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HomeMy WebLinkAboutOrdinance 21812-08-2015 ORDINANCE NO. 21812-08-2015 AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS FOR TAX INCREMENT REINVESTMENT ZONE NUMBER FIFTEEN, CITY OF FORT WORTH, TEXAS (STOCKYARDS/NORTHSIDE TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH PLANS; CLARIFYING THE POWERS OF THE BOARD OF DIRECTORS OF THE ZONE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on December 2, 2014, the City Council of the City of Fort Worth (the "City") established Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside TIF) (the "Zone") pursuant to Ordinance No. 21550-12-2014 and as authorized by Chapter 311 of the Texas Tax Code (the "Act"); and WHEREAS, in accordance with Section 311.011(a) of the Act, on July 15, 2015, the Board of Directors of the Zone (the "Board") adopted a project plan and a financing plan for the Zone, which is attached hereto as Exhibit "A" (collectively the "Plans"), and recommended that the Plans be approved by the City Council, as required by Section 311.011(d) the Act; 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. Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen,City of Fort Worth,Texas Ordinance No. 21812-08-2015 Page 1 of 4 1.2 That the Plans include all information required by Sections 311.01.1(b) and (c) of the Act. 1.3 That the Plans are feasible and the project plan conforms to the City's comprehensive plan. Section 2. APPROVAL OF PLANS. That based on the findings set forth in Section 1 of this Ordinance, the Plans are hereby approved. Section 3. DELIVERY OF PLANS TO THE TAXING ENTITIES. That the Economic Development Department is hereby directed to provide a copy of the Plans 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 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. Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen,City of Fort Worth,Texas Ordinance No. 21812-08-2015 Page 2 of 4 Section 5. EFFECTIVENESS. 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: August 4, 2015 APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY Maleshia Farmer Mary y-, �r Senior Assistant City Attorney M&C: G-18525 Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen,City of Fort Worth,Texas Ordinance No.21812-08-2015 Page 3 of 4 Exhibit "A" Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen,City of Fort Worth,Texas Ordinance No. 21812-08-2015 Page 4 of 4 Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside TIF) Project Plan and Financing Plan Prepared for The City of Fort Worth July 15, 2015 i Tax lnerement Reinvestment Zone Number Fifteen, City offort Worth, Texas (Stockyards/Northside TtF) Project Plan and Financing Plan Table of Contents I., Tax.Increment Financing Overview ... . ... .. .. ... ... . ....„ .... ............. ............ ....................3 H. The Project,Plan....... ................ ........................................... A. Description oft the Zone —,......................... �.....m...�........�...�.. .�......................................... - B. Proposed Changes to Current Ordinances and Codes . .................. .. ...... . .... . . .........7 C;. Estimated Non-Project Costs-.--�.. .., ...........................m. ......................m...,,....." D. Method of Relocating Displaced I:lersol°S.............................. .. ......... . . .......,.,. ..,..........." III. The Financing Plan ................................m.m.... ............................................................ A. Economic o the done.... .........,. . ........................... .................... . ...... .....9 B. _, is I��easrbilyd... Proposed Projects and Im.provenientes..... . ....... . ... .. ..... ... .. .... . ..... . . . ... .........1 l C. ReveflUe Projections .. . ........ ..... .. . ..... .. ..,.. .............. ., ....... ...... .. 12 IV. Summary of Pro ect Costs and Financing..... .. .., .. .--.................. ..........m..... ...............14 V. Tables........... .... .. ............. . . .. ... ............ ...... .............. ..... . ......... . ., .............. ,..16 VI. Exhibits—, ... . ....... . ..... .. . „ ......d.. ..,.,.....19 I Map of Boundary.......... ....... . . .. .. .... ....... .. .............,........... 20 2. Legal I:)es.c iptrorr-- .m...... .... .. ... . .... ................ .--. .... ......... . ........... ..... ..........21 3m Map ofF'Xist�i Uses......--.....�,.....................,............................................ .........................29 4. Map of Property Values-.............m..—.—................................................. .......�..�.............30 2 I. TAX INCREMENT FINANCING OVERVIEW 3 I. TAX INCREMENTFINANCING OVERVIEW Tax increment financing ("TW") is a tool Texas local governments use to finance public improvements within a defined area. These improvements are intended to promote development or redevelopment in the defined area and surrounding areas. The statute governing tax increment financing is codified in Chapter 311 of the Texas Tax Code (the -Tax ..(.