HomeMy WebLinkAboutContract 21823-A3 t
City Secretary Contract No:
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AMENDMENT NO.3 TO
CITY OF FORT WORTH AND TARRANT COUNTY HOSPITAL
DISTRICTAGREEMENT TO PARTICIPATE IN
jo 1TAX INCREMENT REINVESTMENT ZONE NUMBER THREE,
G ` CITY OF FORT WORTH, TEXAS
,5�p�5 (DOWNTOWN TIF)
M pVG
Th' AMENDMENT NO. 3 TO CITY OF FORT WORTH AND TARRANT
HOSPITAL DISTRICT AGREEMENT TO PARTICIPATE -IN TAX
MENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH,
TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH,
TEXAS (the "City") and TARRANT COUNTY HOSPITAL DISTRICT, TEXAS (the
"Hospital District").
The City and the Hospital District hereby agree that the following statements are true and
o correct and constitute a basis upon which the City and the Hospital District have entered into this
� Amendment:
0
a A. On December 19, 1995, the City Council of the City ("City Council") adopted
o City Ordinance No. 12324 designating certain real property in the downtown area of the City as
w Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (the "Original
w TIF"). Ordinance No. 12324 is attached hereto as Exhibit "A-3". The TIF District is
w
informally known as the"Downtown TIF."
B. On or about May 6, 1996, the City and the Hospital District entered into an
agreement under which the Hospital District agreed to deposit one hundred percent (100%) of
M the Hospital District's Tax Increment into the TIF District's Tax Increment Fund
C-) ("Participation Agreement"), as specifically provided in that Participation Agreement. The
< Participation Agreement is a public document on file in the City Secretary's Office as City
M Secretary Contract No P42'5—.11$
Z C. On September 26, 2006, the City Council of the City adopted Ordinance No.
0 17209-09-2006 (the "Ordinance") changing the boundaries of Tax Increment Reinvestment
C= Zone Number Three (which includes the Original TIF and the amended boundaries as set forth in
Ordinance Nos. 14795, 14839, 15317, 15442 and 16243) and providing for the amended TIF
Zone(the"Amended TIF"), said Ordinance attached hereto as Exhibit "B-3".
;a D. The Participation Agreement-incorporates-the TIF District's project plan-fc -
� development and/or redevelopment, as adopted by the TIF's Board of Directors (the "Board")
M on September 17, 1998 and approved by the City Council on October 6, 1998 pursuant to
QOrdinance No. 13603, as amended by the TIF's Board of Directors on February 17, 2003 and
approved by the City Council on February 25, 2003 pursuant to Ordinance No. 15464, and as
z amended by the TIF's Board of Directors on March 22, 2012and approved by the City Council
C> on April 17, 2012 pursuant to Ordinance No. 20169-04-2012, respective y(the"Plan").OFFICIAL RECORD
Amendment No. 3 to Tarrant County Participation Agreement CITY SECRETARY
PavenIownTIF FT. WORTH,TX
Page
E. Exhibit C, Section II.B. of the Participation Agreement, as amended by
Amendment 2 to the Participation Agreement, specifies that the maximum amount of"project
costs" (as defined in Section 311.002 of the Tax Increment Financing Act) that may be paid
through Tax Increment deposits directly and/or through development agreements or other
obligations of the City secured by Tax Increment deposits is $72,000,000.00.
F. On September 16, 2013, the Plan was amended by the Board, as approved by the
City Council on September 24, 2013, pursuant to Ordinance No. 20975-09-2013. The Project
Plan, as so amended, is referred to hereinafter as the"Amended Project Plan."
G. The Tarrant County Commissioners Court, acting on behalf of Hospital District,
has approved the Amended Project Plan. Accordingly, the City and Hospital District wish to
amend the Participation Agreement to incorporate the Amended Project Plan.
NOW, THEREFORE, for and in consideration of the conditions set forth herein, the
sufficiency of which is hereby acknowledged, the City and the Hospital District do hereby
contract, covenant and agree as follows:
1. Article I (Definitions) of the Participation Agreement is hereby amended to provide a
new definition for the term "Project Plan and Reinvestment Zone Financing Plan," and
incorporate the Amended and Restated Project and Financing Plan as approved by the City
Council on September 24, 2013as follows:
"Proiect Plan and Reinvestment Zone Financing Plan"shall mean the project
plan and financing plan for the development and/or redevelopment of the TIF
District, which has been adopted by the TIF Board and approved by the City
Council of the City, which is attached hereto as Exhibit "C-3".
Exhibit C-3 is hereby made part of this Amendment and the Agreement for all
purposes.
2. Exhibit C, Section I. (Taxing Units' Tax Increment Percentages) of the Participation
Agreement is hereby amended, as follows:
Pursuant to a Resolution, duly adopted by its governing body, a copy of
which is attached hereto as Exhibit "D-3," the Taxing Unit agrees to participate
in funding of the TIF District and annually, beginning with the 2013 tax year,
shall deposit into the Tax Increment Fund forty percent (40%) of its Tax
Increment, as set forth in Section 1, not to exceed the Deposit Limitation nor the
Project Cost Limitation, as set forth in Exhibit C, Section II, or until the Term of
this Agreement is reached, except the following:
a. Any funds which were levied by Taxing Unit but were not
collected;
Amendment No. 3 to Tarrant CountyHospital District Participation Agreement
Downtown TIF
Page 2
b. Any funds equal to tax refunds repaid by Taxing Unit to
taxpayers owning real property in the TIF District;
c. Any funds which represent penalty, interest, or attorney's fees
on any delinquent tax payments made to the Taxing Unit by
taxpayers owning real property in the TIF District;
d. Any taxes uncollected by the Taxing Unit due to agricultural or
other ad valorem tax exemptions.
Exhibit D-3 is hereby made part of this Amendment and the Agreement for all
purposes.
3. Exhibit C, Section II.B. (Project Cost Limitation) of the Participation Agreement is
hereby amended, as follows:
The maximum amount of"project costs" (as defined in Section 311.002 of
the Act) that may be paid through Tax Increment deposits directly and/or through
development agreements or other obligations of the City secured by Tax
Increment deposits is $100,000,000.00.
4. All other provisions and conditions of the Participation Agreement shall remain in full
force and effect.
5. Capitalized terms used but not identified in this Amendment shall have the same
meanings assigned to them in the Participation Agreement.
6. In accordance with Section 311.013(f-1) of the Texas Tax Code, the Tarrant County
Commissioners Court may now act on and enter into this Amendment on behalf of the Tarrant
County Hospital District.
7. This Amendment contains the final written expression of the City and the Hospital
District with respect to the subject matter hereof. This Amendment may be executed in multiple
counterparts, each of which shall be considered an original, but all of which shall constitute one
instrument.
