The URL can be used to link to this page

Home My WebLink AboutOrdinance 16343-03-2005ORDINANCE NO. - ,~j-~,.t~~° AN ORDINANCE APPROVING AN AMENDED PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT CITY OF FORT WORTH, TEXAS (LANCASTER CORRIDOR TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH AMENDED PLAN PROVIDING FOR SEVERABhI,ITY AND PROVIDING AN EFFECTIVE DATE. WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to Ordinance No 15775 adopted by the City Council of the City of Fort Worth, Texas (the "City") on December 9 2003 the City created Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (the "Zone"); and WHEREAS, on January 22, 2004 the board of directors of the Zone (the `Board") adopted a project and financing plan for the Zone (the "Plan"), as required by Section 311 Ol l (a) of the Act; and WHEREAS, in accordance with Section 311 Ol1(d) of the Act, on January 27 2004 the City Council approved the Plan pursuant to Ordinance No. 15844 and WHEREAS, as authorized by Section 311 Ol l (e) of the Act, on February 24 2005 and pursuant to Board Resolution 2005-02, the Board amended Section IV of the Plan to add construction and installation of public infrastructure, including street unprovements utility relocations, parking improvements and landscaping of public areas on and adjacent to Blocks 7 and 8, Tarrant County Convention Center Addition as authorized projects of the Zone, and made certain other non-material amendments to the Plan, all as depicted in the underlined language of Exhibit "A and recommended that the Plan, as amended, be approved by the City Council; Page 1 Ordinance Approving Amendment to Project rid Financing Plan T Increment Reinvestment Zone Number Eight, City of Fort Worth, T NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS. Section 1. FINDINGS. That the City Council hereby makes the following findings of fact: 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. 1.2. That the Plan, as amended, includes all information required by Sections 311 Oll(b) and (c) ofthe Act. 1.3. That the Plan, as amended, is feasible and the amended and restated Plan conforms to the City's master plan. 1.4. That on March 24 2005 but prior to the adoption of this Ordinance, the City Council held a public hearing on the Plan, as amended, and afforded a reasonable opportumty for interested persons to speak for or against designation of the Zone and approval of the Plan, as amended, as well as for owners of property located in the Zone to protest the inclusion of their property in the Zone (the `Public Hearing"), as required by Section 311 O11(e) of the Act. 1.5. That notice of the Public Hearing was published in a newspaper having general circulation in the City on March 16, 2005 which satisfies the procedural requirement of Section 311 003(c) of the Act that notice of the Public Hearing be so published at least seven (7) days prior to the date of the Public Hearing. Page 2 Ordinance Approving Amendment to Project nd Financing Plan T Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas Section 2. APPROVAL OF AMENDED PLAN. That based on the findings set forth in Section 1 of this Ordinance, the Plan, as amended, is hereby approved. Section 3. DELIVERY OF AMENDED PLANS TO TAXING ENTITIES. That the Econorruc and Community Development Department is hereby directed to provnde a copy of the Plan, as amended, to the governing body of each taxing unit that taxes real property located in the Zone. Section 4. SEVERABILITY That if any portion, section or part of a section of thus Ordinance is subsequently declared invalid, inoperatnve or void for any reason by a court of competent junsdnction, the remauung portions, sectnons or parts of