000 Throckmorton Street* Fort Worth,Texas 76102 817-392-7600 * Fax 817-392-8359 ORDINANCE NO. 20505-11-2012 AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER FOURTEEN, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE AND TERMINATION DATES FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, the City Council desires to promote the development of land in that certain contiguous geographic area in the City which is more specifically described in Exhibit "A" of this Ordinance (the "Zone") through the creation of a new reinvestment zone as authorized by and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code (the "Code"); and WHEREAS, the City has prepared preliminary project and financing plans for the proposed Zone and provided a copy of those plans to the governing body of each taxing unit that levies taxes on real property in the Zone, as required by Section 311.003(b) of the Code(the "Preliminary Plans"); and WHEREAS, on November 12, 2012 the City Council held a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for(i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the proposed Zone to protest inclusion of their property in the Zone, as required by Sections 311.003(c) and (d) of the Code; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 4, 2012, which satisfies the requirement of Page l Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 Section 31 1.003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; 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 it regarding the establishment of the Zone and after conducting a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the proposed Zone to protest inclusion of their property in the Zone, 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. Therefore, the City has met the notice and procedural requirements established by the Code for creation of a reinvestment zone under the Code. 1.2. The Zone consists of approximately 1,800 acres of land and the area within the Zone is contiguous. 1.3. The Zone lacks essential infrastructure to sustain viable development, including but not limited to, water, sewer, drainage, roads and sidewalks. As the area continues to grow, these needs will only continue to increase. Page 2 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 1.4. The Zone houses two major arterials currently negatively affected by heavy congestion and flooding which must be redesigned and reconstructed in order for development of the area around these intersections to be viable. 1.5. Based on the facts set forth in Sections 1.3 and 1.4 hereof, as well as on all other information provided to and/or known by the City Council with respect to the area within the Zone and the area in the vicinity of the Zone, the City Council hereby finds that development of the Zone will not occur solely through private investment in the foreseeable future. 1.6. Taking all facts into consideration, the area within the Zone substantially impairs and arrests the sound growth of the City and constitutes an economic liability and a menace to the public health and safety because of (i) a substantial number of substandard, deteriorated and deteriorating structures; (ii) the predominance of inadequate sidewalk and street layouts; (iii) faulty lot layout in relation to size, adequacy, accessibility and usefulness; (iv) unsanitary and unsafe conditions; (v) the deterioration of site and other improvements; and (vi) conditions that endanger life and property by fire or other cause. Therefore, the area within the Zone meets the criteria for designation of a reinvestment zone and satisfies the requirements of Section 311.005(a)(1) of the Code. 1.7. No more than thirty percent (30%) or less of the property in the Zone is used currently for residential purposes, as specified by Section 311.006 of the Code. 1.8. According to the most recent appraisal roll of the City, the total appraised value of all taxable real property in the Zone and in existing reinvestment zones in the City Page 3 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 does not exceed twenty-five percent (25%) of the total appraised value of taxable real property in the City and in industrial districts created by the City, if any. Section 2. DESIGNATION OF NEW ZONE. That the City Council hereby designates the Zone described in the boundary description and depicted in the map, both attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with the Code. This reinvestment zone shall be known as "Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That a board of directors for the Zone ("Board") is hereby created. The Board shall consist of seven (7) members who shall serve for terms of two (2) years each. Of these seven (7) members, each taxing unit other than the City that has approved the payment of all or part of the tax increment produced by the unit into the tax increment fund for the Zone may, but is not required to, appoint one (l) member to the Board. After each taxing unit other than the City designates to the City either the name of the member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to waive its right to appoint a member, the City Council shall appoint whatever number of members are necessary to fill the remaining positions on the Board. Such members may be members of the City Council. Page 4 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 Section 4. TERM OF ZONE. That the Zone shall take effect immediately upon the adoption of this Ordinance and terminate on the earlier of (i) December 31, 2032 or an earlier termination date designated by an ordinance adopted after the effective date of this Ordinance or (ii) the date on which all project costs, tax increment bonds and interest on those bonds have been paid or otherwise satisfied in full. Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base for the Zone, as defined by Section 311.012(c) of the Code, shall be the total appraised value of all real property in the Zone taxable by a taxing unit as of January 1, 2012, which is the year in which the Zone was designated as a reinvestment zone. Section 6. TAX INCREMENT FUND. That a tax increment fund for the Zone (the "TIF Fund") is hereby established. The TIF Fund may be divided into additional accounts and sub-accounts authorized by resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311-012(a) of the Code, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund pursuant to an agreement with the City authorized by Section Page 5 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 311.013(f) of the Code, plus (ii) the City's contribution of eighty-five percent (85%) of the City's tax increment, as defined by Section 311.012(a) of the Code, subject to any binding agreement executed at any time by the City that pledges an amount of legally available City funds whose calculation is based, in whole or in part, on payment to or receipt by the City of any portion of such tax increment. The TIF Fund shall be maintained in an account at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. Revenues in the TIF Fund will be used solely in accordance with Section 311.014 of the Code. Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment agreements with taxing units that levy real property taxes in the Zone. Section 8. 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 in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Page 6 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 Section 9. IMMEDIATE EFFECT. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: N`Toverrber 12, 2012 APPROVED AS TO FORM AND LEGALITY: - Maleshia Fa"rmer Senior Assistant City Attorney M&C: G-17744 Page 7 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Ordinance No. 20505-11-2012 EXHIBIT "A" DESCRIPTION AND DEPICTION OF THE ZONE The tracts to be designated as Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas for tax increment financing purposes are depicted in the accompanying map and are more particularly described by the following metes and bounds: Legal Description, Part 1 Being 866.987 acres of land located in the H. Bennett Survey, Abstract No. 138, the John Hust Survey, Abstract No. 702, the J.B. Johnson Survey, Abstract No. 855, the Wm. H. Morris Survey, Abstract No. 1053, the John Sansom Survey, Abstract No. 1387, the W.C. Trimble Survey, Abstract No. 1521, the Allen S. Trimble Survey, Abstract No. 1528 and the P. Witt Survey, Abstract No. 1656,Tarrant County, Texas. Said 866.987 acres of land being more particularly described as follows: BEGINNING at a point at the northwest corner of a tract of land described in the deed to Tarrant county Water Control and Improvement District Number One (TCWCD), recorded in Volume 8938, Page 464, Deed Records,Tarrant County, Texas; THENCE N89036'47"E, along the north line of said TCWCD, a distance of 14.34 feet to an angle point of said TCWCD tract, said point being the southwest corner of Lot 1, Block 10, Riverbend East Office Park, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Volume 388-186, Page 91, Plat Records, Tarrant County, Texas; THENCE N69021'54"E, along the south line of said Block 10, at 75.43 feet passing the northeast corner of said TCWCD, in all a distance of 2,311.74 feet to a point at the southeast corner of said Block 10; THENCE N00037'19"E, along the east line of said Block 10, at 11.13 feet passing a 5/8" iron rod found at the southwest corner of a tract of land described in the deed to Riverbend East I LP., recorded in Volume 14564, Page 104, Deed Records, Tarrant County, Texas, in all a distance of 650.24 feet to a 5/8" iron rod found at the southwest corner of Lot 5, of said Block 10, said iron rod being the northwest corner of said Riverbend East tract; THENCE N56037'44"E, along the north line of said Riverbend East tract, at 308.97 feet passing a 5/8" iron rod found at the southeast corner of said Lot 5, in all a distance of 369.14 feet to a 5/8" iron rod stamped "Carter & Burgess" found at the northeast corner of said Riverbend East I tract, said iron rod lying in the west line of a tract of land described in the deed to the State of Texas, recorded in Volume 3603, Page 370, Deed Records, Tarrant County, Texas; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas THENCE S89027'08"E, a distance of 348.55 feet to a point lying in the east line of said State of Texas tract, said point lying in the west line of Tract 2, in the deed to Riverbend Investment Ltd., recorded in Volume 13681, Page 387, Deed Records, Tarrant County, Texas; THENCE along said Tract 2 west line as follows: 1. N00040'11"E, a distance of 2,888.42 feet to an 1/2" iron rod found, said iron rod being the southwest corner of a tract of land described in the deed to the City of Fort Worth, recorded in Volume 4119, Page 535, Deed Records, Tarrant County, Texas; 2. N27°12'45"E, a distance of 280.95 feet to a City of Fort Worth monument No.6410 found; 3. N50°49'45"E, a distance of 390.55 feet to an 1/2" iron rod stamped "Beasley 4050" found; 4. N32024'45"E, a distance of 411.21 feet to an inverted RR beam found; 5. N47025'45"E, a distance of 87.80 feet to a point, said point lying in the south line of Trinity Boulevard; THENCE N42034'1 5"W, crossing said Trinity Boulevard, a distance of 151.23 feet to a concrete monument found at the south corner of Tract 1 A, of said Riverbend Investment, said concrete monument lying in the north line of said City of Fort Worth tract; THENCE along the west lines of said Tract 1 A as follows: 1. N57°38'47"W, a distance of 531.60 feet to a 5/8" iron rod found; 2. N30020'47"W, a distance of 290.28 feet to a point, said point being the northwest corner of said City of Fort Worth tract and lying in said State of Texas east line; 3. N00040'34"E, a