Amendment No. 3 to Tarrant CountyHospital District Participation Agreement
Downtown TIF
Page 3
EXECUTED as of the later date below:
CITY OF FORT WORTH,TEXAS: TARRANT COUNTY
On behalf of the
TARRANT COUNTY
By: HOSPITAL DISTRICT:
Fernando Costa
Assistant City Manager
By:
Ev. dlen Wey
Date: /.fQ�f County Judge
Date: 3 ��
ATT -ST:
00 TTS
By: ° 0�,.1
M ser 1..$ = B
C144.rm�el
it cretary v q, °�, Name:
00°00°° Deputy County Clerk
APPROVED AS TO FORM/LEGALITY: APPROVED AS ORM:
B By:
Maleshia Farmer Ray Rik
Senior Assistant City Attorney Assistant District Attorney
M&C: G-18025 Court Order No. t17,x47
Approved: September 24, 2013
*By law, the Distract Attorney's Office may only approve contracts for its clients. We reviewed this document 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
CITY SECRETARY
FT.WORTH, TX
Amendment No.3 to Tarrant CountyHospital District Participation Agreement
Downtown TIF
Page 4
EXHIBIT A-3
ORDINANCE N0.
AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCRENENT
REINVESmm ZONE NOMBER Tim, CITY OF FORT WORTH, TEXAS,
ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMM ZONE,
AND OTHER !HATTERS RELATED THERETO.
WHEREAS, the City Council of the City of Fort Worth, Texas
(the *City') was presented a petition submitted by the owners
constituting at least fifty percent (50%) of the appraised value of
the property hereinafter described requesting that said property be
designated as d "reinvestment zone,' as authorized by the Tau
Increment Financing Act, Chapter 311 of the Texas Tax Code,
Vernon's Texas Codes Annotated- (the 'Act") ; and
WHEREAS, the City Council of the City desires to promote the
development and/or redevelopment of the property described in such
petition and within the City's jurisdiction, by the creation of a
reinvestment zone as authorized by the Act; and
WHEREAS, in compliance with the Act, the City called a public
hearing to hear public comments on the creation of the proposed
reinvestment zone and its benefits to the City and to the property
in the proposed reinvestment zone; and
WEMUM, in compliance with the Act, notice of such public
hearing was published in the Fort Worth Star-Telegram, a daily
paper of general circulation in the City, such publication date
being December 11, 1995, a date not later than seven (7) days prior
to the date of the public hearing; and
WHEREAS, notice of such public hearing, in required form and
substance, was provided in writing to the governing body of each
taxing unit that levies real property taxes in the proposed
reinvestment zone, and each such taxing unit has adopted a
R,24%4'1-%i t "A"
1 resolution wherein they have agreed, pursuant to Section 311.003{e)
of the Act, to waive the requirement for sixty days notice prior to
such public -hearing; and
WHEREAS, in compliance with the Act, the City made a formal
presentation, in required substance and form, to the goaerning body
of each county or school district that levies real property taxes
in the proposed reinvestment zone; and
WHEREAS, in compliance with the Act, the City prepared a
prel m nary reinvestment zone financing plan and sent a copy of the
plan to the governing body of each taxing unit that levies taxes on
real property in the proposed reinvestment zone; and
WHEREAS, the public hearing was convened at the time and place
mentioned in the published notice, to wit, on the 19th day of
December, 1995, at 10:00 a.m. , at the Council Chambers in the City
Hall of the City of Fort Worth, Texas, which hearing was then
closed; and 1
WHEREAS, the City, at such hearing, invited all owners of
property located within the proposed reinvestment zone,
representatives of all other taxing units, and any other interested
persons and/or their attorneys to appear and contend for or against
•(1) the creation of the reinvestment zone, (2) the boundaries of
the proposed reinvestment zone as described in the boundary
description and depicted in the map, both of which together are
attached hereto as Exhibit "A", (3) the concept of tax increment
financing, and (4) the appointment of a board of directors for the
proposed reinvestment zone; and
WHEREAS, the proponents of the reinvestment zone offered
evidence, both oral and documentary, in favor of all of the
2
T-
foregoing matters relating to the creation of the reinvestment
zone, and opponents, if any, of the reinvestment zone appeared to
contest matters relating to the creation of the reinvestment zone;
NOW TB$RWORE, BE IT ORDAINED BY THE CITY COaNCIL OF THE
CITY OF FORT WORTH, TEXAS: r
SECTION 1: That the facts and recitations contained in the
• preamble of this ordinance are hereby found and declared to be true
and correct.
SECTION 21 That the City Council, after conducting such
hearing. and having heard such evidence and testimony, has made the
following findings and determinations based on the evidence and
testimony presented to it:
(a) That the public hearing on adoption of the reinvestment
zone has been properly caned, held, and conducted and
that notice of such hearing has been published as
required by law.
(b) That all taxing units levying real property taxes wi
taxes within the reinvestment zone as required by the *
Act, and that each taxing unit which levies real property
taxes within the reinvestment zone was notified of each
such presentation.
(e) That creation of •the proposed reinvestment zone and
improvements made therein will significantly enhance the
value of all the taxable real property in the
reinvestment zone and will be of general benefit for the
City. _
(f) That the reinvestment zone, as described in Exhibit "A°,
hereof, meets the criteria for the creation of a
reinvestment zone as set forth in the Act, including
Section 311.005 thereof, in that:
(1) It is a contiguous geographic area located wholly
within the corporate limits of the City; and
(2) The boundaries of the reinvestment zone contain the
same area as the area described in a petition
submitted to the City Council by the owners of
property constituting at least fifty percent (50%)
of the appraised value of the property in the area
according to the most recent certified appraisal
roll for Tarrant County, Texas.
(g) That the total appraised value of all taxable real
property in the reinvestment zone according to the most
recent appraisal roll of the City, together with the
total appraised value of taxable real property in all
other existing reinvestment zones within the City,
according to the most recent appraisal roll of the City,
4
does not exceed fifteen percent (15%) of the current
total appraised value of taxable real property in the
City and in the industrial districts createdby the City,
if any.
(h) That the reinvestment zone does not contain more than
fifteen percent (15%) of the total appraised value of
real property taxable by Tarrant County or any school
district.
(i) That the development or redevelopment of the property in
the reinvestment zone will not occur solely through
private investment in the reasonably foreseeable future.
SECTION 3: That the City hereby creates a reinvestment zone
containing the area described in. the boundary description and as
depicted in the map, both of which are together attached hereto as
Exhibit "A" , and such reinvestment zone shall hereafter be
identified as Tax Increment Reinvestment Zone Number Three, City of
Fort Worth, Texas (the "Zone" or "Reinvestment Zone" ) .
=SECTION 4: That there is hereby established a board of
directors for the Zone which shall consist of nine (9) members. The
board of directors of the Reinvestment Zone shall be appointed and
shall serve as follows:
(a) Each of the Fort Worth Independent School District,
Tarrant County Junior College District and Tarrant County
may appoint one member of the board if such school
district or county has approved the payment of all or
part of the tax increment produced by the unit. The
member of the state senate in whose district the Zone is
located (currently Mike Moncrief) is a member of the
5
."1
board (the -State Senate Member") , and the member of the
state house of representatives in whose distract the Sone
is located (currently Doyle Willis) is a member of the
board, except that either may designate .another
individual to serve in the member's place at the pleasure
of the member. If the Zone is or shall become located in
more than one senate or house district then the foregoing
shall apply only to the senator or representative in
whose district a larger portion of the Zone is located.