-'ode"), Chapter 311 is often referred to as the Tax Increment Financing Act and it allows Municipalities to create "reinvestment zones" within which various public improvements can be undertaken, A municipality makes an area eligible for tax increment financing by designating a reinvestment zone. Essentially, forte City to initiate the designation of an area as a reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the municipality creating 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; or 2) be predoininately open arid, because of obsolete platting, deterioration of structure or site improvements, or other factors, substantially impair or arrest the sound growth of the municipality" or 3) be in a federally assisted new community located in the municipality or acliacent to such property. At the time ari area is designated a reinvestment zone fort increment financing, the existing total taxable value of real property in the zone is identified and designated as the "base value," All taxing its that levy taxes in the zone during the life of the TIF will continue to receive the tax revenues derived from the "base value." As new development is added to the tax rolls within the TIF area, total assessed valuations rise. This rise in new value is measured annually and is called the `captured appraised. value". The taxes that are collected by the participating taxing Jurisdictions on the incremental increase between the original "base value" and the current, year's "captured appraised. value" is the "tax increnienf'. Each taxing it choosing to participate in the TIF will agree to deposit a portion or all of the taxes generated from the "tax increment" into a TIF fund administered by a TIF Board that is appointed by the local taxing units. The TIF Board uses the tax increment to make public improvements in the area to attract private development that would not otherwise occur or that may not occur until a much later date. Additionally, the TIF Board may enter into development agreements to participate in new development or redevelopment. The TIF District ends on the earlier of 1) the termination date contained in the ordinance establishing the zone or 2) the date on which all protect cost have been paid in full. Any revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to each participating taxing unit. 4 II. THE PROJECT PLAN s II. THE PROJECT PLAN The City Council recognizes the historical, and economic J I mportwice of the Fort Worth Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by inadequate infrastructure and pockets of persistent blight, and is committed to the preservation and enhancement of the Greater Stockyards Area through strategic investment and the attraction of compatible development. The Project Plan of the TIF is intended to address certain challenges that are common to the area encompassed by the TIF through public improvements that may include, in general, road improvements, rail crossings or overpasses, public water and sewer line improvements, demolition and environmental. rem.ediation, streetscaping and pedestrian improvements, public parking infrastructure, and certain public amenities. In general, the TIF Plan contemplates that prospective developers of properties located within the TIF may fund portions of public infrastructure associated with development opportunities utilizing financial support from the TT F Board through development agreements that provide for reimbursement of eligible expenses for these developments. It is also anticipated that the TIF Board may undertake certain public improvement projects once sufficient tax increment is available in an effort to further enhance the area, th.ereby making it more attractive to new development and redevelopment. Projects will qualify for assistance by the use of TIF funds if those projects meet at least one of the criteria outlined below. Qualifying for assistance does not mean that the project will automatically receive TIF assistance, Only projects in which the TIF Board has approved participation by the use of TIF funds through a development agreement will receive assistance, • Mixed-use (within a single building) • Projects that lead to direct job creation • Adaptive reuse of an existing building • Transit-oriented development • Board-approved streetscape improvernents, • Redevelopment along mayor commercial corridors • Historic preservation or restoration • "I't-ansportation improvements that substantially enhance the accessibility of and mobility within the area • Mixed income housing • Board approved public amenities (for example, public plazas, improved public access to public areas such as Marine Creek, or gateway enhancements at prominent locations along major corridors) • Creates or improves pedestrian litikages. 6 A. DESCRIPTION OF THE ZONE The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plan") is located in the northern area of Fort Worth, Texas and encompasses property that is generally bounded by Northwest 30th Street on the northernmost boundary, Interstate Highway 35 Frontage road on the easternmost boundary, North Grand Avenue on the southernmost boundary, and Clinton Avenue on the westernmost boundary. This area includes major intersections such as N. Main & 28th St. and N. Main & Northside Dr. and it includes the Historic Fort Worth Stockyards district. A map of the boundary and the legal description of the area are contained in exhibits at the end of this document, as are maps of the existing uses and property values. B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES It is anticipated that the City of Fort Worth will establish an urban design district or adopt a similar ordinance affecting zoning or building form ("design standards") to ensure that new development in the Stockyards area is compatible with existing architecture and that the historic western character and heritage of the Fort Worth Stockyards is