distance of 735.86 feet to an 1/2" iron rod found at the northwest corner of said Tract 1 A and being the northeast corner of said State of Texas tract, said iron rod being the southwest corner of a tract of land described in the deed to Riverbend Investment II, Ltd., recorded in volume 14166, Page 240, Deed Records, Tarrant County, Texas and being the southeast corner of a tract of land described in the deed to the State of Texas, recorded in Volume 3927, Page 395, Deed Records, Tarrant County, Texas; THENCE along the west and north lines of said Riverbend Investment II tract as follows: 1. N00°39'52"E, a distance of 29.75 feet to an 1/2" iron rod stamped "NDM" found; 2. northerly, 649.79 feet along a non tangent curve to the right, having a radius of Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 2,703.79 feet, a central angle of 13'46'11" and a chord bearing N07°31'53"E, 648.23 feet to a point; 3. N14°25'03"E, a distance of 383.52 feet to a point lying in the south line of Dallas Area Rapid Transit and the Fort Worth Transportation Authority (TRE); 4. N62°33'55"E, along said TRE south line, a distance of 947.83 feet to an 1/2" iron rod found; 5. northeasterly, at 659.14 feet passing a 5/8" iron rod found at an exterior corner of said Riverbend Investment II tract, in all 1,502.69 feet along a non tangent curve to the right, having a radius of 5,679.85 feet, a central angle of 15°09'30" and a chord bearing N70°05'48"E, 1,498.31 feet to a point; THENCE S00°20'43"E, at 27.06 feet passing a point at the northeast corner of said Riverbend Investment II tract, at 47.67 feet passing a point at the northwest corner of Lot 39, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in County Clerk #D206240430, Plat Records, Tarrant County, Texas, at 544.84 feet passing a point at the southwest corner of Lot 31, of said Block 22, said point being the northwest corner of Lot 30, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas .according to the plat recorded in County Clerk #D207022271, Plat Records, Tarrant County, Texas, in all a distance of 1,147.85 feet to a point at the northwest corner of Lot 1, Block 23, of said Lakes of River Trails; THENCE along the north and east lines of said Lot 1 as follows: 1. easterly, 479.81 feet along a non tangent curve to the right, having a radius of 4,550.83 feet, a central angle of 06002'27" and a chord bearing N77°39'04"E, 479.58 feet to an 1/2" iron rod stamped "Beasley 4050" found; 2. S06°06'37"E, a distance of 198.98 feet to an 1/2" iron rod stamped "Beasley 4050" found; 3. SO4°02'22"W, at 59.98 passing a point at the southeast corner of said Lot 1, in all a distance of 185.55 feet to a point at the most westerly southwest corner of Lot 4, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in County Clerk #D205382455, Plat Records, Tarrant County,Texas; THENCE along the west lines of said Block 22 as follows: 1. S68°17'44"E, a distance of 39.92 feet to an 1/2" iron rod stamped "Beasley 4050" found at the most southerly southwest corner of said Lot 4; 2. S00°21'52"E, a distance of 106.94 feet to an 1/2" iron rod stamped "Beasley 4050" Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas found; 3, southerly, 68.95 feet, along a curve to the left, having a radius of 387.25 feet, a central angle of 10°12'07" and a chord bearing S05°27'56"E 68.86 feet to an 1/2" iron rod stamped "Beasley 4050" found at the southwest comer of Lot 1, of said Block 22, said point lying in said City of Fort Worth north line; THENCE easterly along said north line, 469.22 feet along a non tangent curve to the right, having a radius of 2,043.04 feet, a central angle of 13°09'32" and a chord bearing N83°03'56"E, 468.19 feet to a point; THENCE N89037'06"E, continuing along said north line, a distance of 1,549.89 feet to a point, from which the southeast corner of Lot 13, Block 10, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 7556, Plat Records, Tarrant County, Texas bears N89°33'30"E 67.24 feet; THENCE S00021'18"E, a distance of 120.00 feet to an 1/2" iron rod found at the northeast corner of said Tract 2, said point lying in said City of Fort Worth south line; THENCE S03007'48"E, an east line of said Tract 2, a distance of 1,440.53 feet to a point; THENCE S 19°22'32"E, continuing along said east line, at 338.54 feet passing a 5/8" iron rod found at the northwest corner of Lot 49, Block 8, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 4679, Plat Records, Tarrant County, Texas, in all a distance of 526.49 feet to a point at the southeast corner of said Lot 49, said point being the northwest corner of Lot 1, Block 22, of said River Trails Addition; THENCE along the north, east and south lines of said Lot 1 as follows: 1. S80°43'05"E, a distance of 134.69 feet to a point; 2. easterly, 157.00 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 179°54'14" and a chord bearing S80°42'48"E, 100.00 feet to a point; 3. S80°43'05"E, a distance of 269.18 feet to a point; 4. S09°16'55"W, a distance of 115.00 feet to a point; 5. S 13°54'49"E, a distance of 107.37 feet to a point; 6. S07°36'01"E, a distance of 95.42 feet to a point; 7. S09°16'55"W, a distance of 90.00 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 8. S42°57'09"W, a distance of 78.11 feet to a point; 9. southwesterly, 78.53 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 89°59'27" and a chord bearing S54°16'59"W, 70.71 feet to a point; 10. S85°44'51"W, a distance of 164.46 feet to a point at the southwest corner of said Lot 1, said point being the northwest corner of Lot 1, Block 24, of said River Trails Addition and lying in said Tract 2 east line; THENCE S21°56'34"E, along said Tract 2 east line, a distance of 151.17 feet to a point at the south corner of said Lot 1, from which an 1/2" iron rod found at an angle point of said Tract 2 bears S 2 1°56'34"E 39.13 feet; THENCE S80043'56"E, along the south line of said Block 22, a distance of 1,879.00 feet to a point; THENCE easterly, 206.20 feet along a non tangent curve to the left, having a radius of 3,966.00 feet, a central angle of 02°58'44" and a chord bearing S82°12'11"E, 206.17 feet to a point at the southeast corner of Lot 12, of said Block 22; THENCE S84°12'41"E, a distance of 60.00 feet to a point lying in the east line of said River Trails Addition, from which an 1/2" iron rod found at the southeast comer of said River Trails Addition bears S05°59'20"W 42.99 feet; THENCE easterly, 287.46 feet along a non tangent curve to the left, having a radius of 2,767.43 feet, a central angle of 05°57'05" and a chord bearing S87°29'41"E, 287.33 feet to a point; THENCE N89031'37"E, a distance of 114.58 feet to an 1/2" iron rod found at the northwest corner of Lot 46, Block 31, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 6909, Plat Records, Tarrant County, Texas; THENCE S00°1706"E, at 291.01 feet passing an 1/2" iron rod stamped "Beasley 4050" found at the southwest corner of Lot 2, Block 10, of said Lake of River Trails South, said iron rod being the northwest corner of Lot 3, Block l0,in all a distance of 791.06 feet to a point at the southwest corner of Lot 12, Block 10, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 7623, Plat Records, Tarrant County, Texas, said point being the northwest corner of Lot 41, Block 12, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 8483, Plat Records, Tarrant County, Texas; THENCE along the north lines of said Lot 41 as follows: Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 1. N89°32'12"E, a distance of 8.62 feet; 2. S02°04'05"E, a distance of 29.57 feet to a point; 3. S76°36'20"E, a distance of 4.50 feet to a point; 4. S03°10'29"E, a distance of 10.89 feet to a point; 5. N89°26'57"E, a distance of 3.04 feet to a point; 6. S00°12'21"E, a distance of 26.15 feet to a point; 7. S88°37'37"E, a distance of 4.72 feet to a point; 8. S00°43'57"W, a distance of 12.16 feet to a point; 9. N88°27'15"W, a distance of 4.40 feet to a point; 10. S00006'32"E, a distance of 36.29 feet to a point; 11. S87°03'57"E, a distance of 4.33 feet to a point; 12. SOI 000'57"E, a distance of 11.55 feet to a point; 13. S89052'44"W, a distance of 4.40 feet to a point; 14. SO1°19'29"E, a distance of 10.85 feet to a point; 15. S55028'25"E, a distance of 52.26 feet to a point; 16. S55046'18"E, a distance of 52.55 feet to a point; 17. S55024'12"E, a distance of 70.09 feet to a point; 18. S55036'32"E, a distance of 42.91 feet to a point; 19. N46034'33"E, a distance of 4.79 feet to a point; 20. S53043'45"E, a distance of 13.58 feet to a point; 21. S36033'28"W, a distance of 4.41 feet to a point; 22. S53°50'26"E, a distance of 63.16 feet to a point; 23. N43012'53"E, a distance of 4.60 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 24. S56007'02"E, a distance of 11.56 feet to a point; 25. S36°13'30"W, a distance of 4.77 feet to a point; 26. S54-48'1 6"E, a distance of 24.84 feet to a point; 27. S76032'24"E, a distance of 14.79 feet to a point; 28. N09°45'05"E, a distance of 4.81 feet to a point; 29. S80038'59"E, a distance of 11.03 feet to a point; 30. N83054'01"E, a distance of 26.52 feet to a point; 31. N80042'25"E, a distance of 196.53 feet to a point; 32. N89032'12"E, a distance of 817.20 feet to a point; 33. S00027'48"E, a distance of 201.78 feet to a point; 34. S45027'48"E, a distance of 96.48 feet to a point; 35. N89032'12"E, a distance of 395.60 feet to a point; 36. S00027'48"E, a distance of 137.61 feet to a point; 37. S58°01'18"E, a distance of 140.03 feet to a point; 38. easterly, 39.77 feet, along a curve to the left, having a radius of 50.00 feet, a central angle of 45°3423" and a chord bearing S80°48'30"E 38.73 feet to a point; 39. S58001'1 8"E, a distance of 146.96 feet to a point; 40. southeasterly, 56.93 feet, along a curve to the left, having a radius of 325.00 feet, a central angle of 10°02'10" and a chord bearing S63'02'23"E 56.86 feet to a point; 41. southeasterly, 47.50 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 54026'00" and a chord bearing S30048'17"E, 45.74 feet to a point; 42. S58°01'18"E, a distance of 185.73 feet to a point at the northeast corner of said Lot 41, said point lying in the east line of Precinct Line Road; THENCE S05052'40"W, along the east line of said Lot 41, a distance of 36.84 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas THENCE S00°22'11"W, continuing along said east line, a distance of 728.60 feet to a point at the southeast corner of said Lot 41, said point lying in the northeast line of a tract of land described in the deed to Kenneth Allen et al, recorded in Volume 6688, Page 322, Deed Records, Tarrant County, Texas; THENCE S54°58'41"E, along said northeast line, a distance of 66.10 feet to a point at the northeast corner of said Allen tract; THENCE along the east lines of said Allen tract as follows: 1. S00°05'29"W, a distance of 745.77 feet to a point; 2. southerly, 627.09 feet, along a curve to the right, having a radius of 2,331.00 feet, a central angle of 15024'50" and a chord bearing S07°47'54"W 625.20 feet to a point; 3. S15°30'19"W, a distance of 565.61 feet to a point at the southeast corner of said Allen tract, said point being the northeast corner of a tract of land described in the deed to Jessie Randol, recorded in Volume 6251, Page 242, Deed Records, Tarrant County, Texas and said point lying in the south bank of the Trinity River; THENCE along the common lines of said Allen and Randol tracts as follows: 1. N66°52'11"W, a distance of 480.80 feet to a point; 2. N49°44'11"W, a distance of 109.00 feet to a point; 3. N37°22'11"W, a distance of 109.80 feet to a point; 4. N23°11'11"W, a distance of 213.10 feet to a point; 5. NO2°58'11"W, a distance of 158.10 feet to a point; 6. N06°02'11"W, a