The remaining rig members of the board shall be appointed by
the City Council. , A vacancy on the board shall be
filled as set forth in the Act. If a taxing unit waives
its right to appoint a member of the board, the City may
then appoint such board member. The initial board of
directors shall be appointed by resolution of the
governing bodies of the City and the taxing units as
provided herein within sixty (60) days of the passage of
this ordinance or 'within a reasonable time thereafter.
All members appointed to the board shall meet eligibility
requirements as set forth in the Act.
(b) The board members shall serve two year terms; provided,
however, such terms shall be staggered as provided
herein. The initial directors appointed by the City and
the State Senate Member or the designee thereof shall
serve initial terms commencing on the date of appointment
and expiring on December 31, 1997, and all other
directors shall serve initial terms commencing on the
date of appointment and expiring on December 31, 1996.
6
Each year on or before December 31 the City Council shall
designate a member of the board to serve as chairman of
the board of directors for the next succeeding calendar
year, and the board shall elect from its members a vice
chairman and other officers as it deems appropriate. The
term of the chairman shall begin on January 1 of the year
immediately following the year the City Council so
designates the Chairman.
(c) The bogrd of directors shall make recommendations to the
City Council concerning the administration of the Zone.
It shall prepare and adopt a project plan and
reinvestment zone financing plan for the Zone and must
submit such plans to the City Council for its approval.
The board of directors shall possess all powers necessary
to preparer implement and monitor such project plan for
the Zone as the City Council considers advisable. The
board of directors shall prepare an annual report on the
status of the Zone and shall submit such report to the
City as required in the Act.
(d) The board of directors shall adopt goals for the
participation of disadvantaged business enterprises with
respect to the purchase of supplies, materials, services
and equipment in accordance with and subject to the
provisions of the Act.
SECTION 5: That the Zone shall take effect on January 1,
1996, and that the termination of the Zone shall occur on December
31, 2025, or at an earlier time designated by subsequent ordinance
of the City Council in the event the City determines that the Zone
( should be ternii A ted due to insufficient private investment,
accelerated private investment or other good cause, or at such time
as all project costs and tax increment obligations, if any, and the
interest thereon, have been paid in fiitll.
SECTION 6: That the Tax Increment Base for the Zone, which is
the total appraised value of all tax&-le real property located in
the Zone, is to be determined as of January 1, 1995, the year in
which the Zone was designated a reinvestment sone.
SECTION 7: That there is hereby created and established .a Tax
Increment Fund for the Zone which may be divided into such accounts
and subaccounts as may be authorized by subsequent resolution or
ordinance, into which all Tax Increments, less any of the amounts
not required to be paid into the Tax Increment Fund pursuant to the
Act, are to be deposited. The Tax Increment Pond and any accounts
and subaccounts are to 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. In addition, all revenues from
the sale of any obligations hereafter issued by the City secured in
whole or in part from the Tax Increments, revenues from the sale of
any property acquired as part of the tax increment financing plan,
and other revenues to be dedicated to and used in the Zone shall be
deposited into such fund, account or subaccount from which money
will be disbursed to pay project costs for the Zone or to satisfy
the claims of holders of such obligations issued for the Zone.
SECTION 8: That the Zone is designated under Section
311.005(a) (5) of the Act.
8
SECTI_ON99: That the City Manager and City Attorney are hereby
l '
authorized to execute and deliver for and on behalf of the-City tax
increment agreements with the Port Worth Independent School
District, Tarrant County, Tarrant County Hospital District, Tarrant
County Junior College District and Tarrant County Water Control and
Improvement District Ntm:ber One pursuant to 'the provisions of
Sections 311.008 and 311.013(g) of the Act.
SECTION 10: That if any section, paragraph, clause or
provision of this Ordinance shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause or provision shall not affect any
of the remaining provisions of this Ordinance. .
SECTION 11: That this Ordinance shall take effect immediately
t from and after its passage in accordance with the provisions of the
Charter of the City of Fort Worth and it is accordingly so
ordained.
;ayjer
Mayo
9
AIMM
Alice- Church
City secretary
APPROVED AS TO DORM LEGAT.TTY:
$Y'
Wade Adkins
City Attorney
/y
Adopted: �1 `moi
Effective:
C .
10
EXHIBIT B-3
ORDINANCE NO. 17209-09-2006
AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX
INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF
FORT WORTH, TEXAS; AND CONTAINING OTHER MATTERS
RELATED TO THE ZONE.
WHEREAS, pursuant to Ordinance No. 12324, adopted by the City Council of the City
of Fort Worth, Texas (the "City") on December 19, 1995, the City created Tax Increment
Reinvestment Zone Number Three, City of Fort Worth, Texas, as previously enlarged pursuant
to Ordinance No. 14795, adopted by the City Council on October 2, 2001, and Ordinance No.
14839, adopted on October 30, 2001, and as previously reduced by Ordinance No. 15317,
adopted on November 5, 2002, and Ordinance No. 15442, adopted on February 18, 2003 (the
"Zone"); and
WHEREAS, Section 311.007(b) of the Texas Tax Code (the "Code"), subject to certain
provisions of Section 311.006 of the Code, allows the City Council to enlarge the boundaries of
an existing reinvestment zone to include an area described in a petition requesting that the area
be included in the reinvestment zone if the petition is submitted to the City Council by the
owners of property constituting at least fifty percent(50%) 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; and
WHEREAS, on September 26, 2006 the City Council was presented with a petition,
dated August 18, 2006, to enlarge the Zone by adding the real property specifically described in
Exhibit "A" of this Ordinance (the "Property"), which petition was signed by the owner of the
Property in its entirety; and
Page 1
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
WHEREAS, Section 311.006 of the Code allows a municipality to enlarge the
boundaries of an existing reinvestment zone pursuant to Section 311.007(b) of the Code so long
as(i)the amended boundaries of the reinvestment zone will not contain more than fifteen percent
(15%) of the total appraised value of taxable real property in the municipality and in the
industrial districts created by the municipality, and (ii) the amended boundaries of the
reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value
of the real property taxable by a county or school district; and
WHEREAS, on September 26, 2006 the City Council held a public hearing regarding
the enlargement of the Zone and its benefits to the City and to property in the Zone and afforded
a reasonable opportunity for all interested persons to speak for or against the addition of the
Property into the Zone;and
WHEREAS, notice of the public hearing was published in a newspaper of general
circulation in the City on September 18, 2006, a date not later than seven (7) days prior to the
date of the public hearing; and
WHEREAS, prior to the public hearing the City provided written notice to all taxing
units levying real property taxes within the Zone of the City's intention to add the Property into
the Zone and of the public hearing.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Page 2
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
Section 1.
FINDINGS.
That after reviewing all information before it regarding the enlargement of the Zone and
after conducting a public hearing regarding the enlargement of the Zone and its benefits to the
City and to property in the Zone and affording a reasonable opportunity for all interested persons
to speak for or against the enlargement of 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.
1.2. The Property is generally underdeveloped and blighted and substantially impairs the
sound growth of the City because of the presence of (i) the faulty usefulness of lots
within the area and(ii)unsanitary and unsafe conditions.