preserved. While viewed as consistent with the aims of the TIF, the establishment of design standards within the zone is not prompted or necessitated by the establishment of the TIF. C. ESTIMATED PRIVATE INVESTMENT (NON-PROJECT COSTS) Private investment of up to $185 million is anticipated to occur in one area of the zone in association with the Fort Worth Stockyards Heritage Project. It is estimated that additional private investment, spurred by the creation of the TIF District and the planned project, will reach approximately $200 million over the 20-year term. D. METHOD OF RELOCATING DISPLACED PERSONS No person shall be displaced as a result of implementing the Plan. 7 III. THE FINANCING PLAN 8 A. ECONOMIC FEASIBILITY OF THE ZONE L Increased Tax Base The following economic impact analysis is based on anticipated development plans within the proposed TIF district and the opportunities that exist to capture tax increment due to a significant number of low appraised values in the area. The success of any TIF is predicated on the increase in value of the appraised real property so that tax increment may be captured. This tax increment can then be used to make infrastructure improvements in an effort to attract new growth and in this particular case, promote redevelopment opportunities. With that in mind, initiating this TIF zone in 2014 is important so that the TIT District can be in place to assist and enhance planned private investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project, which may one day encompass more than I million square feet of mixed-use redevelopment and new development has the potential of serving as a catalyst that may initiate the redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend support to the catalyst project as well as provide impetus to the private sector to invest in the area. The planned project as well as discussions concerning other potential development in the area will ensure the TIT District's success by providing needed increment from which projects can be funded to further support overall redevelopment. This will not only enhance the success and impact of new development in and near the Historic Fort Worth Stockyards, but will enable public improvements that can support the cultivation of new development opportunities at sites that are presently blighted, challenged by inadequate infrastructure or that have experienced suppressed property values. With the designation of the proposed 925-acre TIF, it is anticipated that the area within and surrounding the TIF will experience certain increases in value as the project improvements are completed. Potential development is expected to include commercial, retail, restaurants, entertainment, and residential uses. With regard to the revenue projections that have been developed for this plan, a 1.5 percent annual growth rate has been utilized for the initial four years which then accelerates to a 2.5 percent annual growth rate for the remainder of the TIF. Additionally, an approximate $147 million in improvements to properties currently identified as being favorably positioned for new development have been incorporated into the projections. It is also anticipated that within the twenty-year term, the TIF will be capable of supporting additional major development similar to that which is currently planned by the Fort Worth Stockyards Heritage Project. The incremental value of such development has been incorporated into the projections for the TIF. As a result of the anticipated improvements described above, it is estimated that the TIF increment will generate approximately $40 million if the City, County, Tarrant Regional Water District and Tarrant County College District each choose to participate by designating 50% of their tax increment. 9 ii. Increased Retail and Commercial Business Based on current land uses and potential investment, the TIF will develop with appsoxmiately 123 acres of the developable area becoming new or redeveloped mixed-Lise:, retail and commercial business. iii. Employment, Opportunities In addition.to the jobs created during cotistruction.of the project improvements, it is expected that the future development ®f the zone resulting from the private protect improvements will generate a wide variety of additional employment opportunities. 1.0 B. PROPOSED PROJECTS AND IMPROVEMENTS The redevelopment within the Stockyards/Northside TIF will consist of a combination of public improvements and private investment projects. These improvements will provide a "foundation for development" to encourage and support the long-term public needs of the neighborhood and secure mixed-use, economic growth opportunities in the Greater Stockyards Area. i. Initial Improvements The initial improvements contemplated in the Stockyard s/Norths ide TIF include public infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use and commercial development. In addition, demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for areas of the TIF zone identified as ripe for new or redevelopment. The improvements undertaken by the TIF will support eligible Board-approved projects as listed in the Project Plan and will include, but not be limited to the types of improvements described below: • Road and Access Improvements - Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries, including projects that improve access to and from the TIF area, such as rail crossings or rail overpasses. • Public Infrastructure Improvements - Public