distance of 152.10 feet to a point; 7. N07°12'11"W, a distance of 122.50 feet to a point; 8. N48°36'11"W, a distance of 77.50 feet to a point; 9. S82°00'49"W, a distance of 191.60 feet to a point; 10. N87017'1 I"W, a distance of 246.80 feet to a point; 11. N83°03'11"W, a distance of 161.10 feet to a point; 12. N65°54'11"W, a distance of 246.30 feet to a point; Ordinance Designatina Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 13. N83°20'11"W, a distance of 145.50 feet to a point; 14. N 17°31'11"W, a distance of 474.10 feet to a point; 15. N26°16'49"E, a distance of 72.90 feet to a point; 16. N65°45'49"E, a distance of 163.40 feet to a point; 17. N36°02'49"E, a distance of 200.10 feet to a point; 18. NI 5-32-49"E, a distance of 255.80 feet to a point; 19. NO3°28'11"W, a distance of 50.90 feet to a point; 20. N52°38'11"W, a distance of 271.70 feet to a point; 21. N37°08'11"W, a distance of 347.20 feet to a point; 22. S22022'49"W, a distance of 71.30 feet to a point; 23. S58020'49"W, a distance of 245.30 feet to a point; 24. S78059'49"W, a distance of 168.20 feet to a point; 25. S85040'49"W, a distance of 68.90 feet to a point; 26. N80°25'11"W, a distance of 70.40 feet to a point; 27. S52001'49"W, a distance of 132.60 feet to a point; 28. S72004'49"W, a distance of 43.40 feet to a point; 29. S34032'49"W, a distance of 188.50 feet to a point; 30. S7702549"W, a distance of 396.20 feet to a point at the most southerly southwest corner of said Allen tract, said point being the northwest corner of said Randol tract, said point lying in the east line of Tract 2, in the deed to W. O. Ferguson Trust, recorded in Volume 6184, Page 426, Deed Records, Tarrant County, Texas; THENCE N00°23'11"W, a distance of 591.81 feet to a point for the most northerly southwest corner of said Allen tract; THENCE N8903649"E, along said Allen tract, a distance of 141.08 feet to a point; THENCE N00°23'11"W, a distance of 193.53 feet to a point lying in south line of said Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas Tract 2, from which the southeast corner of said Tract 2 bears N89'3 1'38"E 516.30 feet; THENCE along the south lines of said Tract 2 as follows: 1. N28°59'09"W, a distance of 36.32 feet to a point; 2. N77'5 1'24"W, a distance of 469.24 feet to a point; 3. S80°29'01"W, a distance of 288.28 feet to a point; 4. NO1°56'48"W, a distance of 104.98 feet to a point; 5. S87'54'1 6"W, a distance of 971.95 feet to a point; 6. N69'1 8'48"W, a distance of 357.33 feet to a point; 7. N0212 1'52"W, a distance of 1,071.39 feet to a point; 8. N23°42'01"W, a distance of 148.04 feet to a point; 9. N49°2347"W, a distance of 194.42 feet to a point; 10. S88°25'07"W, a distance of 210.27 feet to a point; 11. S26°30'49"W, a distance of 264.09 feet to a point; 12. S29053'45"W, a distance of 272.10 feet to a point; 13. S86014'21"W, a distance of 417.61 feet to a point; 14. N27019'04"W, a distance of 348.35 feet to a point; 15. N32°52'58"E, a distance of 382.69 feet to a point; 16. S89034'05"W, a distance of 226.02 feet to a point; 17. N63056'01"W, a distance of 780.35 feet to a point; 18. S34023'53"W, a distance of 274.05 feet to a point; 19. S24032'55"W, a distance of 136.23 feet to a point; 20. S89034'05"W, a distance of 485.75 feet to a point; 21. S00033'48"E, a distance of 407.27 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 22. S50°35'42"W, a distance of 65.02 feet to a point, said point lying in the north line of a tract of land described in the deed to William Harvey Trust, recorded in Volume 8372, Page 644, Deed Records, Tarrant County,Texas; 23. N87°54'29"W, a distance of 177.93 feet to a point; 24. N82°35'29"W, a distance of 224.70 feet to a point; 25. N76°39'29"W, a distance of 155.40 feet to a point; 26. N67027'29"W, a distance of 145.20 feet to a V iron rod found; 27.N63°2529"W, a distance of 138.70 feet to a 1" iron rod found; 28. N50024'29"W, a distance of 81.50 feet to a 1" iron rod found; 29. N10°54'29"W, a distance of 74.90 feet to a point; 30. N 15°44'31"E, a distance of 110.60 feet to a point; 31. S89°27'31"W, a distance of 388.79 feet to a 1" iron rod found; 32. S00022'29"E, a distance of 1,673.41 feet to a point; 33. S72°49'56"W, a distance of 106.10 feet to a point; 34. S47013'52"W, a distance of 236.28 feet to a point; 35. S08030'20"W, a distance of 136.93 feet to a point; 36. S07039'12"E, a distance of 346.84 feet to a point; 37. S35012'48"E, a distance of 82.30 feet to a point; 38. S62011'10"E, a distance of 119.77 feet to a point; 39. N77055'29"E, a distance of 99.20 feet to a point; 40. S00008'1 7"E, a distance of 96.01 feet to a point; 41. S00036'25"E, a distance of 1,327.10 feet to a point; 42. SO400529"W, a distance of 514.35 feet to a point; 43. S89028'29"W, a distance of 738.78 feet to a point at the east corner of a tract of land described as Tract II-B, in the deed to Bluecreek, Inc., recorded in Volume 11771, Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas Page 237, Deed Records, Tarrant County, Texas; THENCE S58029'44"W, a distance of 525.85 feet to a point at the south corner of said Tract II-B; THENCE S61031'45"W, a distance of 395.33 feet to a point at the southeast corner of Tract II-A, of said Bluecreek tract; THENCE S68030'23"W, along the south line of said Tract II-A, a distance of 256.00 feet to a point; THENCE S61°56'00"W, continuing along said south line, a distance of 428.41 feet to a point, said point being the southwest corner of said Tract II-A and being the southeast corner of a tract of land described in the deed to Riverbend East I, LP., recorded in County Clerk #D204088612, Deed Records, Tarrant County, Texas, from which a 5/8" iron rod found in the north bank of the Trinity River bears NO3024'34"W 299.37 feet; THENCE along the south lines of said Riverbend East I tract as follows: 1. S72008'36"W, a distance of 264.04 feet to a point for the south corner of said Riverbend East I tract; 2. northwesterly, at 305.68 feet passing a 5/8" iron rod stamped "ANA" found in the north bank of the Trinity River, in all an arc distance of 1,405.80 feet along a non tangent curve to the left, having a radius of 1,642.39 feet, a central angle of 49°02'32" and a chord bearing N55°19'43"W, 1,363.28 feet to a point; 3. N79°49'40"W, at 398.10 feet passing a 5/8" iron rod stamped "ANA" found at the southwest comer of said Riverbend East I tract, said iron rod being the southeast corner of said TCWCD, in all in all a distance of 499.57 feet to a point at the southwest corner of said TCWCD tract; THENCE N00022'31"W, along the west line of said TCWCD tract, a distance of 188.55 feet to the point of beginning, containing 866.987 acres of land. The bearings recited hereon are oriented to NAD83 Texas North Central Zone. Legal Description, Part 2 Being 930.965 acres of land located in the Wm. Burns Survey, Abstract No. 121, the W. Bradshaw Survey, Abstract No. 136, the R. Barton Survey, Abstract No. 176, the S. Cotrail Survey, Abstract No. 330, the John Hust Survey, Abstract No. 702, the J.W. Haynes Survey, Abstract No. 789, the J.B. Johnson Survey, Abstract No. 855, the J. Overton Survey, Abstract No. 1191, the Wm. C. Trammell Survey, Abstract No. 1509, the Allen S. Trimble Survey, Abstract No. 1526 and the G. Wilson Survey, Abstract No. 1626, Tarrant County, Texas. Said 930.965 acres of land being more particularly Ordinance Designating"Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,'Texas described as follows: BEGINNING at a point lying in the east line of Lot 13, Block 8, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 8483, Plat Records, Tarrant County, Texas, from which an 1/2" iron rod stamped "Beasley 4050" found at the southeast comer of said Lot 13 bears S05058'13"W 25.68 feet, said point lying in the west line of Precinct Line Road; THENCE N05058'14"E, at 24.32 feet passing an 1/2" iron rod found at the northeast comer of said Lot 13, said iron rod being the southeast comer of Lot 12, Block 8, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 8158, Plat Records, Tarrant County, Texas, in all a distance of 784.35 feet to a point at the southeast comer of Lot 14, Block 7, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 7623, Plat Records, Tarrant County, Texas; THENCE northerly along the east line of said Block 7, 422.88 feet, along a curve to the left, having a radius of 1,350.00 feet, a central angle of 17056'52" and a chord bearing NO3000'12"W 421.16 feet to an 1/2" iron rod stamped "Beasley 4050" found lying in the east line of Lot 7, Block 7, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 6988, Plat Records, Tarrant County, Texas; THENCE NI 1058'38"W, continuing along said Block 7 east line, a distance of 393.85 feet to a point lying in the north line of River Trails Boulevard, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 6909, Plat Records, Tarrant County, Texas, said point lying in said Precinct Line Road west line; THENCE N13006'38"W, along said west line, a distance of 296.76 feet to a point; THENCE northerly, 390.93 feet along a non tangent curve to the right, having a radius of 1,865.89 feet, a central angle of 1200016" and a chord bearing N07007'1 6"W, 390.22 feet to a point lying in the east line of Lot 50, Block 21, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 5577, Plat Records, Tarrant County, Texas; THENCE N01°07'09"W, along the common line of said Block 21 and Precinct Line Road, a distance of 508.94 feet to a point lying in the east line of Lot 21, Block 21, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 3517, Plat Records, Tarrant County, Texas; THENCE northwesterly, 940.76 feet, along a curve to the left, having a radius of 1,000.00 feet, a central angle of 53054'05" and a chord bearing N28004'1 2"W 906.45 feet to a point lying in the northeast line of Lot 5, Block 37, of said River Trails Addition; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas THENCE N55001'14"W, continuing along said Precinct Line Road west line, a distance of 416.46 feet to a point at the southeast corner of Lot 5, Block A, River Trails All Storage Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 10612, Plat Records, Tarrant County, Texas; THENCE along the south and west lines of said Block A as follows: 1. S89°35'08"W, a distance of 1,364.23 feet to a point at the southwest corner of Block A; 2. N09018'1 6"E, a distance of 594.93 feet to a point; 3. northerly, 183.57 feet along a non tangent curve to the left, having a radius of 1,090.00 feet, a central angle of 09°37'57" and a chord bearing N04°28'51"E, 183.35 feet to a point; 4. N00'20']2"W, a distance of 19.95 feet to an 1/2" iron rod found bent at the northwest corner of Lot 1, of said Block A, said iron rod being the northeast corner of Lot 13, Block 15, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 1478, Plat Records, Tarrant County, Texas; THENCE N89035'40"W, a distance of 565.43 feet to a 5/8" iron rod stamped "Sempco" found at an angle point lying in the north line of Lot 23, Block 1, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Volume 388-191, Page 44, Plat Records, Tarrant County, Texas; THENCE along the north lines of said River Trails Addition and the south lines of Trinity Boulevard as follows: 1. S85°47'40"W, a distance of 311.01 feet to an 1/2" iron rod found at the northeast corner of Lot 14, of said Block 1; 2. westerly, 118.00 feet along a non tangent curve to the right, having a radius of 993.50 feet, a central angle of 06°48'18" and a chord bearing S86013'03"W, 117.93 feet to an 1/2" iron rod found in the north line of said Lot 14; 3. S89°37'12"W, a distance of 1,107.32 feet to a 5/8" iron rod stamped "Sempco" found in the north line of Lot 33, Block 2, of said River Trails Addition; 4. westerly, 