1.3. The Property lies within Tax Abatement Reinvestment Zone No. 49, City of Fort Worth,
Texas. The Property was originally designated as part of Tax Increment Reinvestment
Zone Number Nine, City of Fort Worth, Texas (the Trinity River Vision TIF) and is part
of a larger parcel, the remainder of which is located within Tax Increment Reinvestment
Zone Number Three, City of Fort Worth, Texas (the Downtown TIF). Pursuant to
Ordinance No. 16808-2-2006, adopted on February 7, 2006, the Property was removed
from the Trinity River Vision TIF so that all portions of the parcel in question could be
located within one tax increment reinvestment zone, the Downtown TIF. But for
designation as a reinvestment zone, development of the Property would not occur solely
through private investment in the reasonably foreseeable future.
Page 3
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
1.4. Improvements in the Zone, including the Property, as specifically outlined in the project
plan adopted by the Zone's board of directors, will significantly enhance the value of all
the taxable real property in the Zone, including the Property, and will be of general
benefit to the City
1.5. With the addition of the Property, the Zone will not contain more than fifteen percent
(15%) of the total appraised value of taxable real property in the municipality and in the
industrial districts created by the municipality.
1.6. With the addition of the Property, the Zone will not contain more than fifteen percent
(15%) of the total appraised value of real property taxable by any county or school
district.
Section Z.
DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE.
That the City Council hereby enlarges the boundaries of the Zone by adding the Property,
specifically described in Exhibit "A", which is attached hereto and hereby made a part of this
Ordinance for all purposes. The Zone, as enlarged, has been designated under Section
311.005(a)(5) of the Code and will continue to be known as "Tax Increment Reinvestment Zone
Number Three,City of Fort Worth, Texas."
Section 3.
ZONE BOARD OF DIRECTORS.
That the board of directors for the Zone will remain unchanged and shall continue to
conform to the requirements of Section 311.009 of the Code.
Page 4
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
Section 4.
TERM OF ZONE.
That the addition of the Property into Zone shall take effect upon the adoption of this
Ordinance. The Zone, as enlarged, shall terminate in accordance with Section 5 of Ordinance
No. 12324.
Section 5.
DETERMINATION OF TAX INCREMENT BASE.
That the tax increment base, as defined by Section 311.012(c) of the Code, for the
Property added to the Zone shall be the total appraised value of the Property taxable by a taxing
unit for the year 2006, which is the year in which the Property was added to the Zone. The tax
increment base for the property located within the boundaries of the Zone prior to the adoption of
this Ordinance shall remain unchanged.
Section 6.
TAX INCREMENT FUND.
That the Tax Increment Fund created and established for the Zone pursuant to Section 7
of Ordinance No. 12324 (the "TIF Fund") shall include the percentage of any tax increment(as
defined by Section 311.012(a) of the Code) produced by the Property that(i) the City dedicates
to the TIF Fund and (ii) each taxing unit which levies real property taxes on the Property elects
to dedicate to the TIF Fund under a participation agreement with the City, as authorized by
Section 311.013(f)of the Code.
Page 5
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
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 relating to the Property with taxing units that levy real property taxes on
the Property.
Section 8.
SEVERABITITY.
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.
Section 9.
EFFECTIVENESS.
That this Ordinance shall take effect and be in full force and effect from and after its
adoption.
AND IT IS SO ORDAINED.
Page 6
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
ADOPTED AND EFFECTIVE: September 26,2006
APPROVED AS TO FORM AND LEGALITY:
sy:
Peter Vaky
Assistant City Attorney
Date: September 26,2006
M&C: Cr-IS�2S
Page 7
Ordinance Enlarging Tax Increment Reinvestment Zone Number Three,
City of Fort Worth,Texas
EXHIBIT"A"
LEGAL DESCRIPTION AND MAP
OF THE PROPERTY BEING ADDED TO THE ZONE
Beginning at a point of the intersection of a the east ROW line of Cummings St.and south ROW lime of Peach St,
thence
Easterly along the south ROW line of Peach St to a point where said line intersects with the east property line of Block
124,Lot 9A of the Fort Worth Original Addition,thence
Northerly from the east property line of Block 124,9A of the Fort worth Original Addition to a point where said line
intersects the north ROW line of Peach St and the east ROW line of Samules Ave,thence
Westerly from the east ROW line of Samuels Avenue to a point where said line intersects the southeast property line of
Block 1,Lot 5R of the Cummings-Boaz Addition,thence
Westerly along the south property line of Block 1,Lot 5R of the Cummings-Boaz Addition to a point where said line
intersects the east property line of Lot 18B of the Cummings Addition,thence
Northerly along the east property line of Lot 18B of the Cummings Addition to a point where said line intersects the
north property line of Lot 18B of the Cummings Addition,thence
Westerly along the north property line of Lot 18B to a point where said line intersects the east property line of Lot
4A of the Cummings Addition,thence
Northerly along the east property line of Lot 4A of the Cummings Addition to apoint where said line intersects the
north property line of Lot 4A of the Cummings Addition,thence
Westerly along the north property line of Lot 4A to a point where said line intersects the east ROW line of Cummings
Ave,thence
Southerly along the east ROW line of Cummings Ave to a point where said line intersects with south ROW line of
Peach St,which is the point of beginning.
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EXHIBIT C-3
Tax Increment Reinvestment Zone Number Three
City of Fort Worth,Texas
(Downtown TIF)
Amended Project and Financing Plans
September 16, 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."
A TIF district allows for the tax increment generated from appreciating property values within the
area to be dedicated to public improvements within the same area. 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 the total assessed value of property within a
TIF district increases over time, an increase in the taxes collected from the additional value is
captured and placed into a special fund, which is used to finance public improvements; only taxes
collected from the increased taxable value within the TIF district are placed into the special fund.
All other taxes collected from the base value continue to flow to the local taxing entities within the
district. The difference between total property value and base value is the property value
increment. Taxes collected on that difference in value is the "tax 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 in the TIF.
TIF districts 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 unit in a pro rata fashion.
Each TIF district is overseen by a Board of Directors composed of five to 15 members appointed
by the local taxing jurisdictions. Since Tax Increment Reinvestment Zone Number Three (the
Downtown TIF) was created due to a petition submitted to the City of Fort Worth by the owners
of property constituting at least 50 percent of the appraised value of the property in the area,
the TIF Board's composition is mandated by state law. The state representative and state senator
representing the area may each make an appointment to the Board. Each participating taxing
jurisdiction may appoint one member, and any remaining seats up to nine are filled by
appointments made by the Fort Worth City Council. 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 eleven active TIF districts: Speedway,
Downtown, Southside, Riverfront, North Tarrant Parkway, Lancaster, Trinity River Vision, Lone Star,
East Berry Renaissance, Woodhaven, and Trinity Lakes.