water and sewer line improvements, electric utility improvements, demolition and environmental remediation projects within TIF boundaries. • StreetscapingLand Pedestrian Improvements— Landscaping and sidewalk improvements, installation of pedestrian lighting, benches and wayfinding signage as well as other improvements within the public right-of-way that enhance the pedestrian experience. • Public Parking Infrastructure (surface or structured)— Construction of new parking facilities or improvements to existing parking facilities that dedicate spaces for use by the general public. • Public Amenities - Improved public access to or public use of Marine Creek, gateway improvements at key entry points of the Greater Stockyards Area, public plazas or similar public improvements that support development and redevelopment within TIF boundaries 11 • Demolition and Environrnental R,emed.iation Demolition of existing structures or improvements at, above or below grade in association with Board-approved projects as listed in the Project Plan and site improvements that address existing conditions that pose concerns to the environment or public health. • Historic Eiggde Preservation and.Rest oration—Improvements tot exterior fagade of buildings that are designated. (i) Historic Significant Fndangered ("'JAS E") or (ii) as Historic and Cultural Iandmark, (11U) by the City or, as a condition precedent to receipt. of funding, will be designated as such upon completion of the designation process. • nses Administrative vFx q----------------------------p ii. Future Improvernents There are no future projects contemplated during the term of the TIF. However, the City Council reserves the right to consider amendments tote Plan if subsequent proJects ar e identified by the TIF Board as appropriate and eligible for tax increment funding. iii. Economic Development Program Grants (Chapter 380 Agreements) The Board is authorized to enter into economic development program grants pursuant to Chapter 380 of the 'rexas Local Government Code ("Chapter 380 Agreements") for prcjects located within the boundaries of the TIF as authorized by and in accordance with Section 31 1.010(h) oft Texas Tax Code, if one of the following two criteria is met: • The Chapter 380 Agreement supports a project that will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or • The Chapter 380 Agreement supports a project that is located on a property owned by any oft e taxing entities participating in the TIF. C. TAX INCREMENT REVENUE PROJECTIONS i, Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project improvements, ii. ProJection of Revenues 12 This section outlines the estimated zone tax increment. The zone tax increment will depend on many factors, including (a) the base value of real property in the zone subject to property tax; (b) captured appraised value; (c) annual growth of the zone's taxable real property (which largely depends on private growth within the zone); (d) participation by tax units; (e) tax rates; (f) collection rates; and (g) the term of the zone. Each of these factors is discussed in turn. (a) Taxable Appraised Value for 2014 (the Base Value). Table 1 sets forth the total taxable appraised value of property in the zone (estimated to be $171,822,838), which is anticipated to be the zone's base value. (b) Captured Appraised Value. Table 1 sets forth the estimated total appraised value of property in the zone over the life of the TIF (estimated to be approximately $808,347,140 in year 2034). (c) Expected Annual Growth of the Zone's Taxable Real Property. The estimated captured appraised value (thus reflecting estimated growth of real property taxable values) of the zone for each year of its existence and the estimated tax increment to be generated annually in total and from each taxing entity is outlined on Table 1. (d) Participation by Tax Units. Although each taxing entity has not agreed to a specific level of participation, the financial projections set forth in the Plan anticipates that the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water District will participate in the zone, by contributing fifty percent (50%) of each entity's tax increment with respect to the zone. (e) Projected Tax Rates. Property tax rates are assumed to remain constant. (f) Projected Collection Rates. The Plan assumes a one hundred percent (100%) collection rate. (g) Term of the Zone. The term of the zone will be 21 years, expiring on December 31, 2035, beginning with that zone tax increment generated by the 2015 tax appraisal and ending with that zone tax increment generated by the 2034 tax appraisal. M. Estimated Payment of Project Costs Based on the assumptions and estimates set forth in the information above, it is expected that the zone tax increment will be sufficient to pay in full all project costs (including interest). iv. Tax Exemptions Issued by Participating Taxing Entities 13 All taxing entities that participate in the zone shall retain the right to grant tax exemptions as permitted by applicable law to properties located in the zone for purposes including but not limited to 1) historic preservation and restoration and 2) homestead exemptions. This shall not include any form of tax abatement or grant of tax funds collected by either of the participating taxing entities without prior approval by the TIF Board pursuant to Section 311.013(f) of the Texas Tax Code. 14 IV. SUMMARY OF PROJECT COSTS AND FINANCING 15 IV. SUMMARY OF PROJECT COSTS AND FINANCING A. Anticipated TIF Pr-qjects a Road and Access m veinents,* $ 15,000:,000 ............................ (Street, traf ,fic, udlitg drainage and other public inl astrucha-e pr(#ecls within the TIF boundaries, including projects that iniprove access to and .fi,om the 7IF'area, such as rail co-ossikgs or rail oierpasses) • Public Infrastructure..IMprgvernents $ 14,000,000 .... ............................... (Public water and sewer line improvenyents, electric utility improvemenu, demolition and environmental reniedievion projects within 'i717 boundaries)!. • Streetscgpin -- id Pedestrian Inilgo ern nts $ 3500,000 &qi .............. --�L— g-,_ (Landscaping and sideivalk improiiements, installation of pedestrian lighting benches and u qyfinding signage as well as other improminents within the public right-ofway that enhance the pedestrian experience) • Public Par kgt1frqstrUcture..* $ 3,500,000 (Constimclion e.?f new parking facilifies or improi?ements to existing parkingjacilifies that dedicate spaces for use by the general public) • Public Amenities $ 2,500,000 (7mprowd public access to or public use of Marine CreeA; gateway improvements at key entry points of the Greater Stockyards Area,public, plazas or similar public improvements that support, development, and redevelopment within T[Fboundaries) • Historic Facade Preservation and Restoration $ 1,000,()00 (JmprovemenW—to The e"'x'I e'—rio'r----- ,faqade of buildings that are designated(i) Historic Significawt Didangered ("11SE') or (h) as Historic and C'uhural Landmark ("HC') by the City or, as a condition precedent to receipt qffunding, will be designated as such upon conit)lefion of the designation process.) 0 Administrative EV )1Q0 TOTAL PROJECT COSTS $ 40,000,000 B. Anticipated TIF .Revenues • City of Fort Worth $ 26,897,248 • Tarrant County $ 8,,305,115 • Tarrant County College District $ 4,703,086 • Tarrant Regional Water District 629 ..............——---------- TOTAL REVENUE $ 40,534,,624 * Project costs assume interest associated with reimbursement for public improvements. Note- The amounts outlined below are strictly estimates and do not serve as caps on any specific area. Eligible pr(..)ject, costs not outlined above may be firnded on a sl:)ecific I)roject as approved by the TIF Board. 16 V. TABLES 17 w ;Z;"z P,z H P^•P+*P*Pm P* U 4 FA uj C7 1® A L '' R,Mt N R ps IS hl 19 w q R ` w. ». tit a ° t �" " IA w r .� 6 My M i 19 VI® EXHIBITS EXHIBIT MAP OF THE BOUNDARY /amaa "hw mx, ^r mmR k.r.,31 imIS& V; 7' t,xmeGu'(4a f ij o w iww �mr tI WIN � /// / // 1� kwall mw slah 1)1 ICI Ilic vW Y OJx� e�m +»ttb.luwu.p' �i� y. I�n�o�Mm�l�,' �IC�'a&�mwiu�,&uax is trvaa�ma�uy�Vr aedre twCe p UPC"�' "�I�.0 0 6 mi 0-2 01.4 dB �, gram o��: „rte o� ��dw� �>���� cauS 21 EXHIBIT2 1,EGAI, DESCRIPTION OF THE TIF A tract of land out of the J. Baugh Survey, Abstract No. 115,the J. Thomas Survey, Abstract No. 1526.,the M.E. Jobe Survey, Abstract No. 886,the W.M. Gray Survey, Abstract No. 635, the M. Roddy Survey, Abstract No. 1370, the S. Gilmore Survey, Abstract,No. 580, the S,, Gilmore Survey, Abstract No. 590, the S.K. Smith Survey, Abstract No. 141.7 and the E. Little Survey, Abstract No. 954 and being more particularly described by metes and bounds as follows: Beginning at the intersection of the east right-of-way line of Clinton Avenue and the no right-of- way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60,North Fort Worth Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrunt County, Texas; 'flience- bearin roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of1way line of N,W 16 Street, Thence: bearing roughly Nortli 50 degrees East with said right-of-way, about 113.0 feet to its intersection with the south right-of way line of 2011 Street'. Thence with said right-of-way line, EAST about 287.0 feet to the east right-of-way line of llouston Street'. Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north right-ol'-'way line of 24"" Street,the southwest corner of Lot 56, Block 19,, Exchange Subdivision of Blocks 18 & 19., M.G. Ellis Addition according to plat recorded in Volume 204, Page 69 Records of Tarrant County, exas, I lwnce. with said right-o9-way line Wf�sl`, about 386.0 feet to its intersection with the east right-of- way line of Clinton.Avenue, the southwest corner oftfot 72, Block 18 of said Subdivision., Thence; with said right-of-way firte,NOR 111 about 2,780,0 feet-, Thence, continuing with said right--of way line, bearing rougl�dy North 15 degrees West, about 1,289.0 feet to its intersection with the south right-o&%vay line of 30'n' Street, the northwest corner of Lot 13, Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, Page 19, Plat Records of rarrant County, Texas, 'Thence: EAST, about 1,495.0 feet to the east iight­ofway line of North Corninerce Street'. Thence, bearing roughly North 1.5 degrees West, about 663,0 feet to its intersection wi tt he south fight-of-way line of 3 s'1" Street, the most westerly comer of Block 7, Fort Worth Syards Company Addition, according to plat recorded in Volunrie 388-A, Page I 11, Plat Records ofTarrant County, 4'exas,- Thence' EAST, about 360.0 feet to the east rig1 t-of4ay, line of"North Calhoun Stj.,eetl 22 Thence: with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco Heights according to plat recorded in Volume 388-51, Page 43, Plat Records of Tarrant County, Texas; Thence: EAST, about 321.0 feet to the west right-of-way line of the Burlington Northern & Santa Fe Railroad