sectnons of thus Ordinance shall be and remain in full force and effect and shall not in any way be unpaired or affected by such decnsion, opuuon or judgment. Section 5. EFFECTIVENESS. That this Ordinance shall take effect and be in fill force and effect from and after nts adoptnon. Page 3 Ordinance Approving Amendment to Project nd Financing Plan T Increment Reinvestment Zone Number Eight, City of Fort Worth, T AND TT IS SO ORDAINED. ADOPTED AND EFFECTIVE./ c~-a' ®~ APPROVED AS TO FORM AND LEGALITY By Peter Vaky Ass>stant City Attorney Date: 3-2 9 -D5 M&C• -~~t~~aa Page 4 Ordinance Approving Amendment to Project nd Financing Plan T Increment Reinvestment Zone Number Eight, City of Fort Worth, T Financing Plan and Project Plan for the Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (Lancaster Corridor TIF) February 24, 2005 Table of Contents I. Descnption of the Proposed Zone (Pages 3-5) A. Map B Legal Descnption II. Economic Impact (Pages 6-10) A. Necessary Pubhc/Pnvate Partnerships B Catalyst Redevelopment Projects C Targeted Redevelopment Zones D Anticipated Economc Activity III. Tax Increment Projections (Pages 11) IV Project Costs and Financing (Pages 12~ V Term and Governance (Pages 1 g4-16) 2 I. Description of the Proposed Zone A. TIF Map West ROW line of Henderson a ,~: ,~ South ROW West ROW line of 3`~ St. laze of Burnett /~ /' `t~/~r' f '~ ~ ~"` .~' ~ .~~~ North ROW °.~'" '` hne of 7~' St. ~~' . Y s ~~~ ~~ ``~ ~~ ~ ~~_ .~ r ~.- North ROW line of 7`~ St. ~- ~ ~,~, ~' d • ~ q5 l5 ~~~~ if y f 1 ~. 'apt 1_ ...._.' ~~ ~. ~~ ~~~~ North ROW line of I 30 exit at Henderson St. .~. .~ .~_..._ North ROW ~~ ~~~~~ lute of I 30 ~~ I East ROW line i 4 B. Legal Description of the TIF District Beginning at a point of the intersection of a ~ro~ ection of the west ROW line of Henderson St and the south ROW line of 3r St. thence Northeasterly along the south ROW line of 3ra St. to a point where said hne intersects with the west ROW line of Burnett St. thence Southeasterly along the west ROW of Burnett St. to a point where said line intersects the north ROW line of 7th St. thence Easterly along the north ROW line of 7th St. to a point where said line intersects the north ROW line of 7th St. thence Northeasterly along the north ROW line of 7th St. to a point where said line intersects the east ROW hne of Calhoun St. thence Southeasterly along the east ROW hne of Calhoun St. to a point where said line intersects the north ROW line of Interstate 30 thence Westerly along the north ROW line to a point where said hne intersects the north ROW line of the Interstate 30 exit at Henderson St. thence Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to a point where said line intersects the west ROW line of Henderson, thence Northward along the west ROW line of Henderson St. to a point where said line intersects with the south ROW hne of 3rd St. which is the point of beginning. Map and Boundary Description prepared by Gideon Toal, Inc. 5 II. Economic Impact A. Necessary Public/Private Partnerships Lancaster Corridor Will Require Public/Private Partnerships to Develop in a Timely Manner The demolition of the former I 30 overhead has repositioned the Lancaster Ave as one of the major urban parkways in Fort Worth and Tarrant County and as one of the prunary gateways to Downtown Fort Worth and the Medical D~stnct. A repositioned Lancaster Avenue opens the potential of significant redevelopment m the Lancaster Comdor, however the redevelopment of the Lancaster Corridor has many challenges and can be sigiuficantly accelerated with the prudent use of public/pnvate partnerships. Several of the contemplated redevelopment projects m the area will serve as a catalyst for further development