Downtown TIF
Amended Project and Financing Plan Page 1 of 7
II. Project Plan
Boundary Description. Existing Uses, and Proposed Uses
The Zone was created on December 15, 1995 by the Fort Worth City Council in order to attract
investment and redevelopment of property in downtown Fort Worth. The area covers just over
400 acres and is generally bounded to the north by the Trinity River, east by the Burlington
Northern Santa Fe Railroad (BNSF), south by Lancaster Avenue, Calhoun Street 7th Street, Burnett
Street, and 3rd Street, and west by Henderson Street and Weatherford Street. A map of the TIF
district and a legal description of the property can be found in Exhibits "B" and "C," respectively.
The Zone is composed of a variety of uses, including office space (public and private), residential
(rental apartments and owner-occupied and tenant-occupied condominiums and townhomes),
retail, educational, and religious. The Downtown has developed into the City's premier mixed-use
district, where thousands of employees, residents, tourists and other visitors spend their time,
energy and money. The TIF District is enhanced by proximity to several recently renovated public
parks, including the Fort Worth Water Gardens, Burnett Park and General Worth Square. The
TIF district also benefits from its inclusion in Fort Worth Public Improvement District Number One, a
$2 million annual effort that provides maintenance, security, marketing and research services to
Downtown. A map of the existing uses of the Zone can be found in Exhibit "D."
Downtown is the oldest neighborhood in Fort Worth, encompassing the site of the original Army
outpost and Pioneer's Rest Cemetery. The area sits atop the bluffs of the Trinity River and
extends southward towards Lancaster Avenue. Although much of the topography is favorable to
development, much of the underground infrastructure is outdated and undersized for modern
development requirements. Public right-of-way improvements vary in quality and are particularly
poor in part of the core and several outlying areas. Additionally, surface parking still occupies a
large part of the area within the Zone. While development standards and design guidelines
have improved the public spaces around newer developments, including parking facilities, many
corridors and parking lots still have challenging streetscapes that detract from the pedestrian
experience.
Creation of the TIF district was a recommendation of the 1993 Downtown Strategic Action Plan, a
document sponsored and adopted by Downtown Fort Worth, Inc., the City of Fort Worth, and the
Fort Worth Transportation Authority. The plan resulted from a two-year process that involved
substantial input and review from citizens, government officials, and Downtown stakeholders. The
plan guides center city growth and development and helps ensure that Downtown reflects Fort
Worth's unique culture, warmth, character and values.
Community leaders realized that Downtown is critical to the overall economic health and image of
greater Fort Worth. The Downtown Plan envisioned that a TIF district would be needed to finance
several major Downtown projects including public parking and connecting systems, streetscape
improvements, and historic preservation.
The Plan recognized that these public infrastructure investments would be needed in order for
Downtown to succeed in attracting private investment. The costs of the required infrastructure
exceeded the City's normal funding amounts and the improvements were needed in advance of
the City's normal funding cycle. While private financing was available for creation of the Tandy
Outlet Mail, expansion of the Sundance Square retail area, and construction of the new Bass
Downtown TIF
Amended Project and Financing Plan Page 2 of 7
Performance Hall, infrastructure in the form of parking facilities, pedestrian connections, and
subway system upgrades was seen as crucial to the success of these private investments.
Over time, some of the original TIF projects were completed and others were made moot by
changing development patterns and priorities in downtown. For example, the Tandy subway
system was decommissioned when RadioShack Corporation moved its headquarters to a new
location and sold the Tandy Center complex. The Fort Worth Transportation Authority with
funding assistance from Public Improvement District Number One, implemented a trolley circulator
that provides the north-south connecting system envisioned in the original TIF plan. The Santa Fe
Freight House was leased in order to build a public market, but has since been repurposed as
classrooms and offices of the UTA Fort Worth Center. Various streetscape and infrastructure
improvements have been made through the TIF District, but this work is ongoing and infrastructure
needs still exist throughout Downtown.
The 2003 update of the Downtown Strategic Action Plan recognized the major investments that
had taken place over the preceding decade, much of it owing to projects undertaken with TIF
support. The Downtown TIF has been instrumental in historic preservation (the Ashton Hotel);
streetscape improvements (Cassidy Corner, Pecan Place, Chase Bank, Trinity Bluff); creation of a
public market, then a higher education center (Santa Fe Freight House UTA Fort Worth Center);
environmental remediation (The Tower); and garage leases for free public parking supporting
Bass Hall, the Central Library and Downtown's retail establishments, restaurants, and arts and
entertainment venues.
The TIF Board of Directors appointed an Advisory Committee to receive a consulting study
executed by the Leland Group in 2006 and make recommendations on updating the Downtown
TIF Project and Financing Plan. The Advisory Committee's recommendations built on the TIF's
successes and reflect the priorities contained in the 2003 Downtown Strategic Action Plan. The
inclusion of affordable housing in the TIF Project Plan was recommended by the TIF Board and
adopted by City Council in April 2012. This change resulted in the TIF's participation in the
redevelopment of Hunter Plaza, a planned mixed-income project operated by the Fort Worth
Housing Authority.
Plan 2023, the new Downtown Strategic Action Plan, also contained recommendations relevant to
the objectives of the Downtown TIF. Beyond ongoing infrastructure and transportation needs, the
Plan also identifies needed park improvements, greater residential density and new primary and
secondary schools that will result in greater vitality in Downtown.
Purpose and Results of the Downtown TIF
The Downtown TIF's successes thus far can be evaluated against the original TIF Project Plan's
stated purposes.
The goal of attracting investment and redevelopment that would not occur without TIF-financed
infrastructure is exemplified by The Tower and numerous subsequent for-sale residential
developments; revitalization of the Tandy Center, now City Place; the Chase Bank office building,
parking garage and retail; the historic renovated Ashton Hotel; the UTA Fort Worth Center; and
enhanced streetscape throughout the Trinity Bluff area of Downtown.
Use of tax increment to fund required public infrastructure is represented by the 2,826 free
evening and weekend parking spaces available to the general public, in addition to daytime,
Downtown TIF
Amended Project and Financing Plan Page 3 of 7
Bass Hall patron and Central Library patron parking; streetscape improvements in the Downtown
core, Pecan Place and Trinity Bluff areas; utility relocation in Trinity Bluff; and environmental
remediation at the Tower.
The goal of generating new anchors for Downtown to create redevelopment momentum and tax
base that survives the TIF is exemplified by the strong office and residential markets, and
specifically by City Place, the Tower, Trinity Bluff, and the strengthened retail core.
The TIF District has created net financial gain to local governments since the first years of its
existence, and substantial financial gains after 2006. Each year since then, TIF District
substantially exceeded its $5 million annual cap and has returned more than $47 million of tax
increment to the participating local governments. Although cessation of the Fort Worth
Independent School District's participation in the TIF reduced the overall tax increment by more
than $4 million per year after 2013, the TIF is still expected to generate more than $8.5 million in
tax increment in 2014 and beyond.
To capture the "metropolitan visitor," more tourists and conventions, the TIF has been used to
support free evening and weekend parking, making Downtown a regional destination. In
addition, the clear success of Bass Hall and the Ashton Hotel were made possible in part by TIF
participation.