209.57 feet, along a curve to the right, having a radius of 1,136.38 feet, a central angle of 10134'00" and a chord bearing N85°05'48"W 209.28 feet to a point lying in the north line of Lot 24, of said Block 2; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 5. N85°34'43"W, a distance of 665.81 feet to a point lying in the north line of Lot 4R, Block 2, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Volume 388-192, Page 56, Plat Records, Tarrant County, Texas, said point lying in the south line of a tract of land described in the deed to the City of Fort Worth, recorded in Volume 4119, Page 535, Deed Records, Tarrant County, Texas; THENCE S89037'12"W, at 110.00 feet passing an 1/2" iron rod found at the northwest corner of said Lot 4R, in all a distance of 275.23 feet to an 1/2" iron rod found at the northeast comer of a tract of land described at Tract 2, in the deed to Riverbend Investment Ltd., recorded in Volume 13681, Page 387, Deed Records, Tarrant County, Texas; THENCE N00021'18"W, crossing; said City of Fort Worth tract, a distance of 120.52 feet to a point lying in the north line of said City of Fort Worth tract, said point lying in the south line of Lot 13, Block 10, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 7556, Plat Records, Tarrant County, Texas; THENCE N89038'27"E, along the north line of said City of Fort Worth tract, a distance of 1,379.65 feet to an 1/2" iron rod found at the southwest comer of Lot 2, Block 8, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 5983, Plat Records, Tarrant County, Texas; THENCE N89038'42"E, continuing along said north line, a distance of 1,184.99 feet to an 1/2" iron rod found at the most easterly southwest corner of Lot 49, Block 1, of said Lakes of River Trails; THENCE along the east and north lines of said Block 1 as follows: 1. N54000'42"E, a distance of 62.37 feet to a point at the southeast comer of said Lot 49; 2. N44°4742"W, a distance of 186.77 feet to a point at the northeast comer of said Lot 49; 3. northwesterly, 30.36 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 34047'22" and a chord bearing N46°27'06"W, 29.90 feet to a point at the southeast corner of Lot 48; 4. N08053'08"W, a distance of 338.56 feet to a point at the southeast comer of Lot 40; 5. N00°21'18"W, a distance of 202.07 feet to a point at the southeast comer of Lot 36; 6. N 17°31'25"W, a distance of 126.23 feet to an 1/2" iron rod found at the southeast Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas corner of Lot 34, of said Block 1; 7. N26°23'01"W, a distance of 182.32 feet to a point at the east corner of Lot 31; 8. N45°25'40"W, a distance of 60.96 feet to a point at the north corner of said Lot 31; 9. N52°41'46"W, a distance of 60.72 feet to a point at the north corner of Lot 30; 10. N50-3 1'56"W, a distance of 60.77 feet to a point at the north corner of Lot 29; 11. N57°39'09"W, a distance of 60.98 feet to a point at the north corner of Lot 28; 12. N61-47'1 3"W, a distance of 128.19 feet to a point at the north corner of Lot 26; 13. N68°58'04"W, a distance of 290.62 feet to a point lying in the north line of Lot 20; 14. N69°36'50"W, a distance of 54.49 feet to a point lying in said Lot 20 north line; 15. N78°15'08"W, a distance of 7.01 feet to a point at the north corner of said Lot 20; 16. S65°31'16"W, a distance of 50.29 feet to an 1/2" iron rod found at the most southerly northeast corner of Lot 19, of said Block 1; 17. N80°06'58"W, at 60.97 feet passing a point at the northeast corner of Lot 15, Block 7, of said Lakes of River Trails, in all a distance of 897.53 feet to a point at the north corner of Lot 1, of said Block 7; THENCE S83010'02"W, at 1.77 feet passing a point at the northeast corner of Lot 21, Block 12, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 9733, Plat Records, Tarrant County, Texas, in all a distance of 46.65 feet to an 1/2" iron rod found at the northwest corner of Lot 1; THENCE along the east lines of said Lot 21 as follows: 1. S08'1 7'54"W, a distance of 64.16 feet to a point; 2. S46°24'49"E, a distance of 98.59 feet to a point; 3. southeasterly, 186.49 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 213°42'09" and a chord bearing S63°15'53"E, 95.71 feet to a point; 4. S80°06'58"E, a distance of 67.84 feet to a point; 5. S09°53'02"W, a distance of 110.00 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 6. S80°06'58"E, a distance of 100.00 feet to a point; 7. S09°06'14"E, a distance of 137.86 feet to a point; 8. N78°07'27"E, a distance of 110.00 feet to a point; 9. southeasterly, 275.91 feet along a non tangent curve to the left, having a radius of 555.00 feet, a central angle of 28°29'01" and a chord bearing S26°07'04"E, 273.08 feet to a point; 10. S40-2 1'34"E, a distance of 164.40 feet to a point; 11. S49°38'26"W, a distance of 110.96 feet to an 1/2" iron rod found; 12. S40-2 1'34"E, a distance of 110.00 feet to a point at the southeast corner of said Lot 21, said iron rod being the southwest comer of Lot 9, Block 6, of said Lakes of River Trails recorded in Cabinet A, Slide 5983; THENCE along the south lines of said Lot 21 as follows: 1. S49°38'26"W, a distance of 5.41 feet to a point; 2. southwesterly, 68.41 feet, along a curve to the right, having a radius of 375.00 feet, a central angle of 10°27'06" and a chord bearing S54°52'00"W 68.31 feet to a point of compound curve to the right having a radius of 275.00 feet and a central angle of 31'47'19"; 3. westerly along the arc, a distance of 152.57 feet to a point; 4. N88°07'09"W, a distance of 304.19 feet to a point; 5. westerly, 38.98 feet, along a curve to the right, having a radius of 275.00 feet, a central angle of 08°07'16" and a chord bearing N84°03'31"W 38.95 feet to a point; 6. N79°5953"W, a distance of 63.59 feet to a point; 7. westerly, 46.07 feet, along a curve to the left, having a radius of 325.00 feet, a central angle of 08°07'16" and a chord bearing N84°03'3 I"W 46.03 feet to a point; 8. N88°07'09"W, a distance of 158.76 feet to a point; 9. westerly, 232.49 feet, along a curve to the right, having a radius of 475.00 feet, a central angle of 28°02'36" and a chord bearing N74°05'51"W 230.17 feet to a point; 10. N60004'33"W, a distance of 83.48 feet to a point; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 11. northwesterly, 74.83 feet, along a curve to the left, having a radius of 525.00 feet, a central angle of 08°10'01" and a chord bearing N64°09'34"W 74.77 feet to a point lying in the east line of a remainder portion of Tract 1B, of said Riverbend Investment, Ltd. tract; THENCE east, south and west sides of said remainder portion as follows: 1. S21°45'26"W, a distance of 171.06 feet to a point at the southwest corner of Lot 16, Block 11, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 9098, Plat Records, Tarrant County, Texas, said point lying in the north line of Lot 3, Block 11, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 7483, Plat Records, Tarrant County, Texas; 2. N59°51'48"W, a distance of 51.70 feet to an angle point in Lot 4, of said Block 11; 3. N77°26'20"W, a distance of 237.42 feet to an angle point in Lot 8, of said Block 11; 4. N55°28'41"W, a distance of 299.29 feet to an angle point at the northeast corner of Lot 4, Block 12, of said Lakes of River Trails recorded in Cabinet A, Slide 7483; 5. N63°39'47"W, a distance of 134.35 feet to a point at the northwest corner of Lot 5, of said Block 12; 6. N09°38'40"E, at 292.03 feet passing the southwest corner of said Lot 21, in all a distance of 583.52 feet to a point at the southeast corner of Lot 19, of said Block 12, recorded in Cabinet A, Slide 9733; THENCE along the west lines of said Lot 21 as follows: 1. N46'26'1 9"E, a distance of 16.40 feet to a point; 2. N20°23'20"E, a distance of 99.91 feet to a point; 3. N34°30'37"W, a distance of 135.05 feet to a point; 4. N85°26'55"W, a distance of 44.55 feet to a point at the northwest corner of Lot 20, of said Block 12; 5. S09°38'40"W, a distance of 88.90 feet to a point; 6. S30°34'09"W, a distance of 19.99 feet to a point at the southwest corner of said Lot 20; 7. westerly, 33.94 feet along a non tangent curve to the left, having a radius of 50.00 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas feet, a central angle of 38°53'36" and a chord bearing N78°52'25"W, 33.29 feet to a point; 8. N08°19'16"W, a distance of 106.05 feet to a point at the northwest corner of said Lot 21, said point being the northeast comer of Lot 22, of said Block 12; THENCE N83024'27"W, a distance of 139.29 feet to an angle point lying in the north line of Lot 32, of said Block 12; THENCE N78043'17"W, a distance of 197.66 feet to an angle point lying in the north line of Lot 34, of said Block 12; THENCE N84004'31"W, at 16.19 feet passing a point at the northwest corner of said Lot 34, at 48.07 feet passing a point at the northeast corner of Lot 67, Block 22, of said Lakes of River Trails, recorded in Cabinet A, Slide 9733, in all a distance of 72.21 feet to an angle point lying in the north line of said Lot 67; THENCE along the north line of said Block 22 as follows: 1. N88039'l5"W, a distance of 196.14 feet to an angle point lying in the north line of Lot 63; 2. N89025'28"W, a distance of 139.03 feet to an angle point lying in the north line of Lot 61; 3. N86°50'14"W, a distance of 58.58 feet to a point at the northeast corner of Lot 59, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 11311, Plat Records, Tarrant County, Texas; 4. S8105 V] I"W, a distance of 50.47 feet to a point at the northwest corner of said Lot 59; 5. westerly, 189.33 feet along a non tangent curve to the left, having a radius of 5,615.83 feet, a central angle of 01'55'54" and a chord bearing S87°37'02"W, 189.32 feet to a point lying in the north line of Lot 55; 6. westerly, 298.89 feet along a non tangent curve to the left, having a radius of 5,615.87 feet, a central angle of 03002'58" and a chord bearing S85012'43"W, 298.86 feet to a point lying in the north line of Lot 49; 7. S88028'59"W, a distance of 12.84 feet to a point at the northeast corner of Lot 48; 8. S86°10'33"W, a distance of 60.97 feet to a point at the northwest corner of said Lot 48; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 9. S83'3 1'57"W, a distance of 42.82 feet to a point lying in the north line of Lot 47; 10. westerly, 480.48 feet along a non tangent curve to the left, having a radius of 5,620.83 feet, a central angle of 04°53'52" and a chord bearing S79°59'35"W, 480.34 feet to a point at the northwest corner of Lot 39, said point lying in the west line of said Tract 1 B; THENCE N00020'43"W, a distance of 46.62 feet to a point lying in the south line of Dallas Area Rapid Transit and the Fort Worth Transportation Authority (DART) tract; THENCE easterly along said DART south line, 1,624.17 feet along a non tangent curve to the right, having a radius of 5,679.85 feet, a central angle of 16023'02" and a chord bearing N85°52'04"E, 1,618.64 feet to a point; THENCE S85056'25"E, continuing along said DART south line, at 6,247.30 feet passing a point at the north west corner of Lot 2AR-1, Texas Industries Addition No. 2, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 7186, Plat Records, Tarrant County, Texas, in all a distance of 6,595.67 feet to a point lying in the north line of said Lot 2AR-1; THENCE S00036'27"E, at 700.25 feet passing an exterior angle point of said Lot 2AR-1, in all a distance of 870.71 feet to a point at the most northerly southwest corner of said Lot 2AR-l; THENCE along the south lines of said Lot 2AR-1 as follows: 1. S46°07'31"E, a distance of 202.00 feet to a point; 2. S00°36'27"E, a distance of 374.75 feet to a point at the southwest corner of said Lot 2AR-1, said point lying