in the area. The funded Lancaster Avenue roadway and streetscape will be an additional catalyst for further development. LANCASTER STREETSCAPE 7 B. Catalyst Redevelopment Projects Other prod ects in the redevelopment comdor will have spin-off econorruc benefits that will facilitate further pnvate investment. FORT WORTH CONVENTION CENTER RAMADA HOTEL Several significant projects, including local and national historic landmarks are ponsed to redevelop generating new taxes for the local taxing entities and will create economic activity US POST OFFICE T&P WAREHOUSE ,~ i~~~~1 o~ant for many years. C. Targeted Redevelopment Zones It ~ anticipated that redevelopment will occur throughout the Lancaster Corndor with the use of appropriate public/private partnership incentives. 9 D Anticipated Economic Activity Attachment A details construction that is projected to occur over the next twenty years. By the end of 2005 it is estunated that 108,123 square feet of new property developments will become available within the TIF boundary Likewise, by 2023 it ~ estimated that 4 079,999 square feet of new property development will occur within the TIF boundary 10 r, ~~~ III. Tax Increment Projections Attachment B projects the revenue for the TIF over rts 21 year life, assuming a 1 5% annual appreciation of the property within the boundary of the TIF Additionally the projects assume new property value resulting from development occurring over the next 21 years. In total, the TIF is projected to have revenue of around $58 million duruig its lifetime. 11 IV Project Costs and Financing The prepesed-TIF District anticipates the capture of the new development outlined in Attachment A and utilizing those additional funds to leverage selective catalyst projects in the Lancaster Corridor Tke-This Project Plan includes initial costs of $2.8 million m net present value terms (2003 dollarsl for the redevelopment of the T&P Ten-mmal Buildmg_(the `T&P Ternunal Redevelopment Protect") Projects costs for the T&P Terminal Redevelopment Project would include- Histonc Facade Easement Lease Facade and Site Work Professional Service Costs Improvements to the public nght-of way for landscaping and pedestnan connections Envnronmental Remediation City Fee Support In addition, this Project Plan provides for the construction and installation of public infrastructure, including street improvements, utility relocations, parking improvements and landscaping of public areas on and adtacent to the two (2) City blocks located on the west side of Houston Street known as Blocks 7 and 8, Tarrant County Convention Center Addition, on which construction by Omni Hotels, Inc. of a hotel to support the Fort Worth Convention Center and vanous other related improvements, including a parkmg,~garage, is desired (the `Convention Center Hotel Development Protect 1. Such public infrastructure would be paid for or reimbursed from tax increment remaining after satisfaction of anv comnxitments to the T&P Terminal Redevelopment Pro,~ect and any other protects receiving pnonty of navment as subsequently determined by the TIF Distnct's board of directors, subject to anv restnctions specificall~m osed by the participating taxing 1unsdictions. Any additional TIF Project costs would be subject to review and approval by the participating taring jurisdictions. Projects that could be subject to additional TIF funding, but subject to review and approval by the participating taxing entities would be: 12 • T & P Warehouse Streets Utilities, Landscaping, Parking, Facade Protection • Convention Center Project. Public Infrastructure- Streets, Utilities, Landscaping, Parking • U S. Post Office Streets, Utilities, Landscaping, Parking, Facade