By 2010, the TIF had helped Downtown exceed the goal of having I% of Fort Worth's residential
inventory (3,172 of the city's total 295,283 housing units) and had created a quality urban
environment capable of attracting a competitive share of corporate office, government office and
other commercial developments. The impressive growth of restaurant and retail sales in Sundance
Square, aided by TIF parking leases, is a testament to Downtown's vitality and its enhanced role
in our city's quality of life.
Proposed Zoning Changes
The majority of the Zone is located within the City's Central Business District Zoning classification
as depicted in Exhibit "E." Development within this area is subject to review by the City's
Downtown Design Review Board.
Future zoning changes are anticipated for property within the Zone currently zoned Medium
Industrial. Over time, many of these properties are likely to be rezoned Central Business District
as industrial uses are phased out and property owners realize the benefits of high-density mixed-
use zoning.
Relocation Method for Displaced Persons
It is anticipated that no persons shall be displaced as a result of implementing these Project and
Financing Plans.
Downtown TIF
Amended Project and Financing Plan Page 4 of 7
III. Financing Plan
Proiect Descriptions. Estimated Project Costs. and Administration
This amended and restated Downtown TIF project plan retains projects from the current plan and
adds several new projects as described below. Tax increment deposits from local governments
shall be subject to a $5 million annual cap and a lifetime cap of $100 million.
1. Historic preservation through facade leases in order to preserve and rehabilitate historic
buildings and spur new development such as the Ashton Hotel* ($850,000) and the Jett
and Land Title Buildings ($1,276,000);
2. Environmental remediation to remove asbestos and support new construction, such as the
redevelopment of The Tower° into condominiums and office space ($2,887,520);
3. Utility relocation and removal for public infrastructure improvements at the site of the
Marriott Hotel° ($206,864);
4. Streetscape improvements to create a pedestrian friendly environment, such as:
a. Cassidy Corner' ($57,292)
b. Chase Bank' ($285,242)
c. Pecan Place' ($207,000)
d. Trinity Bluff' ($1,255,792)
e. Oliver's Grocery Store' ($97,486)
f. Third Street', also includes wayfinding planning ($113,011
g. Hunter Plaza ($400,000 — proposed);
5. Santa Fe Freight House lease, operations, and improvements ($5,104,096);
6. Sundance Square streetscape, traffic improvements, and the construction of three new
mixed-use buildings and a plaza ($9,724,000);
7. Parking garage leases to accommodate parking needs for downtown visitors during
evenings and weekends, such as:
a. Bass Hall ($6,858,896)
b. City Center ($2,164,469)
c. City Place ($11,058,387)
d. Chase Bank ($9,148,798)
e. Tarrant County Family Law Center ($3,712,425)
f. The Tower ($9,685,925)
g. Insurance of garages and marketing for free-parking options ($527,996)
8. Affordable housing incentives to encourage the development of quality, affordable, and
accessible housing units, including the redevelopment of Hunter Plaza ($8,000,000);
9. Residential density and parking* incentives to generate significant new tax increment
from high rise development in the downtown core ($9,000,000);
10.Infrastructure and transportation improvements* to address the critical infrastructure
needs and ease transit accessibility on downtown corridors and sites such as Main Street,
Commerce Street, Trinity Bluff, Heritage Plaza, and Paddock Park ($12,150,000);
11.Retail facade improvement matching grants* to help improve historic buildings' facades
that would encourage a more appealing streetscape and shopping experience
($300,000); and
12.School for Science, Technology, Engineering, and Math (STEM)* to support the
development of a public school to enhance downtown's educational offerings as well as
residential appeal ($1,000,000);
Downtown TIF
Amended Project and Financing Plan Page 5 of 7
13.Signage* to support and direct vehicular and pedestrian traffic ($150,000); and
14.TIF District Administration for management and planning ($4,811,767).
° Denotes completed projects; * Denotes new projects
The Zone is administered by Downtown Fort Worth, Inc., a 501(c) (6) nonprofit corporation, with
assistance from the City of Fort Worth Housing and Economic Development Department.
Development is guided by the objectives in the Downtown Fort Worth Strategic Action Plan as
revised every 10 years and adopted by the Fort Worth City Council as part of the City's
Comprehensive Plan.
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, Tarrant County College District, Tarrant County Hospital District, and the Tarrant
Regional Water District will continue to participate in the TIF district in order to have TIF funds
available for TIF Project reimbursement. These financial projections also show the TIF Project
Costs are reimbursable over the course of the term as the total increment generated exceeds the
total TIF Project Costs.
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 bond indebtedness is expected to be incurred with respect to any of the project
improvements.
Estimated Timeframe
TIF projects are expected to be completed during the lifetime of the Zone. It is not anticipated
the Zone's term will be extended.
Current Taxable Values
The base value (1995) of property in the Zone is $217,893,395 (TIF 3) and $104,547,242 (TIF
3A) for a total base value of $322,440,637. The current value of property in the zone is
$687,404,750 (TIF 3) and $209,877,987 (TIF 3A) for a total current value of $897,282,737.
The Zone has grown by 178 percent since its creation in 1995.
Term
The term of the Zone began on January 1, 1995 and will expire on December 31, 2025,
beginning with the tax increment calculated by the 1995 tax appraisal and ending with the tax
increment calculated by the 2025 tax appraisal.
Downtown TIF
Amended Project and Financing Plan Page 6 of 7
IV. Exhibits [To Immediately Follow]
A. Criteria for Reinvestment Zone
B. Boundary Map
C. Legal Description
D. Map of Existing Uses
E. Map of Current Zoning
F. TIF District Financial Projections
Downtown TIF
Amended Project and Financing Plan Page 7 of 7
Exhibit "A"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan 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.