right-of-way; Thence: southeasterly, with said right-of-way line about 1,182.0 feet; Thence: bearing roughly North 63 degrees East, about 289.0 feet to a point lying on the east right-of- way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100, Fostepco Heights Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County, Texas; Thence: southeasterly with said right-of-way line, about 482.0 feet to the southwest corner of Lot 6, Block 100 of said Addition, the northwest corner of Lot 7 of said Addition; Thence: with the common line of said Lots roughly EAST, about 112.0 feet to the west right-of-way line of Terry Street; Thence: with said right-of-way line SOUTH, about 142.0 feet; Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east right-of-way line of Hays Street; Thence: bearing roughly NORTH with said right-of-way line about 450.0 feet to its intersection with the south right-of-way line of 30Th Street; Thence: with said right-of-way line EAST, about 27.0 feet to its intersection with the west right-of- way line of Burlington Northern & Santa Fe Railroad; Thence: northeasterly with said right-of-way line about 1,152.0 feet; Thence: EAST, about 2 10.0 feet to the east right-of-way line of said railroad; Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot 10, Block 101 of said Fostepco Heights Addition; Thence: departing said railroad right-of-way line bearing northeasterly about 150.0 feet to the west right-of-way line of Decatur Avenue, the southeast corner of said Lot 10; Thence: with said Decatur Avenue right-of-way line southeasterly about 975.0 feet; Thence: departing said right-of-way line bearing roughly EAST, about 1,581.0 feet to the southeast corner of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat Records of Tarrant County, Texas; 23 Thence: with the east line of.Block 6 of said Addition bearing SOIT1714, about 50.0 feet-, Thence- bear,in roughly EAST, about 225.0 feet to the east right.-of-way line of Oscar, Street,the southwest corner of Lot 15, Block 5 of said Moody Addition, Thence: with the east fight.-of-way line of said Oscar Street bearing roughly NORTH, about 306.0 feet to its intersection with the south right-of• ay line of Loraine Street, the northwest comer of Lot 10 of said Block 5" Thence: with the south right-of-way line of Loraine Street bearing roughly EAST, about 117.0 feet to the northwest comer of said Lot 10 lying on the west line of an a]ley" Thence- with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast comer of Lot 16 of said Moody, Addition-, Thence: bearing roughly EAST, about 1,387.0 feet tot e east line of an alley in Block I of said Addition, the northwest comer of Lot 2.- Thence: NORTH, about 50.0 feet to the northwest comer of Lot 3 of said Moody Addition.,, Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200,0 f e e t t o t he east right-of-way line of Deen Road; Thence, with said right-of-way line bearing roughly NORTH, about 779.0 feet-, Thence- bearing roughly North 45 degrees East, about 14.0 feet to the south right-of-way line of Dewey Street,the northwest comer of Lot IRI, Block. 1, United Service Center Addition according to plat recorded in Volume 3 8 8-140, Page 35, Plat Records of Tarrant e ' x County . .. j as, Thence: bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate Highway No. 35 (North Freeway), the northeast comer of Block 14, Karren Addition Third Filing according to plat recorded in Volume 388-6, Page 60, Plat Records of'rarrant County, Texash Thence: southwesterly along said right-of-way line about 1,110.0 f e e t t o t he northerly right-of-way line of 28'rh Street-, Thence- SOUJU, about 115.0 feet to the south right-of-way line of said 28n' Street, the northeast corner of Lot 1, Tay 1:or & McBrayer Subdivision accord itig to plat recorded in Volurn e 3 8 8-F, Page 77, Plat Records of'T'arrant County, Texas-, Thence: southeasterly about 36.0 feet-, Thence- southeasterly about 55.0 feet to the east right-of-way line of Warfield Street,the northwest comer of Lot 54, of said Addition-, Thence- with the south right-Of-Way line of said 28n' Street bewing EAST, about 185,0 feet to the west right-of-,way line of said North Freeway,, 24 Thence: southeasterly about 320.0 feet to the northeast corner of Lot 1, Block 1, Lonestar Forklift Addition according to plat recorded in Cabinet A, Slide 12844, Plat Records of Tarrant County, Texas; Thence: bearing roughly SOUTH, about 784.0 feet to the northeast corner of Lot 1, Block 1, McCann Addition according to plat recorded in Cabinet A, Slide 10865, Plat Records of Tarrant County, Texas, lying on said North Freeway right-of-way line; Thence: WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest corner of said Addition; Thence: bearing roughly South 10 degrees West, About 70.0 feet to its intersection with the east line of a T.E.S.Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tarrant County, Texas; Thence: bearing roughly SOUTH, about 837.0 feet to the north right-of-way line of Fort Worth Belt Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County, Texas; Thence: southwesterly about 240.0 feet to the southwest corner of that certain tract of land conveyed to Trinity Industries, Inc. according to deed recorded in Volume 6181, Page 563, Deed Records of Tarrant County, Texas lying on the east right-of-way line of said Cold Springs Road; Thence: bearing roughly North 29 degrees East about 259.0 feet to an angle point of said right-of- way; Thence: bearing roughly NORTH, about 174.0 feet to the intersection of the east right-of-way line of Warfield Avenue and the west right-of-way line of Cold Springs Road; Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0 feet to its intersection with the north right-of-way line of Warwick Street, the southwest corner of Lot 42 of said Taylor & McBrayer Subdivision; Thence: WEST, about 180.50 feet to the intersection of the east right-of-way line of Sterling Street, the southwest corner of Lot 13 of said Subdivision; Thence: with said right-of-way line, NORTH about 600.0 feet; Thence: bearing roughly WEST, about 1,551.0 feet along the north right-of-way line of Salisbury Avenue to the west right-of-way line of Hale Avenue, the southeast corner of Lot 8, Block 25, Diamond Hill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant County, Texas; Thence: with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection with the north right-of-way line of Orion Avenue, the southeast corner of Lot 10, Block 25 of said Addition; Thence: with said Orion Avenue right-of-way line WEST, about 1,225.0 feet to the southwest corner of Lot 17, Block 8 of said Diamond Hill Addition; 25 Thence- bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said Orion Avenue, the northwest comer of Lot B, Block 9 of said Addition abutting Trail Drivers Park, Thence: bearing roughly South 21 degrees West, about 439,0 feet to the southwest corner of Lot 12 of said Block Thence: bearing rougl-ily North 57 degrees West, about 994.0 feet to the southeast comer of Lot 12, Block 5 of said Addition-, I hence: bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 111, Block 5 of said Addition, Thence: bearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of Decatur Avenue, the southwest corner of Lot 12, Block 5 of said addition: Thence: bearing roughly North 58 degrees West, about 64.0 feet to the west right-of-way line of .Decatur Avenue, the southeast comer of Lot 2AI, Block 2, Fort Worth Stockyards Coinpany, according to plat recorded in Volume 388-A, Page I I I., Plat Records of Tarrant County, Texas, Thence: with said Decatur Ave right of-way line bearing roughly South 6 degrees East, about 506.0 feet.- Thence- bearing roughly SMITH, about 975.0 feet to the north fight-of way line of Fort Worth Belt Railroad right-of-way,the soutl'ieast comer of Tract 10, Abstract 954 of the E. Little Survey as conveyed to DFW K& H Real Estate, I. per deed recorded at Instrument No. 1 206009372., Deed Records of Tarrant County Texas' Thence: bearing roughly North 82 degrees East, about 54.0 feet to the east right-of-way, line of said Decatur Avenue, the southwest corner of Lot 2A, Block 4 of said Diamond Hill Additiom, Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest comer of Lot 3 1, Block 3 of saidAdditiorr Thence, NORTH, about 115.® feet to the northwest corner of said Lot 31 Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot lying on the west right-of-way line of Peak Street Thence, bearing roughly South 47 degrees East, about 79.0 feet to the southwest comer of Lot 2, Block 4 of said Diamond ill Addition.lying on the east right-of-way line of Peak Street and the no right-of-way line of said Fort Worth Belt Railroad--, Thence: northeasterly along said railroad right-of-way line about 3,,182.0 feet to a point,lying on the approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K. Smith Survey, Abstract,No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill A.ddition, 26 Thence- bearing roughly SOUTH, about 103.0 feet to the south line of said Fort Worth Belt Railroad right-of-way lying on the north line of Lot 4, Block 1, Gorbett Industrial Addition according to plat recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, Texas-, Thence- southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of Cold Springs Road, the northeast corner of said Addition" Thence.- southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way line of Northside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to plat recorded in Volume 388-45, page 68, Plat Records of Tarrant County, Texas-, Thence- southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet, an arc length of 431.52 feet to the southwest corner of said Lot-, Thence- bearing roughly North 10 degrees East, about 469.50 feet along the westerly line of said Delta Industrial District plat to the southeast corner of Lot 1, Block 2, Delta Industrial District according to plat recorded in Volume 388-168, Page 59, Plat Records of Tarrant County, Texas-, Thence.- bearing roughly North 76 degrees West, about 1,177.0 feet to the southwest corner of said Lot and Block-, Thence: bearing roughly North 12 degrees East, about 681.50 feet to the south right-of-way line of Brennan Avenue, the northwest corner of said Lot 1, Block 2-1 Thence- bearing roughly North 72 degrees West along said right-of-way line about 155.0 feet to the northeast corner of Lot 2, Block 47, Diamond Hill Addition according to plat recorded in Volume 388-209, Page 55, Plat Records of Tarrant County, Texas-, Thence: bearing roughly South 12 degrees West, about 547.50 feet to the southeast corner of Lot 2 of said Addition at an ell corner of Lot 1, Block I Brennan Avenue Service Center Addition according to plat recorded in Cabinet A, Slide 835, Plat Records of Tarrant County, Texas-, Thence- bearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said Lot I,- Thence: bearing roughly South 10 degrees West, about 580.0 feet to an ell corner of said Lot 1, the southeast corner of Lot 20A of said Diamond Hill Addition', Thence: bearing roughly North 80 degrees West, about 446.0 feet-, Thence.