Protection • Four Blocks North of Lancaster Public Infrastructure- Streets, Utilities, Parking, Landscaping • Water Gardens Improvements Entrances to Lancaster Public Restrooms, Visitor Center Utilities, Streets, Landscaping, Access and Parking • TIF District Management Management, Administration, Marketing (S%) 13 V Boundaries, Term and Governance Boundaries • The boundaries of the TIF Distract have been proposed to allow taxable properties to contribute to the surrounding Lancaster Comdor catalyst redevelopment prod ects and allow the taxing ~unsdictions to receive additional funds that otherwise would not be collected. • The size and scope of the boundaries includes multiple tax-exempt properties that twill benefit from the Lancaster Corndor redevelopment. • Below is a current land ownership map depicting the taxable and tax exempt properties. .\ ,6 - /' V '~~ V~ ~.~ f ~ ~~ ~ ~ ~ ~ \f~ ~~ 7TH g~ s.'~., ~~ ~~ ~ ~,l D ~~ ~ °~` r~°,. .. ~ ~ ~0 ~ LANCAST~°R"'~~ ,/~~~ 9 G-J --- - - .. o ~ ~~ .~,' Lancaster.shp ~ Non-Exempt ®Church Exemption [~ Charitable Org Exemption 0 Government Exemption ~ z~. :~- ~ ~~ k,z~ ,~` ~ ~.~ \ `~. ~ ~~ ~ ~~. . ~~~ ~ ~~~ ,~ .~ ~ ~ , ~~ ~ ~~~ '~. ,._, ~~ .~ ,~~ \{°' 14 Boundaries (continued) • The size of the prepesed-banETIF Distract is 225 acres or 9 801 000 square feet of area. Term • The ~ri®-TIF Distract expires on the earlier of (i) December 31 2024 or an earlier ternunation date designated by an ordinance subsequently adopted by the City Council of the City of Fort Worth or (ii) the date on which all project costs, tax increment bonds (if any) and interest on those bonds have been paid in full. • A cap on total expenditures is unposed, at 2003 dollars, of $16 000 000 Governance • The Project and Financing Plans only grant the TIF Board the use of $2 8 million m net present value terms for the T&P Terrrunal Redevelopment Prod ect and any additional available tax increment for public infrastructure and improvements associated with the Convention Center Hotel Development Project. 15 i, • Any additional expenditure would requrre participating taxing ~unsdiction review and approval and subsequent TIF Board approval. 16 ~~j+ (ppdY11 y¢$~j PFD {g O Rl p. 4 0. g p ~iKt'i < < 4«< gg4« C<Q <f QS~gC ¢~3~ ;q~ ~~°v!O~O~~P4 $~.$'~ ~ 3333$ Y~~$ 1Y ~z~33~ ~ ~ °m ~ ~+WTc~~~~~~6~~~w~ '~~ .o{25 at[ 6 iS tS ~ 4 re iE~i;8 ~~~3 R i 2 l S ~J~1i a'7i ~ 5{'~ ~ ~ w j$$! inn l~l~• G WS g p ~f~New nS~i ~~ ~ ~ C g ~.a 1 ~Yf N w~•F O w w w w w w a U Q ~~~ i rwAT~ C i r .GO ~wi ~• wow .•o.n.~ iei a = i wp 3 ww wawwg w w8 Q~ w ww ww w'wwsw pp' ~ ~ ~ ~~~~ ~~~ ~R~R t~~o~~ie~~~.~~~~ ~~~~~ ~~~ ~~ Oi ~ O D r• Inh ~ sir 1~ f Ae1 w a gg~ ~g p Qwww gw gw w xQ gw w ~'~o ~e ~~'£~~EC :l~~e ~~~EIo 88,~~ffiFt8 ~'~+'a it3~ ~ ~ :~e~~~~~FaRKc vv~~ 'r5' 8£:~= 2~~ ~`~'~ in'vi L"8ffi3.8.°dr3"~°j.~.Ri°;.:w ~ ~ :e ~ ~m~ i ~~£ ~ I'$ 8 X88 8~~ 88 ~ S St,'b.'f'Si 8+~'m`$fi' $° S9 $5[ x~~ $3 ~ • ,NCi ~~~ •'i o e °Nc tf nN d $6 FF- o ~ ~~ ~ ~~~ 3 r M F~~- F-Hf r g 1-~F•H ~- >~ a >~> »>wWa~w'~>aas a ~ 5 4Fi- MFh LLI~d A d O A O~ 4 Q d A~ A ~ m A m d 6 d d d 6 6 A C (~~( 4 6 ~ n ~ 6 6 0 0004 ?4 ooeoo4 0oge o ..~ No ow^•Y.RRRR F:SS.~R ~~~SE~~~~maS~u~~~~ 3~m'S~~U~~Z~~~S9$g~~s~osw~~ 17 ,~y,. ~; u A a a m C m Q O V rrm W e y~}ad~(~~ ~ ~ F O O d 0 0 `~~~~~ ~ 3v ~ t R m ~ ~ ~~~ ~~~ R & ri n M N ~ ~ m z ~ ~~~ 0 m S r n S ~~p p p' ~ appV N $S H H N pmq N ~ N q q h 0 ~! O h o ~ ~ ~ ~ Q w ad m g N ttii ~ ~ ~ 0 o v g~ ~ bi n ~c m ~ n a °~g moNp h N 1 $e g f R~ g ~ ~~ ~ ~~ ~ ~ K'~ ~ a~ i ."'Y~ ~ S ~a ~ ~ ,~ ~~ ~~ ~~ ~~ ~ S~ ~~ ~ S~ ~~ ffi ~~ ~ ~~ m~ ~~ ~~ ~ I ~ ~~ ~~ ~# 7 > ~ j F ~~ $~ i ~~ '~ s °8~ ~~ ~o : ~~ ~~ ~~ ~s~ 3g ~ r $ ~~ ~~ .a -m ~~ ~ 4 a g a; ~ ~$ ~~ ~_ :_ ~ $ 7 QQ ~ a ~ ~~ ~~ ~~ r ~ r N ~Q ~.