Downtown TIF
Amended Project and Financing Plans Exhibit A- Page 1 of 1
Exhibit "B"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
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[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
Legal Description, Part 1
Beginning at a point of the intersection of a projection of the south ROW line of 3rd Street and the
west ROW line of Henderson Street, thence
Northwesterly along the west ROW line of Henderson Street to a point where said line intersects
with the south ROW line of Weatherford Street,thence
Southwesterly along the south ROW line of Weatherford Street and what would be a projection
of the said south line to a point where the projection of said line intersects with the west ROW line
of Penn Street, thence
Northwesterly along the west ROW line of Penn Street which transitions to the south ROW line of
Forest Park Boulevard (where Forest Park Boulevard curves into Weatherford Street and Belknap
Street), thence
Following the same Forest Park Boulevard ROW line as it curves to westerly, then to southwesterly
to a point where said line intersects with the north ROW line of 5'h Street, thence
Due west along a due west projection of the north ROW line of 51h Street to a point where this
due west line intersects with the centerline of the Clear Fork of the Trinity River, thence
Following the centerline of the Clear Fork of the Trinity River northeasterly to a point of
intersection with centerline of the west ROW line of Henderson Street, thence
Southeasterly along the west ROW line of Henderson Street to a point where said line intersects
with the south ROW line of Belknap Street, thence
Northeasterly along the south ROW line of Belknap Street to a point where said line intersects
with the east ROW line of Cherry Street, thence
Southeasterly along the east ROW line of Cherry Street to a point where said line intersects with
the south ROW line of Weatherford Street, thence
Northeasterly along the south ROW line of Weatherford Street to a point where said line
intersects with the east ROW line of Taylor Street, thence
Southeasterly along the east ROW of Taylor Street to a point where said line intersects with the
north ROW line of 3rd Street, thence
Northeasterly along the north ROW line of 3,d Street to a point where said line intersects with the
west ROW line of Throckmorton Street, thence
Northwesterly along the west ROW line of Throckmorton Street to a point where said line
intersects with the south ROW line of Belknap Street, thence
Northeasterly along the south ROW line of Belknap Street to a point where said line intersects
with the west ROW line of Houston Street, thence
Downtown TIF
Amended Project and Financing Plan Exhibit C- Page 1 of 5
Southeasterly along the west ROW line of Houston Street to a point where said line intersects with
the south ROW line of Weatherford Street, thence
Northeasterly along the south ROW line of Weatherford Street to a point where said line
intersects with the west ROW line of Commerce Street, thence
Northwesterly along the west ROW line of Commerce Street to a point where said line intersects
with the north ROW line of Belknap Street, thence
Southwesterly along the north ROW line of Belknap Street to a point where said line intersects
with the west ROW line of Houston Street, thence
Northwesterly along the west ROW line of Houston Street to a point where said line intersects
with the south ROW line of Franklin Street, thence
Westerly along the south ROW line of Franklin Street to a point where said line intersects with the
east ROW line of Taylor Street, thence
Northwesterly along the east ROW line of Taylor Street to a point where said line intersects with
the centerline of the West Fork of the Trinity River at the projection of the east ROW line of
Taylor St., thence
Southeasterly, then easterly, and then northeasterly along the centerline of the West Fork of the
Trinity River to a point of intersection with the projection of the north ROW line of Cummings
Street (Cummings Street turns westward as depicted on the TAD tax maps), thence
Easterly along the said projection and north ROW line of Cummings Street to a point where said
line turns southeasterly along the east ROW line of Cummings Street, thence
Southeasterly along the east ROW line of Cummings Street to a point where said line intersects
with what would be the projection of the north ROW line of Peach Street, thence
Northeasterly along the north ROW line of Peach Street to a point where said line intersects with
the east ROW line of the Burlington Northern Santa Fe Railroad, thence
South-southeasterly along the east ROW line of the Burlington Northern Santa Fe Railroad to a
point of intersects with the north ROW line of Lancaster Avenue,thence
West along the north ROW line of Lancaster Avenue to a point where said line intersects with the
east ROW line of Calhoun Street, thence
Northwesterly along the east ROW line of Calhoun Street to a point where said line intersects
with the north ROW line of 7'h Street, thence
Southwesterly along the north ROW line of 71h Street to a point where said line intersects with the
west ROW line of Burnett Street, thence
Northwesterly along the west ROW line of Burnett Street to a point where said line intersects with
the south ROW line of 3'd Street, thence
Downtown TIF
Amended Project and Financing Plan Exhibit C - Page 2 of 5
Southwesterly along the south ROW line of 31d Street to a point where said line intersects with the
west ROW line of Henderson Street which is the point of beginning.
Legal Description, Part 2
The boundaries of the Zone cut out the following land descriptions:
Tarrant County College Acquisition Area
Beginning at a point which is the intersection of the north ROW line of Weatherford Street and
the east ROW line of Commerce Street in Downtown Fort Worth, Tarrant County Texas, thence
Easterly along the north ROW line of Weatherford Street where said line intersects with the west
ROW of Jones Street, thence
Northerly along the west ROW line of Jones Street where said line intersects with the north ROW
of Belknap Street, thence
Easterly along the north ROW line of Belknap Street where said line intersects with the west ROW
of Pecan Street, thence
Northerly along the west ROW line of Pecan Street where said line intersects with the south ROW
of Bluff Street, thence
Easterly along the south ROW line of Bluff Street where said line intersects with the east Lot Line
of Lot #1320-5-10, thence
Northerly along the east Lot Line of Lot #1320-5-10 where said line intersects with the south lot
line of Land 600 Block Lot #15A, thence
Westerly along the south lot line of Land 600 Block Lot #15A where said line intersects with west
lot line of Land 600 Addition Block Lot 15A, thence
Northerly along the west lot line of Land 600 Addition Block Lot 15A where said line intersects
with the center line of the Trinity River, thence
Westerly along the center line of the Trinity River where said line intersects with the east ROW
line of Main Street, thence
Southerly along the east ROW line of Main Street where said line intersects with the north ROW
line of Franklin Street, thence
Easterly along the north ROW line of Franklin Street where said line intersects with the east ROW
line of Commerce Street, thence
Southerly along the east ROW line of Commerce Street where said line intersects with the north
ROW line of Weatherford Street, which is the point of beginning.
Downtown TIF
Amended Project and Financing Plan Exhibit C - Page 3 of 5
Tandy Tech Center
Beginning at a point which is the intersection of the south ROW line of Weatherford Street and
the east ROW line of Cherry Street in Downtown Fort Worth, Tarrant County Texas, thence
Southerly along the east ROW line of Cherry Street where said line intersects with the north ROW
of 1 It Street, thence
Easterly along the north ROW line of 1St Street where said line intersects with the east ROW of
Burnett Street, thence
Southerly along the east ROW line of Burnett Street where said line intersects with the north ROW
of 2nd Street, thence
Easterly along the north ROW line of 2nd Street where said line intersects with the west ROW of
Taylor Street, thence
Northerly along the west ROW line Taylor Street where said line intersects with the south ROW of
Weatherford Street, thence
Westerly along the south ROW line of Weatherford Street where said line intersects with the east
ROW of Cherry Street, which is the point of beginning.
Transr)ort Life Building (714 N. Main Street)
The entirety of Lots 9, 10, 11, and 12 of Block 108 in Downtown Fort Worth, Tarrant County,
Texas.
Legal Description, Part 3
The boundaries of the Zone added the following land descriptions:
Beginning at a point of the intersection of the east ROW line of Cummings Street and south ROW
line of Peach Street, thence
Easterly along the south ROW line of Peach Street to a point where said line intersects with the
east property line of Block 124, Lot 9A of the Fort Worth Original Addition, thence
Northerly from the east property line of Block 124, 9A of the Fort Worth Original Addition to a
point where said line intersects with the north ROW line of Peach Street and the east ROW line of
Samuels Avenue, thence
Westerly from the east ROW line of Samuels Avenue to a point where said line intersects the
southeast Property Line of Block 1, Lot 5R of the Cummings-Boaz Addition, thence
Westerly along the south property line of Block 1, Lot 5R of the Cummings-Boaz Addition to a
point where said line intersects the east property line of Lot 18B of the Cummings Addition, thence
Northerly along the east property line of Lot 186 of the Cummings Addition to a point where said
line intersects the north property line of Lot 18B of the Cummings Addition, thence
Downtown TIF
Amended Project and Financing Plan Exhibit C - Page 4 of 5
Westerly along the north property line of Lot 18B to a point where said line intersects the east
property line of Lot 4A of the Cummings Addition, thence
Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said
line intersects the north property line of Lot 4A of the Cummings Addition, thence
Westerly along the north property line of Lot 4A to a point where said line intersects the east
ROW line of Cummings Avenue, thence
Southerly along the east ROW line of Cummings Avenue to a point where said line intersects with
south ROW line of Peach Street, which is the point of beginning.