in the north line of Trinity Boulevard; 3. N88035'33"E, a distance of 100.01 feet to a point at the southeast corner of said Lot 2AR-1; 4. N00036'27"W, a distance of 298.26 feet to a point; 5. N 15°22'34"E, a distance of 222.00 feet to a point; 6. N29038'33"E, a distance of 140.60 feet to a point at the most northerly southeast corner of said Lot 2AR-1; THENCE N27048'13"E, a distance of 731.12 feet to apoint lying in the north line of said Lot 2AR-1, said point lying in said DART south line; THENCE S85057'27"E, along said DART south line, at 623.60 feet passing an 1/2" iron rod stamped "Britain & Crawford" found at the northeast corner of said Lot 2AR-1, at Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas 1,627.24 feet passing an 1/2" iron rod found, in all a distance of 1,635.00 feet to a point at the northeast corner of a tract of land described in the deed to Texas Industries, Inc., recorded in Volume 5784, Page 475, Deed Records, Tarrant County, Texas, said point lying in the west line of South Norwood Drive; THENCE S00°29'34"E, along the east line of said Texas Industries tract, a distance of 1,114.60 feet to an 1/2" iron rod stamped "Britain & Crawford" found at the southeast corner of said Texas Industries tract, said iron rod lying in said Trinity Boulevard north line; THENCE N89038'54"E, a distance of 72.37 feet to a point at the southwest corner of Lot 1, Block 4, Bell Helicopter Industrial Park, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in Volume 388-128, Page 11, Plat Records, Tarrant County, Texas; THENCE N88039'26"E, along the south line of said Lot 1, a distance of 1,165.09 feet to a point, from which an 5/8" iron rod stamped "Carter-Burgess" found at the southeast comer of said Lot l bears N88°39'26"E 32.53 feet; THENCE SOI 020'34"E, a distance of 120.08 feet to a point at the northeast comer of Lot 1, Block 1, Trinity Bell Gardens, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat recorded in County Clerk #D211306978, Tarrant County, Texas; THENCE SO1°10'23"E, along the east line of said Lot 1, a distance of 730.06 feet to a point at the southeast corner of said Lot 1, said point lying in a north line of a tract of land described in the deed to Tarrant Acquisitions, Ltd., recorded in County Clerk #D205268552, Deed Records, Tarrant County, Texas; THENCE along the north lines of said Tarrant Acquisitions tract as follows: 1. N88053'34"E, a distance of 1,699.04 feet to an 1/2" iron rod stamped "Britain & Crawford" found; 2. S00°35'36"E, a distance of 420.00 feet to a point; 3. N89024'24"E, a distance of 1,065.86 feet to point lying in said north line, from an 1- 1/2" iron rod found at the northeast corner of said Tarrant Acquisition tract bears N89°24'24"E 1,315.44 feet, said point being the southwest corner of a tract of land described in the deed to the City of Hurst, recorded in Volume 3465, Page 268, Deed Records, Tarrant County, Texas and said point lying in the west line of a tract of land described in the deed to Fort Worth Sand and Gravel Company, Inc., recorded in Volume 1333, Page 124, Deed Records, Tarrant County, Texas; THENCE S00018'52"E, along said west line, a distance of 2,419.34 feet to a point lying in the south line of said Tarrant Acquisitions tract; Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas THENCE along the said Tarrant Acquisitions south lines as follows: 1. S89°42'55"W, a distance of 199.96 feet to a point, from which an 1/2" iron rod found at the southeast corner of said Tarrant Acquisitions tract bears N89°42'55"E 1,348.65 feet; 2. SOI'I V31"W, a distance of 243.22 feet to a point; 3. S89'52'1 6"W, a distance of 208.89 feet to a point; 4. SOI°11'31"W, a distance of 417.78 feet to an 1/2" iron rod stamped "Britain & Crawford" found; 5. S89'52'1 6"W, a distance of 452.11 feet to an 1/2" iron rod stamped "Britain & Crawford" found; 6. NO 1°11'44"E, a distance of 659.20 feet to a point; 7. S89°42'55"W, a distance of 1,366.67 feet to an 1/2" iron rod found; 8. S00°43'19"W, a distance of 1,952.73 feet to a point; 9. S89°59'57"W, a distance of 700.76 feet to a point; 10. N00040'47"W, a distance of 307.45 feet to a point; 11. S89°1256"W, a distance of 1,036.62 feet to a point; 12. N00047'04"W, a distance of 1,126.50 feet to a point; 13. S89-12'56"W, at 215.28 feet passing an 1/2" iron rod stamped "Britain & Crawford" found, at 265.30 feet passing an 1/2" iron rod stamped "Britain & Crawford" found, in all a distance of 891.00 feet to a point; 14. S00°47'04"E, a distance of 1,561.91 feet to a point; 15. N83017'04"W, a distance of 425.58 feet to a point; 16. SO4027'56"W, a distance of 488.89 feet to a point; 17. S53°1256"W, a distance of 203.47 feet to a point; 18. N38047'04"W, a distance of 993.75 feet to a point; 19. N25°40'42"W, a distance of 997.38 feet to a cotton spike found at the most Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas northerly southwest corner of said Tarrant Acquisitions tract; THENCE N84°01'46"W, a distance of 79.47 feet to the point of beginning, containing 930.965 acres of land. The bearings recited hereon are oriented to NAD83 Texas North Central Zone. At the hearing, interested persons are entitled to speak or present evidence for or against the designation of these tracts as Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas, the boundaries of the reinvestment zone, and/or the concept of tax increment financing. For additional information, contact City of Fort Worth Housing and Economic Development Department by telephone at 817-392-7540 or in writing at City of Fort Worth, Housing and Economic Development Department, 1000 Throckmorton Street, Fort Worth, Texas 76102. Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth,Texas City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 11/1212012 - Ordinance No. 20505-11-2012 DATE: Monday, November 12, 2012 REFERENCE NO.: G-17744 LOG NAME: 1717TIF14ESTABLISH SUBJECT: Conduct Public Hearing and Adopt Ordinance Establishing Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas, Trinity Lakes TIF (COUNCIL DISTRICT 4) RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing concerning the designation of Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas, for tax increment financing purposes; and 2. Adopt the attached ordinance designating Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas, pursuant to Chapter 311 of the Texas Tax Code and containing specific findings of fact in support thereof. DISCUSSION: The proposed Tax Increment Reinvestment Zone Number Fourteen, City of Fort Worth, Texas, more commonly referred to as the Trinity Lakes TIF, is located on approximately 1,800 acres of land in northeast Fort Worth. The property is generally bounded by the Trinity Railway Express (TRE) rail line to the north, the Trinity River to the south, Bell Spur Road to the east and Loop 820 to the west. The exact boundaries of the property are described in Exhibit A of the attached ordinance. The proposed TIF district is being considered in order to finance public infrastructure improvements in the area, such as public improvements to arterials (Trinity Boulevard and Precinct Line Road), the Trinity Trails system, wayfinding signage, transit improvements, public parking facilities, land acquisition and other TIF-eligible costs to help encourage redevelopment in the Trinity Lakes area. The ordinance provides that the City will contribute 85 percent of its tax increment to the TIF district each year the TIF district is in existence. The TIF district will expire on December 31, 2032 or an earlier date as of which all project costs have been paid in full. Per Chapter 311 of the Texas Tax Code (Tax Increment Financing Act), a public hearing is required to establish a TIF district. Notice of this public hearing was delivered to the governing body of each taxing unit that levies real property taxes on property located within the proposed TIF district and published in a newspaper of general circulation at least seven days prior to this meeting. The proposed area meets the criteria for designation as a reinvestment zone pursuant to the Tax Increment Financing Act because the area is underdeveloped, blighted and largely unproductive due to insufficient infrastructure. These characteristics prevent development from occurring in the area solely through private investment in the reasonably foreseeable future, thus substantially impairing and arresting the sound growth of the City. The proposed TIF district is located in COUNCIL DISTRICT 4. FISCAL INFORMATION / CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manaoer's Office by: Fernando Costa (6122) Originating Department Head: Jay Chapa (5804) Marguerite Allen (2235) Additional Information Contact: Robert Sturns (8003) s ORDINANCE NO. 20505-11-2012 AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER FOURTEEN, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIV AND TERMINATION DATES FOR THE ZONE; ESTABLISHI A TAX INCREMENT FUND FOR THE ZONE; 96AND CONTAINING OTHER MATTERS RELATED TO THE WHEREAS, the City Council desires to promote the I op n nd in that certain contiguous geographic area in the City which is sp ifi y described in Exhibit "A" of this Ordinance (the "Zone") throu ea ' f new reinvestment zone as authorized by and in accordance with 01kax cre t Financing Act, codified at Chapter 311 of the Texas Tax Code(the 'Co "); WHEREAS, the City has ep pr ' nary project and financing plans for the proposed Zone and pro ' o those plans to the goveming body of each taxing unit that levie xes r property in the Zone, as required by Section 311.003(b)of the de "P liminary Plans"); and WH E vember 12, 2012 the City Council held a public hearing regarlikU tt of the Zone and its benefits to the City and to property in the Zone orde r sonable opportunity for(i) all interested persons to speak for or against t crea ' n of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the proposed Zone to protest inclusion of their property in the Zone, as required by Sections 311.003(c)and (d) of the Code; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 4, 2012, which satisfies the requirement of Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 1 of 7 City of Fort Worth,Texas Ordinance No.20505-11-2012 Section 311.003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; 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 it Ngar tablishment of the Zone and after conducting a public hearing re ardi the tion of the Zone and its benefits to the City and to property in th e • ding a reasonable opportunity for (i) all interested persons to s k fo r st the creation of the Zone, its boundaries or the concept of t n en nancing and (ii) owners of real property in the proposed Zone to pr inc ion o their property in the Zone, the City Council hereby makes the f o 'ng findi s of fact: 1.1. The s is acts set forth in the recitals of this Ordinance are true and efore, the City has met the notice and procedural requirements esta is d by the Code for creation of a reinvestment zone under the Code. e one consists of approximately 1,800 acres of land and the area within the Zone is contiguous. 1.3. The Zone lacks essential infrastructure to sustain viable development, including but not limited to, water, sewer, drainage, roads and sidewalks. As the area continues to grow, these needs will only continue to increase. Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 2 of 7 CitvofFort Worth,Texas Ordinance No.20505-11-2012 1.4. The Zone houses two major arterials currently negatively affected by heavy congestion and flooding which must be redesigned and reconstructed in order for development of the area around these intersections to be viable. 