~ id w m ~ i ~~ a~ ~ s~ ~~ 'm ~v~` J '~ WJ ~ ~ z7 i ~_ ~s~ ,~ ~~ .:, ~ =' w a s e b m ~ e~ +Qi ~ i s i V 2 1 I ~ ~ T_ t ~ ii i ~ m i 18 a ~~++ ~~QQ gg q ~~ n n uZ $r' ~ ~ ~ ~ 4~ ~ ~ ~~ w "~ ~~ ~ ~R ~ ~ a ~ ~ a ~~ H m N ~ -~ a a e N s ~ $ ~ q Q ~i m ~ n ~ W ~ m .. ~{ .. ~ e epp ~p ~o .. ~ o Oe p O o r N ~o' n~ i e i ~~ Fi F $ Y i $ ~^ ! ~ ~ n ° ~ ~ ~ ~ s i ° ~ F- S g Bd N ffi G Mi iS ~ 6 w ~ ~ R ~ Q $ ~ 1~1 : a • e IY Q ~ a ~ ~ s ~ ~s g~ ~ ~ ~~ ~~ m ~ ~ ~ ~ ~ ° ' ' m a ss ~~ ~ ro v ~ ~ m ~ s Y $ 8 $ y~ pp a 2R ~~ w _ O '~. ~~yq '? W ~ ~ g 8i ~ bi y ~ ~ ~ ~ qq ~'m r¢ ~ 3 ~ O ~ p 7d n ~ ~ +~ di n ~ r i m, Y/ ~ ~~ t . 2S~ ea ~o N ~ n O ~ i h ~ ~ ~ ~ ~ R T'{ i `~ ~'~ s ES ~~' i ~ ~ ~ @ ~, ~rt O~ o ~ mN ~ f r ~ ~ + GGo ~,~ ~' ~ 't~ S~ ' m g au g ' g A z5 ~ ~ ~ ~ ~ ~: i ~ e~. ~ q N np . N ~ p v Q IA Ol S m a ~ ~ ~ ~~ ~ $ ~~ ~ m ~. a gq aS $' i, . e i o ro~ ~ tv n rri n q 2 ~ '~ g 'o 19 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION Approved on 3/29/2005 Ordinance No 16343-03-2005 CONTINUED FROM A PREVIOUS WEEK DATE Thursday March 24 2005 LOG NAME 12TIF PLAN AMD REFERENCE NO G-14722 SUBJECT Adopt Ordinance Amending Project and Financing Plan for Tax Increment Reinvestment Zone Number Eight, City of Fort Worth Texas (Lancaster Corridor TIF) RECOMMENDATION It is recommended that the City Council 1 Hold a public hearing concerning an amendment to the Lancaster Corridor TIF Project and Financing Plan which is attached to the attached Ordinance to afford an opportunity for interested persons to speak for or against the recommended approval of the Plan amendment and the TIF's designation as well as for property owners to protest inclusion of their property in the TIF and 2. Adopt the attached Ordinance approving the Lancaster Corridor TIF Plan amendment. DISCUSSION The Lancaster Corridor TIF project plan initially adopted by the TIF's board of directors and approved by the City Council limited authorized TIF projects to the T&P Terminal Building re-development project. On February 24 2005 the TIF Board adopted an amended TIF project plan that adds public infrastructure improvements to and in the vicinity of Blocks 7 and 8 Tarrant County Convention Center Addition as additional TIF-eligible projects. This amended project plan does not require the TIF Board to fund any such projects but rather makes them eligible for TIF funding if the TIF Board wishes to provide assistance for those projects at some point in the future The TIF Board also made certain non-material changes to the TIF project plan The amended TIF project plan is included as part of the attached Ordinance All changes to the original TIF project plan are indicated either by adouble-underline for added language or a strikethrough for deleted language Before the amended Lancaster Corridor TIF project plan can take effect, State law requires that the City Council approve the amendments by ordinance adopted after the holding of a public hearing at which interested .persons may speak for or against the amended TIF project plan or the TIF's designation and at which property owners may protest inclusion of their property in the TIF In accordance with State law notice of the public hearing was published in a newspaper having general circulation in the City at least seven days prior to the date of this hearing The Lancaster TIF is located in Council District 9 Logname I2TIF PLAN AMD Page 1 of 2 FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that this action will have no effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office by Richard Zavala (Acting) (6222) Ori inating Department Head David Yett (7623) Additional Information Contact: Peter Vaky (7601) Logname 12TIF PLAN AMD Page 2 of 2