Downtown TIF
Amended Project and Financing Plan Exhibit C- Page 5 of 5
Exhibit "D"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
5-
Current Land Use
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Exhibit "E"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
�sZ ';ii, � ` Off. �-•t,•4;
Zoning
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0 385 770 1,540 2,310 3,080
Exhibit "F"
[Information on following page]
Downtown TIF
Amended Project and Financing Plan Exhibits
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EXHIBIT D-3
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RESOLUTION
AMENDMENT TO PARTICIPATION AGREEMENTS BY
TARRANT COUNTY AND TARRANT COUNTY HOSPITAL DISTRICT
IN FORT WORTH TAX INCREMENT FINANCING
REINVESTMENT ZONE #3 - DOWNTOWN TIF
WHEREAS,the Fort Worth City Council approved Ordinance No. 12324 establishing Tax
Increment Financing Reinvestment Zone Number Three(the"Zone"),City of Fort Worth,Texas,in
accordance with the Tax Increment Financing Act, to promote development and redevelopment in
the medical district area of Fort Worth through the use of tax increment financing; and
WHEREAS, in 1996 the City of Fort Worth and Tarrant County, through Commissioners
Court Order No. 73865A, entered into an agreement under which the County agreed to deposit one
hundred percent(100%)of the County's Tax Increment into the TIF District's Tax Increment Fund
("Participation Agreement"), as specifically provided in that Participation Agreement; and
WHEREAS, in 1996, the City of Fort Worth and the Tarrant County Hospital District
entered into an agreement under which the Hospital District agreed to deposit one hundred percent
(100%) of the Hospital District's Tax Increment into the TIF District's Tax Increment Fund
("Participation Agreement"), as specifically provided in that Participation Agreement; and
WHEREAS, two (2) subsequent amendments to the Participation Agreements have been
approved providing for expansion of the Zone boundaries and modifications to the Project and
Financing Plan; and
WHEREAS, the newest amendment to the Project and Financing Plan provides for an
increase in the maximum Project Costs to be funded in the Zone, and further provides for an increase
in Tarrant County's and Tarrant County Hospital District's cumulative contribution to the TIF
District's Tax Increment Fund,while providing for a decrease in the County's and Hospital District's
annual percentage contribution to forty percent (40%) of their respective Tax Increment; and
WHEREAS,the Tarrant County Commissioners Court recognizes that Tarrant County's and
Tarrant County Hospital District's continued participation in funding of the Zone through approval
of the amended Project and Financing Plan will have the desired effect of further developing the area
to the benefit of all taxing units which levy taxes in the proposed reinvestment zone;
NOW, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves the Amended Project and
Financing Plan and continued participation in funding of Fort Worth Tax Increment Financing
Reinvestment Zone#3 and,beginning with Tax Year 2013 the payment into the tax increment fund
of forty percent(40%) of the collected incremental tax revenues produced by applying the County
and Hospital District respective tax rates to the incremental increase in the taxable value of property
located in the Zone, through December 31, 2025, or until $100,000,000 million in cumulative tax
increment funds have been contributed by the taxing entities, whichever occurs first,in accordance
with the terms of the Participation Agreements and the Amendment No. 3 to the Participation
Agreements;that the Amendment No. 3 to the Participation Agreements for the County and Hospital
District be and are hereby approved; that the Commissioners Court hereby agrees to enter into the
Amendment No. 3 to the Participation Agreements as a party thereto; and the County Judge of the
County be and is hereby authorized and directed to execute said Amendment No. 3 to the
Participation Agreements on behalf of the County, Hospital District and Commissioners Court
substantially in the form of the attached hereto and carry out the terms thereof at the appropriate
time(s).
PASSED AND APPROVED, IN OPEN COURT, this 11`t' day of March 2014.
COURT ORDER NO.
,4""/—
B.
4""-
B. Glen Whitley, County Judge
Roy C. Br oks An y H. Ngu en
Commissioner, Precinct 1 Commissioner, Precinct 2
Gary Fickes J.D. Johns
Commissioner, Precinct 3 Commissioner, Precinct 4
TEST: APPR D A
AS RM:
*ountyy Clerk Asst.V
rict Attorney
FORTWORTHW 22
CIS
MEMORANDUM g w Ul) o C-D !
DATE: August 5,2015 w = o CCS
TO: Mary Kayser,City Secretary
FROM: Maleshia Farmer, Senior Assistant City A orn
SUBJECT: CSC No. 21823, as amended, City of Fort Worth and Tarrant County pita istrict
Agreement to Participate in Tax Increment Reinvestment Zone Number Three
In 1996, the City of Fort Worth ("City") entered into a Tax Increment Reinvestment Zone ("TIF")
Participation Agreement ("Participation Agreement") with Tarrant County Hospital District ("Hospital
District") (CSC No. 21823), whereby, the Hospital District agreed to participate in TIF #3 (Downtown
TIF). In October of 2001, the City expanded the boundary of the Downtown TIF (Ordinance No.
14839). Under state law, a taxing entity must agree to contribute all or a part of its tax increment to the
TIF fund; therefore, an amendment was required to the Participation Agreement in order for the Hospital
District to contribute its tax increment from the expanded boundary to the TIF fund. Amendment No. 1
to the Participation Agreement was drafted to memorialize the Hospital District's consent for this
purpose; however, Amendment No. 1 was never fully executed or filed with the City Secretary's Office.
In 2003, the document labeled Amendment No. 2 to the Participation Agreement (CSC No. 28907) was
approved and executed by the City and the Hospital District, incorporating the original changes from the
previously unexecuted Amendment No. 1 and making additional changes to include a cap on project
funds and to limit the types of projects for which the Hospital District's tax increment could be used.
In 2014,the City and the Hospital District approved and executed a document labeled Amendment No. 3
to the Participation Agreement amending the Project and Financing Plan to change the participation
percentages and increase the cap on project funds. After research by staff, it has been determined that
the document labeled Amendment No. 2 is actually the first amendment to the Participation Agreement
and the document labeled Amendment No. 3, is the second amendment to the Participation Agreement.
It would be a difficult and challenging task to attempt to relabel these two amendments. This would
require changes to the documents and additional approval by the Hospital District and the City to correct
an administrative oversight.
It is my opinion that the mislabeling of these documents was an administrative oversight, and it is
legally permissible to move forward with filing the document as labeled Amendment No. 3. All actions
contemplated in the amendments have been incorporated into the documents and formally approved by
the Hospital District and the City. In addition, any amendment agreed to by an authorized representative
of the parties operates as a valid modification to the Agreement. The title of the document does not
change the nature of the document nor does it modify the changes to which the parties have agreed.
OFFICE OF THE CITY ATTORNEY OFFICIAL RECORD
The City of Fort Worth * 1000 Throckmorton Street*Fort Worth,Texas 7612CITY SECRETARY
817-392-7600 *Fax 817-392-8359
FT. WORTH, TX