- bearing roughly South 58 degrees West, about 31.0 feet-, Thence: bearing roughly South 77 degrees West, about 142.0 feet-, Thence- bearing roughly South 60 degrees West, about 195.0 feet-, Thence: bearing roughly South 45 degrees West, about 274.0 feet to the intersection of the east right-of-way line of Samuels Avenue-, 27 Thence, bearing roughly North 37 degrees West, about 71,50 feet to the southeast corner of Block 13 of said Fort Worth Stockyards Company Addition lying on the no right-of-way line of 23"' Street'. Thence: bearing roughly South 78 degrees West, about 48.0 feet; Thence- continuing with said fight-of-way line bearing roughly WES"I', about 1,743.0 feet to its intersection with the east right-of-way line of Niles City Bl,vd,-I, "I'lience, westerly with said right-of-way line about 518.0 feet; Tlienc.e- bearing roughly, SOI(J-111, about 204.0 feet to the westerly southwest corner of Block 20 of said Fort Worth Stockyards Company Addition:.,the northwest corner of Lot IR, 131ock 178F, UG, Ellis.Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed Records of Tarrant County, T'exas; Thence, bearing rotighly South 60 degrees East, about 23.0 feet-, Thence: bearing roughly South 55 degrees East, about 1.12.40 .feet; 'I'hence; bearing roughly South.53 degrees East, about 109.40 feet; Thence, bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast comer of said Lot IR, lying on the west right-of-way line of Fort Worth&Western Railroad- Thence: with said railroad sigh -of-way line bearing roughly SOUTH, about 707.0 feet to the north right-of-way line of 2 is' Street", Thence-, with said righl-of-way line EAST, about 229.0 feet-, Thence: southeasterly with said railroad right-of-way line about 710.0 feet; Thence: WEST, about 39.0 feet; ,rhence: bearing roughly South 4 degrees West, about 1,21.6.0 feet to the north right of-Way line of Northside Drive,the southwest comer of Lot 1, Block 4, North Fort Worth Addition according to plat recorded in Volurne 63, page 149, Plat Records ornarant County, '"I'exas; Ulence- with said right-of-way line, bearing roughly South 60 degrees West, about 956.0 feet to the southeast corner of Lot 22, Block 78 of said Addition lying on the west right of'-way line of North .Main Street; 'rhence- with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the southeast comer of Lot 1, Block 59 of said.Addition lying on the north right-of-way line of Grand Avertue,- 28 Thence: southwesterly with the north right-of-way line of Grand Avenue, about 652.0 feet to the Place of Beginning, containing some 925.29 acres of land, more or less. Bearings and Distances per City of Fort Worth Graphic Information System. This description prepared by Steve Cisneros, TPW Survey Services, October of 2014. " This document was prepared under 22 TAC 663.2 1, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights or interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared." 29 EXHIBIT MAP OF EXISTING USES jj��j Single Family %dfi.Family J Caauvaanna;aasW � sad t.T sY OEM Vacant a, SUE VN '' Source: Tarrant Appraisal District, 2013 30 i I w my i v m MAP OF PROPERTY VALUES i Legend Appraised Value S10,001—S-100,000 IM S'1,000,001 S5,000,04X) N"4w,061 WI -1 �ra a �1 KI 11, Source: TaarraantAppraaraaai Dior ctb 2013 31 City of , Texas Mayor and Council Communication COUNCIL ACTION: Approved on 814/2015 ® Ordinance No. 21812-08-2015 DATE: Tuesday, August 04, 2015 REFERENCE O.: **G®16525 LOG NAME: 17ED TI15ADOPTPLA.N SUBJECT: Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone No. 15, City of Fort Worth, 'Texas(Stockyards/Northside TIF) (COUNCIL DISTRICT 2) RECOMMENDATION: It is recommended that the City Council adopt the attached) ordinance approviing the Project and Financing Plan for Tax Increment Reinvestment Zone No. 15, City of Fort Worth, Texas (Stockyards/Northside TIF). DISCUSSION: On December 2, 2014, the City Council approved Ordinance No. 21550-12-2014 to establish Tax Abatement Reinvestment Zone No. 15, City of Fort Worth, Texas (the Stockyard s/Nlo rth side TIF). At its first meeting on July 15„ 2015, the Board of Directors for the Stockyards/Nlorthside TIF adopted the attached Project and Financing Plan for consideration by the City Council. With the Project and Financing Plan in place, the Stockyards/Northsidle TIF will be in a position to help finance public infrastructure improvements in the area, such as road and access improvements, public infrastructure improvements, streetscaping and pedestrian improvements, public parking infrastructure, public amenities and historic facade preservation and restoration to support the development and redevelopment of the Stockya rds/N o rth side area. State law requires City Council approval of a TIF's Project and Financing Plan through an ordinance before the Plan can take effect. Thus, Staff recommends that the City Council adopt the attached ordinance approving the Project and Financing Plan for the Stockya rds/N orth side TIF, as adopted by the TIF's Board of Directors. The Stockya rds/North side TIF is located in COUNCIL DISTRICT 2. 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 q#y Manager's Off ic es Jay Chapa (6192) Originating_Department Head Robert Sturns (6172122666) Michael Hennig ('7667) Additional Information Contact: Ana Alvarado (7566) Lo name: 17ED TTF15AD0.'"I' LAN Page 1 of 1