1.5. Based on the facts set forth in Sections 1.3 and 1.4 hereof, as well as on all other information provided to and/or known by the City Council with respec o area within the Zone and the area in the vicinity of the Zone, the C' •il her finds that development of the Zone will not occur hro rivate investment in the foreseeable future. 1.6. Taking all facts into consideration, the area wiJWn th bstantially impairs and arrests the sound growth of the City and nsti s n economic liability and a menace to the public health an ty of(i) a substantial number of substandard, deteriorated an eten ti ctures; (ii) the predominance of inadequate sidewalk a tr lay ts; (iii) faulty lot layout in relation to size, adequacy, accessi an se 1 ess; (iv) unsanitary and unsafe conditions; (v) the deterior i of site nd other improvements; and (vi) conditions that endan d pr y by fire or other cause. Therefore, the area within the e teria for designation of a reinvestment zone and satisfies the r e of Section 311.005(a)(1)of the Code. 7. re than thirty percent (30%) or less of the property in the Zone is used rrently for residential purposes, as specified by Section 311.006 of the Code. 1.8. According to the most recent appraisal roll of the City, the total appraised value of all taxable real property in the Zone and in existing reinvestment zones in the City Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 3 of 7 City of Fort Worth,Texas Ordinance No. 20505-11-2012 does not exceed twenty-five percent (25%) of the total appraised value of taxable real property in the City and in industrial districts created by the City, if any. Section 2. DESIGNATION OF NEW ZONE. That the City Council hereby designates the Zone describ 'n bound description and depicted in the map, both attached hereto as E 't d ade a part of this Ordinance for all purposes, as a reinvestm nt z e p s t to and in accordance with the Code. This reinvestment zone all as "Tax Increment Reinvestment Zone Number Fourteen, City of Fort rth, " Sec 3. ZO B F DIRECTORS. That a board of rs th one ("Board") is hereby created. The Board shall consist of sev memb who shall serve for terms of two (2) years each. Of these seven a rs, taxing unit other than the City that has approved the paymen a the tax increment produced by the unit into the tax increment fun for n ay, but is not required to, appoint one (1) member to the Board. fter ing unit other than the City designates to the City either the name of the me that the taxing unit wishes to appoint or the fact that the taxing unit wishes to waive its right to appoint a member, the City Council shall appoint whatever number of members are necessary to fill the remaining positions on the Board. Such members may be members of the City Council. Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 4 of 7 City of Fort Worth,Texas Ordinance No.20505-11-2012 Section 4. TERM OF ZONE. That the Zone shall take effect immediately upon the adoption of this Ordinance and terminate on the earlier of (i) December 31, 2037 or an earlier termination date designated by an ordinance adopted after the effective date of this Ordinanc o *i) the date on which all project costs, tax increment bonds and interest on o rids h e been paid or otherwise satisfied in full. Section 5. DETERMINATION OF TAX IN E BASE. That the tax increment base for th e, r d by Section 311.012(c) of the Code, shall be the total appraised v ue o I roperty in the Zone taxable by a taxing unit as of January 1, 201 h is year in which the Zone was designated as a reinvestment zone. Section 6. TAX INCREMENT FUND. x crement fund for the Zone (the "TIF Fund") is hereby established. e T may be divided into additional accounts and sub-accounts authorized by reso or ordinance of the City Council. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311.012(a) of the Code, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund pursuant to an agreement with the City authorized by Section Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 5 of 7 City of Fort Worth,Texas Ordinance;No. 20505-11-2012 311.013(f) of the Code, plus (ii) the City's contribution of eighty-five percent (85%) of the City's tax increment, as defined by Section 311.012(a) of the Code, subject to any binding agreement executed at any time by the City that pledges an amount of legally available City funds whose calculation is based, in whole or in part, on payment to or receipt by the City of any portion of such tax increment. The TIF Fu, 11 be maintained in an account at the depository bank of the City and shall e e ed in e manner prescribed by law for Texas cities. Revenues in the TIFF l b s solely in accordance with Section 311.014 of the Code. Section 7. TAX INCREME NTS. That, pursuant to Sections 3 .008 3 of the Code, the City Manager and City Attorney are hereby o d t xecute and deliver, for and on behalf of the City, tax increment agree wi tax' units that levy real property taxes in the Zone. Section 8. SEVERABILITY. ny ortion, section or part of a section of this Ordinance is subsequently eclare id, inoperative or void for any reason by a court of competent jurisdiction, the ning portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 6 of 7 City of Fort Worth,Texas Ordinance No. 20505-11-2012 Section 9. IMMEDIATE EFFECT. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: November 12, 2012 APPROVED AS TO FORM AND LEGALITY: B MaIeshia Nnner Senior Assistant City Attorney M&C:-G-17744 Ordinance Designating Tax Increment Reinvestment Zone Number Fourteen, Page 7 of 7 City of Fort Worth,Texas Ordinance No.20505-11-2012 EXHIBIT "B" PROJECT PLAN Tarrant County Participation Agreement Trinity Lakes TIF Page 9 Tax Increment Reinvestment Zone Number Fourteen City of Fort Worth, Texas (Trinity Lakes TIF) Project and Financing Plans February 5, 2013 I. Background and Introduction Tax increment financing (TIF) is an economic development tool authorized by Chapter 311 of the Texas Tax Code by which local governments can publicly finance needed structural and infrastructure improvements in order to promote new development or redevelopment within a defined area called a reinvestment zone. TIF districts may be established by municipalities or counties as long as an area meets certain conditions, as set forth in Exhibit "A". At the time an area is designated as a reinvestment zone, the existing total taxable value of real property in the zone is identified and designated as the "base value". As new investment is made within the TIF district, total taxable value of the area begins to rise. The difference between the taxable value and the base value is considered the "increment". Participating taxing entities may deposit all, a predetermined portion, or none of the incremental taxes in a designated TIF district fund for the purpose of financing the planning, design, construction, or acquisition of public improvements within the TIF district. All taxing units that levy taxes within the zone will continue to receive tax revenues derived from the base value, whether or not the taxing jurisdiction chooses to participate. TIF districts are not infinite and do have a set term. The TIF district will end on the earlier of (1 ) the termination date included in the ordinance that established the zone; or (2) the date on which all project costs have been paid in full. Any revenues remaining in the TIF district fund after the dissolution of the TIF will be returned to each participating taxing units in a pro rata fashion. Each TIF district is governed by a TIF board of directors made up of five to fifteen members, appointed by those taxing jurisdictions that participate in the TIF district and the county or municipality that created the zone. The TIF board of directors oversees improvements to the area and may choose to dedicate TIF district funds to reimburse developers for public improvements. At the time of publication, the City of Fort Worth has ten active TIF districts: Speedway, Downtown, Southside, Riverfront, North Tarrant Parkway, Lancaster, Trinity River Vision, Lone Star, East Berry Renaissance, and Woodhaven. The Trinity Lakes TIF will be the eleventh active TIF district and the fourteenth overall. Trinity Lakes TIF Project and Financing Plans Page 2 of 7 II. Project Plan Boundary Description. Existing Uses, and Proposed Uses The area east of IH-820 and bisected by Trinity Boulevard is transitioning through land reclamation and redevelopment into a series of stable and well-established neighborhoods. The emergence of these neighborhoods, the expansion of the Bell Helicopter Textron, Inc. employment center, and the potential for future rail transit service have created an opportunity for the growth of mixed-use destinations and other employment centers. A map of the existing uses of the TIF district can be found in Exhibit "B". Trinity Boulevard and Precinct Line Road are two important arterials in the TIF district; however, due to heavy congestion and flooding these thoroughfares are considered under par. To alleviate excessive traffic and flood risk, the City of Fort Worth has initiated the redesign and reconstruction of Precinct Line Road at and near its intersection with Trinity Boulevard. These infrastructure improvements will enhance efforts to provide regional capacity and connectivity throughout the area. In addition to Trinity Boulevard, key public transportation projects include the completion of Precinct Line Road from Concho Trail to River Falls Drive; passenger rail service and station along the Trinity Railway Express (TRE) line; and future linkages to Arlington through the regional trails system. It is also anticipated public arterials will connect passenger rail service to employment centers, office space, retail options, and a variety of restaurants throughout mixed-use neighborhoods. The key element to this plan is the addition of 6.5 miles of trails to the existing 3.5 miles of trails that will connect to the Trinity Trails system, tying Handley- Ederville Road to Arlington and complete the linkage between two cities. The TIF district covers just over 1,800 acres and is generally bounded by the Trinity Railway Express (TRE) rail line to the north, the Trinity River to the south, the Bell Spur to the east and Loop 820 to the west; however the majority of the River Trails and surrounding neighborhood residential development is excluded from TIF district. A map of the TIF district and a legal description of the property can be found in Exhibits "C" and "D", respectively. Proposed Zoning Changes Current zoning includes strong sectors of Planned Development (PD), Flood Plain (0-1, 0-2), and Single-Family Residential (AR, A-5, A-7.5, A-10) as depicted in Exhibit "E". To facilitate the realization of the Project Plan described herein, significant portions of the TIF district along Trinity Boulevard along the East side of IH-820 may be rezoned. Rezoning is being approached through a form-based code to enhance the market sensitivity and value potential of the neighborhoods. Examples of form-based code for the TIF district are described as follows: 1. Boulevard Mixed-Use to become the center of retail activity in Trinity Lakes. 2. Village Mixed-Use will feature lakefront urban residential development and lakeside restaurant and retail options. 3. Highway Mixed-Use allows for development of a higher density. 4. Campus Commercial will include the integration of a major employer and commercial uses as well as the addition of multifamily units. 5. Transition areas will bridge the gap between larger densities and neighborhoods. Trinity Lakes TIF Project and Financing Plans Page 3 of 7 6. Neighborhoods will serve as the center of residential development. Estimated Private Investment (Non-Project Costs) In addition to the Project Costs outlined in greater detail below, it is anticipated the TIF district will experience a great deal of private investment. Over the term of the TIF district, it is anticipated that over $384 million will be invested in commercial and urban residential development and $275 million will be invested in single-family residential development. Expected build out for each is detailed in Table 1 below: Year Commercial Investment Residential Investment 2014 1,713,632 16,902,259 2015 6,837,773 12,585,000 2016 4,916,277 17,796,025 2017 41,126,829 18,375,973 2018 1 52,369,178 21,755,964 2019 47,507,019 23,601,173 2020 3,104,286 18,324,564 2021 10,906,955 21,985,564 2022 35,191,698 17,536,564 2023 5,710,232 15,361,564 2024 35,417,400 15,331,764 2025 16,466,589 16,780,164 2026 4,1 19,237 16,254,364 2027 19,479,022 16,398,252 2028 12,188,672 13,848,800 2029 4,101,761 8,492,000 2030 40,735,930 3,750,000 2031 21,425,572 - 2032 20,891,906 - TOTAL $ 384,209,698 $ 275,079,994 Relocation Method for Displaced Persons No person shall be displaced as a result of implementing these Project and Financing Plans. Trinity Lakes TIF Project and Financing Plans Page 4 of 7 III. Financing Plan Project Descriptions, Estimated Project Costs, and Administration TIF projects and their estimated costs are described as follows: 1. Trinity Boulevard from IH-820 to Precinct Line Road, including design, engineering, planning, paving, road bed, lighting, water, wastewater, storm water, utility relocation landscaping, streetscape improvements, crosswalks, traffic signals and other related project elements ($13,249,000); 2. Precinct Line Road from Concho Trail to River Falls Drive including design, engineering, planning, paving, road bed, lighting, water, wastewater, storm water, utility relocation, landscaping, streetscape improvements, and other related project elements ($5,950,000); 3. Improvements to Trinity Trails system, including design, engineering, planning, paving, trail bed, lighting, water, wastewater, trail signage, connections to existing trails, enhanced pedestrian crosswalks, signals, and path bridges necessary to connect pedestrians to the trail system, landscaping, streetscape improvements, and other related project elements for approximately 6.5 miles of trails ($3,000,000); 4. Required local streets within the Mixed-Use area, including paving, road bed, lighting improvements, landscaping, streetscape improvements, and pedestrian sidewalk improvements for linkages along Trinity Boulevard, the Village Mixed-Use form-based code area, and the future potential rail transit station, as well as between Trinity Boulevard, the Campus Commercial form-based code area, the regional trail system and the Trinity River ($10,305,250); 5. Enhanced wayfinding signage, structures and elements ($300,000); 6. Waterfront improvements along the lake North of Trinity Boulevard to create a boardwalk frontage open to the public ($850,000); 7. Public pocket parks and park frontages along water bodies throughout the neighborhoods, Public areas that incorporate various elements such as fountains, public restrooms, furniture, lighting and other means to maintain safety and activity in the public spaces ($750,000); 8. Bicycle facilities including racks and storage to allow multi-modal connections to the mixed use areas and trailhead points to distribute information, notices, maps, rental facilities, and trail oriented retail or vending ($550,000); 9. Trinity Boulevard from Precinct Line Road to S Norwood Drive, including design, engineering, planning, paving, road bed, lighting, water, wastewater, storm water, utility relocation, landscaping, streetscape improvements, and other related project elements ($12,50,000); 10.Transit improvements providing for the accommodation of a variety of modes over time including station platforms, sidewalks, elevators, escalators, structures, utility relocation, bus queuing areas, depot/mixed use facilities, shelters, landscaping, streetscape improvements, and other supporting improvements for transit facilities construction ($8,000,000); 1 1.Land acquisition by the public for transit platforms and related facilities ($2,500,000); and 12.Parking facilities associated with Transit and mixed use area (both surface and structured) (Surface: $1,000,000; Structure: $3,500,000). Trinity Lakes TIF Project and Financing Plans Page 5 of 7 The TIF district will be administered by the City of Fort Worth Housing and Economic Development Department. Economic Feasibility Statement. Projections, and Methods of Financing City staff has determined that the Project and Financing Plan is economically feasible per the tax increment financing projections included in Exhibit "F". It is anticipated the City of Fort Worth, Tarrant County, and the Tarrant Regional Water District will participate in the TIF district in order to have TIF funds available for TIF Project reimbursement. These financial projections also include a preliminary payback schedule to demonstrate that the TIF Project Costs are reimbursable over the course of the term. The TIF district Board of Directors will approve eligible TIF Project Costs on a case-by-case basis. Approved TIF Project Costs will be reimbursable to the developer upon completion, as set forth in each Development Agreement. Bond Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project improvements. Estimated Timeframe TIF projects are expected to be completed between 2013 and 2030 per Table 2 below: TIF Project Start Completion Year Year Trinity Boulevard Improvements from IH-820 to Precinct Line 2013 2015 Road Precinct Line Road from Concha Trail to River Falls Drive 2016 2017 Trinity Trail System Improvements, 6.5 miles 2015 2023 Local Street Improvements — Mixed Use area 2013 2017 Enhanced Wayfinding Signage, Structures, Elements 2013 2017 Waterfront Improvements 2013 2017 Public Area Facility Enhancements 2013 2020 Bicycle Facilities, Connections, Public Information Stations 2015 2023 Trinity Boulevard from Precinct Line Road to S. Norwood Drive 2027 2030 Public Transit Improvements 2027 2030 Land Acquisition for Public Transit Improvements 2026 2028 Public Parking Facilities Associated w/ Public Transit 2027 2030 Improvements Current Taxable Values The estimated total taxable of property in the Zone is $39,830,913. Term The term of the Zone will be 21 years (20 years of tax increment), expiring on December 31, 2032, beginning with tax increment calculated by the 2012 tax appraisal and ending with tax increment calculated by the 2032 tax appraisal. Trinity Lakes TIF Project and Financing Plans Page 6 of 7 IV. Exhibits [To Immediately Follow] A. Criteria for Reinvestment Zone B. Map of Existing Uses C. Boundary Map D. Legal Description E. Map of Current Zoning F. TIF District Financial Projections Trinity Lakes TIF Project and Financing Plans Page 7 of 7 Exhibit "A" [Information on following page] Trinity Lakes TIF Project and Financing Plans Exhibits Sec. 311.005. CRITERIA FOR REINVESTMENT ZONE. a) To be designated as a reinvestment zone, and area must: 1 ) Substantially arrest or impair the sound growth of the municipality or county designating the zone, retard the provision of housing accommodations, or constitute an economic or social liability and be a menace to the public health, safety, morals, or welfare in its present condition and use because of the presence of: A) A substantial number of substandard, slum, deteriorated, or deteriorating structures; B) The predominance of defective or inadequate sidewalk or street layout; C) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; D) Unsanitary or unsafe conditions; E) The deterioration of site or other improvements; F) Tax or special assessment delinquency exceeding the fair value of the land; G) Defective or unusual conditions of title; H) Conditions that endanger life or property by fire or other cause; or 1) Structures, other than single-family residential structures, less than 10 percent of the square footage of which has been used for commercial, industrial, or residential purposes during the preceding 12 years, if the municipality has a population of 100,000 or more; 2) Be predominantly open or undeveloped and, because of obsolete platting, deterioration of structures or site improvements, or other factors substantially impair or arrest the sound growth of the municipality or county; 3) Be in a federally assisted new community located in the municipality or county or in an area immediately adjacent to a federally assisted new community; or 4) Be an area described in a petition requesting that the area be designated as a reinvestment zone, if the petition is submitted to the governing body of the municipality or county by the owners of property constituting at least 50 percent of the appraised value of the property in the area according to the most recent certified appraisal roll for the county in which the area is located. a-1) Notwithstanding Subsection (a), if the proposed project plan for a potential zone includes the use of land in the zone in connection with the operation of an existing or proposed regional commuter or mass transit rail system, or for a structure or facility that is necessary, useful, or beneficial to such a regional rail system, the governing body of a municipality may designate an area as a reinvestment zone. In this Section, "federally assisted new community" means a federally assisted area that has received or will receive assistance in the form of loan guarantees under Title X of the National Housing Act, if a portion of the federally assisted area has received grants under Section 107(a)(1) of the Housing and Community Development Act of 1974. Trinity Lakes TIF Project and Financing Plans Exhibit A - Page 1 of 1 Exhibit "B" [Information on following page] Trinity Lakes TIF Project and Financing Plans Exhibits (V I c N o J d IL i Tor N v E �y I 'd _ _j m andS-1�38� v r_ � t o .0 rn E ` H ` to U > w Z C co it coN �c >1a J FL 0 ao aOOMNON. - T � IJ LU iILL) W I irf as ,NINI 3 I/ o ( II J i I I N it W W JJ W U� � ¢ f LL W W ZF- ZZ C9 W Z i W ¢ C W> I ¢ i U Q >U Z F I ~ , Q � ' ° z r 1 Ir.Lu r L■ IT a m 101 I SAL A� �U W Nl-3A3 N3O100 cr L%AMS-RD A\ ��� W LL Z 3 , ,/ L--10—k1lNlal- 0 —8s-HlbON_O,-6, O O LL o a'o��sb� CO O ■ ■ --as—13nvaO- 7,,> o V C_ U. —F - HANDLE-Y-EDERVILLE RD Z \ Yr < �N \ \ I0�,Os� 0 Exhibit "C" [Information on following page] Trinity Lakes TIF Project and Financing Plans Exhibits 7/1 N_ > o� N O N x� LN 6 c \ L 'y J a� E CL m Ntt o .o LL F— U a N 0 aU OOOMaON -- 4; ,0 aa� NIS i J r Jw r F w ! Ywz zJzw ( w < w = o > � QVI) � I = I � 3 I SUN -4 �- I m� ui � i 1 m a' � CO CG ~ W I W J Q a uj �SALA _ U J 2 _� LNl-3/<9N341O�J� U W U LL O m W /� Q 14-1 L—�--1D A11NIa1 \V w + Q J � O >) i U c O LL aS-WlaON OzByoo .. 3 U O . / w ols IANDLE-I EDERVILLE RD-W r--U r \ (I z N I M� T Exhibit "D" [Information on following page] Trinity Lakes TIF Project and Financing Plans Exhibits Legal Description, Part 1 Being 866.987 acres of land located in the H. Bennett Survey, Abstract No. 138, the John Hust Survey, Abstract No. 702, the J.B. Johnson Survey, Abstract No. 855, the Wm. H. Morris Survey, Abstract No. 1053, the John Sansom Survey, Abstract No. 1387, the W.C. Trimble Survey, Abstract No. 1521, the Allen S. Trimble Survey, Abstract No. 1528 and the P. Witt Survey, Abstract No. 1656, Tarrant County, Texas. Said 866.987 acres of land being more particularly described as follows: BEGINNING at a point at the northwest corner of a tract of land described in the deed to Tarrant county Water Control and Improvement District Number One (TCWCD), recorded in Volume 8938, Page 464, Deed Records, Tarrant County, Texas; THENCE N89036'47"E, along the north line of said TCWCD, a distance of 14.34 feet to an angle point of said TCWCD tract, said point being the southwest corner of Lot 1, Block 10, Riverbend East Office Park, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Volume 388-186, Page 91, Plat Records, Tarrant County, Texas; THENCE N6902 1'54"E, along the south line of said Block 10, at 75.43 feet passing the northeast corner of said TCWCD, in all a distance of 2,31 1.74 feet to a point at the southeast corner of said Block 10; THENCE N00037'1 9"E, along the east line of said Block 10, at 1 1.13 feet passing a 5/8" iron rod found at the southwest corner of a tract of land described in the deed to Riverbend East I LP., recorded in Volume 14564, Page 104, Deed Records, Tarrant County, Texas, in all a distance of 650.24 feet to a 5/8" iron rod found at the southwest corner of Lot 5, of said Block 10, said iron rod being the northwest corner of said Riverbend East tract; THENCE N5603744"E, along the north line of said Riverbend East tract, at 308.97 feet passing a 5/8" iron rod found at the southeast corner of said Lot 5, in all a distance of 369.14 feet to a 5/8" iron rod stamped "Carter & Burgess" found at the northeast corner of said Riverbend East I tract, said iron rod lying in the west line of a tract of land described in the deed to the State of Texas, recorded in Volume 3603, Page 370, Deed Records, Tarrant County, Texas; THENCE S89027'08"E, a distance of 348.55 feet to a point lying in the east line of said State of Texas tract, said point lying in the west line of Tract 2, in the deed to Riverbend Investment Ltd., recorded in Volume 13681, Page 387, Deed Records, Tarrant County, Texas; THENCE along said Tract 2 west line as follows: 1. N00040'1 1 "E, a distance of 2,888.42 feet to an 1/2" iron rod found, said iron rod being the southwest corner of a tract of land described in the deed to the City of Fort Worth, recorded in Volume 4119, Page 535, Deed Records, Tarrant County, Texas; 2. N2701 2'45"E, a distance of 280.95 feet to a City of Fort Worth monument No.6410 found; 3. N5004945"E, a distance of 390.55 feet to an 1/2" iron rod stamped "Beasley 4050" found; Trinity Lakes TIF Project and Financing Plans Exhibit D - Page 1 of 20 4. N32024'45"E, a distance of 411.21 feet to an inverted RR beam found; 5. N47025'45"E, a distance of 87.80 feet to a point, said point lying in the south line of Trinity Boulevard; THENCE N42034'1 5"W, crossing said Trinity Boulevard, a distance of 151.23 feet to a concrete monument found at the south corner of Tract 1 A, of said Riverbend Investment, said concrete monument lying in the north line of said City of Fort Worth tract; THENCE along the west lines of said Tract 1 A as follows: 1. N57038'47"W, a distance of 531.60 feet to a 5/8" iron rod found; 2. N30020'47"W, a distance of 290.28 feet to a point, said point being the northwest corner of said City of Fort Worth tract and lying in said State of Texas east line; 3. N00040'34"E, a distance of 735.86 feet to an 1/2" iron rod found at the northwest corner of said Tract 1 A and being the northeast corner of said State of Texas tract, said iron rod being the southwest corner of a tract of land described in the deed to Riverbend Investment II, Ltd., recorded in volume 14166, Page 240, Deed Records, Tarrant County, Texas and being the southeast corner of a tract of land described in the deed to the State of Texas, recorded in Volume 3927, Page 395, Deed Records, Tarrant County, Texas; THENCE along the west and north lines of said Riverbend Investment II tract as follows: 1. N00039'52"E, a distance of 29.75 feet to an 1/2" iron rod stamped "NDM" found; 2. northerly, 649.79 feet along a non tangent curve to the right, having a radius of 2,703.79 feet, a central angle of 13°46'1 1" and a chord bearing N07°31'53"E, 648.23 feet to a point; 3. N14°25'03"E, a distance of 383.52 feet to a point lying in the south line of Dallas Area Rapid Transit and the Fort Worth Transportation Authority (TRE); 4. N62033'55"E, along said TRE south line, a distance of 947.83 feet to an 1/2" iron rod found; 5. northeasterly, at 659.14 feet passing a 5/8" iron rod found at an exterior corner of said Riverbend Investment II tract, in all 1,502.69 feet along a non tangent curve to the right, having a radius of 5,679.85 feet, a central angle of 15°09'30" and a chord bearing N70005'48"E, 1,498.31 feet to a point; THENCE S00020'43"E, at 27.06 feet passing a point at the northeast corner of said Riverbend Investment II tract, at 47.67 feet passing a point at the northwest corner of Lot 39, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in County Clerk #D206240430, Plat Records, Tarrant County, Texas, at 544.84 feet passing a point at the southwest corner of Lot 31, of said Block 22, said point being the northwest corner of Lot 30, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in County Clerk #D207022271, Plat Records, Tarrant County, Texas, in all a distance of 1,147.85 feet to a point at the northwest Trinity Lakes TIF Project and Financing Plans Exhibit D - Page 2 of 20 corner of Lot 1, Block 23, of said Lakes of River Trails; THENCE along the north and east lines of said Lot 1 as follows: 1. easterly, 479.81 feet along a non tangent curve to the right, having a radius of 4,550.83 feet, a central angle of 06°02'27° and a chord bearing N77°39'04"E, 479.58 feet to an 1/2" iron rod stamped "Beasley 4050" found; 2. S06°06'37"E, a distance of 198.98 feet to an 1/2" iron rod stamped "Beasley 4050" found; 3. SO4°02'22"W, at 59.98 passing a point at the southeast corner of said Lot 1, in all a distance of 185.55 feet to a point at the most westerly southwest corner of Lot 4, Block 22, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in County Clerk #D205382455, Plat Records, Tarrant County, Texas; THENCE along the west lines of said Block 22 as follows: 1. S68017'44"E, a distance of 39.92 feet to an 1 /2" iron rod stamped "Beasley 4050" found at the most southerly southwest corner of said Lot 4; 2. S00021'52"E, a distance of 106.94 feet to an 1/2" iron rod stamped "Beasley 4050" found; 3. southerly, 68.95 feet, along a curve to the left, having a radius of 387.25 feet, a central angle of 10°12'07" and a chord bearing S05027'56"E 68.86 feet to an 1/2" iron rod stamped "Beasley 4050" found at the southwest corner of Lot 1, of said Block 22, said point lying in said City of Fort Worth north line; THENCE easterly along said north line, 469.22 feet along a non tangent curve to the right, having a radius of 2,043.04 feet, a central angle of 13009'32" and a chord bearing N83003'56"E, 468.19 feet to a point; THENCE N89037'06"E, continuing along said north line, a distance of 1,549.89 feet to a point, from which the southeast corner of Lot 13, Block 10, Lakes of River Trails, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 7556, Plat Records, Tarrant County, Texas bears N89033'30"E 67.24 feet; THENCE S00021'18"E, a distance of 120.00 feet to an 1/2" iron rod found at the northeast corner of said Tract 2, said point lying in said City of Fort Worth south line; THENCE 503007'48"E, an east line of said Tract 2, a distance of 1,440.53 feet to a point; THENCE S19022'32"E, continuing along said east line, at 338.54 feet passing a 5/8" iron rod found at the northwest corner of Lot 49, Block 8, River Trails Addition, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 4679, Plat Records, Tarrant County, Texas, in all a distance of 526.49 feet to a point at the southeast corner of said Lot 49, said point being the northwest corner of Lot 1, Block 22, of said River Trails Addition; Trinity Lakes TIF Project and Financing Plans Exhibit D - Page 3 of 20 THENCE along the north, east and south lines of said Lot 1 as follows: 1. S80°43'05"E, a distance of 134.69 feet to a point; 2. easterly, 157.00 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 179°54'14" and a chord bearing S80°42'48"E, 100.00 feet to a point; 3. S80043'05"E, a distance of 269.18 feet to a point; 4. S09'1 6'55"W, a distance of 115.00 feet to a point; 5. S1 3'5449"E, a distance of 107.37 feet to a point; 6. S07°36'01"E, a distance of 95.42 feet to a point; 7. S0901 6'55"W, a distance of 90.00 feet to a point; 8. S42057'09"W, a distance of 78.11 feet to a point; 9. southwesterly, 78.53 feet along a non tangent curve to the left, having a radius of 50.00 feet, a central angle of 89059'27" and a chord bearing S5401 6'59"W, 70.71 feet to a point; 10. S85044'51"W, a distance of 164.46 feet to a point at the southwest corner of said Lot 1, said point being the northwest corner of Lot 1, Block 24, of said River Trails Addition and lying in said Tract 2 east line; THENCE S21 °56'34"E, along said Tract 2 east line, a distance of 151.17 feet to a point at the south corner of said Lot 1, from which an 1/2" iron rod found at an angle point of said Tract 2 bears S21°56'34"E 39.13 feet; THENCE S80043'56"E, along the south line of said Block 22, a distance of 1,879.00 feet to a point; THENCE easterly, 206.20 feet along a non tangent curve to the left, having a radius of 3,966.00 feet, a central angle of 0205844" and a chord bearing S82°12'1 1"E, 206.17 feet to a point at the southeast corner of Lot 12, of said Block 22; THENCE S84"12'41"E, a distance of 60.00 feet to a point lying in the east line of said River Trails Addition, from which an 1 /2" iron rod found at the southeast corner of said River Trails Addition bears S05059'20"W 42.99 feet; THENCE easterly, 287.46 feet along a non tangent curve to the left, having a radius of 2,767.43 feet, a central angle of 05057'05" and a chord bearing S87029'41"E, 287.33 feet to a point; THENCE N8903 1'37"E, a distance of 114.58 feet to an 1/2" iron rod found at the northwest corner of Lot 46, Block 31, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 6909, Plat Records, Tarrant County, Texas; Trinity Lakes TIF Project and Financing Plans Exhibit D - Page 4 of 20 THENCE S00°17'06"E, at 291.01 feet passing an 1 /2" iron rod stamped "Beasley 4050" found at the southwest corner of Lot 2, Block 10, of said Lake of River Trails South, said iron rod being the northwest corner of Lot 3, Block 1 O,in all a distance of 791.06 feet to a point at the southwest corner of Lot 12, Block 10, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 7623, Plat Records, Tarrant County, Texas, said point being the northwest corner of Lot 41, Block 12, Lakes of River Trails South, an addition to the City of Fort Worth, Tarrant County, Texas according to the plat recorded in Cabinet A, Slide 8483, Plat Records, Tarrant County, Texas; THENCE along the north lines of said Lot 41 as follows: 1. N89032'1 2"E, a distance of 8.62 feet; 2. S02°04'05"E, a distance of 29.57 feet to a point; 3. S76°36'20"E, a distance of 4.50 feet to a point; 4. S03'1 0'29"E, a distance of 10.89 feet to a point; 5. N89026'57"E, a distance of 3.04 feet to a point; 6. S00°12'21"E, a distance of 26.15 feet to a point; 7. S88°3737"E, a distance of 4.72 feet to a point; 8. S00043'57"W, a distance of 12.16 feet to a point; 9. N880271 5"W, a distance of 4.40 feet to a point; 10. 500006'32"E, a distance of 36.29 feet to a point; 1 1. S87003'57"E, a distance of 4.33 feet to a point; 12. SO 000'57"E, a distance of 11.55 feet to a point; 13. S89052'44"W, a distance of 4.40 feet to a point; 14. SO °19'29"E, a distance of 10.85 feet to a point; 15. S55028'25"E, a distance of 52.26 feet to a point; 16. S55046'1 8"E, a distance of 52.55 feet to a point; 17. 555°24'12"E, a distance of 70.09 feet to a point; 18. S55036'32"E, a distance of 42.91 feet to a point; 19. N46034'33"E, a distance of 4.79 feet to a point; Trinity Lakes TIF Project and Financing Plans Exhibit D - Page 5 of 20