HomeMy WebLinkAboutOrdinance 21949-10-2015 ORDINANCE NO. 21949-10-2015
AN ORDINANCE APPROVING AN AMENDED PROJECT AND
FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE
NUMBER THIRTEEN, CITY OF FORT WORTH, TEXAS
(WOODHAVEN TIF); MAKING VARIOUS FINDINGS RELATED TO
SUCH AMENDED PLAN; PROVIDING FOR SEVERABILITY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
pursuant to Ordinance No. 17889, adopted by the City Council of the City of Fort Worth, Texas
(the "City") on November 27, 2007, the City created Tax Increment Reinvestment Zone Number
Thirteen, City of Fort Worth, Texas (the "Zone" or "TIF"); and
WHEREAS, on May 29, 2008, the Board of Directors of the Zone (the "Board")
adopted a Project and Financing Plan for the Zone (the "Plan"), as required by Section
311.011(a) of the Act; and
WHEREAS, in accordance with Section 311.011(d) of the Act, on June 17, 2008, the
City Council approved the Plan pursuant to Ordinance No. 18146; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on September 30, 2015, and
pursuant to Board Resolution 2015-03, the Board amended the Plan and recommended the
amended Plan be approved by City Council to allow the use of economic development program
grants in accordance with Chapter 380 of the Texas Local Government Code and Section
311.010(h) of the Act if a project: 1) 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 2) is
located on a property owned by any of the taxing entities participating in the TIF; or 3) will
provide a minimum of 10 Full-Time Equivalent positions and $500,000 minimum private
investment, excluding land acquisition cost. In addition, the Board updated the anticipated TIF
projects list, updated revenue projections, and added wording specifically authorizing the Board
to expend up to 4% of annual TIF revenues for management and administrative purposes.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Ordinance No.21949-10-2015
Ordinance Approving Amendment to Project and Financing Plan Page 1 of 4
Tax Increment Reinvestment Zone Number Thirteen, 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 and
are incorporated into this Ordinance.
1.2 That the Plan, as amended, includes all information required by Sections 311.011(b) and
(c) of the Act.
1.3 That the Plan, as amended, is feasible and conforms to the City's master plan.
1.4 That on October 20, 2015, but prior to the adoption of this Ordinance, the City Council
held a public hearing on the Plan, as amended, and afforded a reasonable opportunity for
interested persons to speak for or against designation of the Zone and approval of the
Plan, as amended, as well as for owners of property located in the Zone to protest
inclusion of their property in the Zone (the "Public Hearing"), as required by Section
311.011(e) of the Act.
1.5 That notice of the Public Hearing was published in a newspaper having general
circulation in the City at least seven (7) days prior to the date of the Public Hearing,
which satisfies the procedural requirement of Section 311.003(c) of the Act that notice of
the Public Hearing be so published.
Section 2.
APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section 1 of this Ordinance, the Plan, as amended,
attached hereto as Exhibit "A" and incorporated herein, is hereby approved.
Section 3.
DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That the Economic Development Department is hereby directed to provide a copy of the
Plan, as amended, to the governing body of each taxing unit that taxes real property located in
the Zone.
Ordinance No.21949-10-2015
Ordinance Approving Amendment to Project and Financing Plan Page 2 of 4
Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth,Texas
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.
Section S.
EFFECTIVENESS.
That this Ordinance shall take effect and be in full force and effect from and after its
adoption.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM AND LEGALITY: ATTEST:
Maleshia B"Farmer, ary J. Kla
Senior Assistant City Attorney City Secretary
ADOPTED AND EFFECTIVE: October 20, 2015
M&C: G-18594
Ordinance No. 21949-10-2015
Ordinance Approving Amendment to Project and Financing Plan Page 3 of 4
Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas
EXHIBIT "A"
PROJECT AND FINANCING PLAN
Ordinance No.21949-10-2015
Ordinance Approving Amendment to Project and Financing Plan Page 4 of 4
Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth,Texas
TIF 13 : Woodhaven
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City of Fort Worth � P-
Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
Project Plan and Financing Plan
Prepared for
The City of Fort Worth
September 30, 2015
1
Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
Project Plan and Financing Plan
Table of Contents
I. Tax Increment Financing Overview............................................................................................3
II. The Project Plan............................................................................................................................5
A. Description of the Zone.....................................................................................................6
i. Map of the Boundary.............................................................................................7
ii. Legal Description..................................................................................................9
iii. Map of Existing Uses.......................................................................................... 15
iv. Map of Property Values.......................................................................................17
B. Proposed Changes to Current Ordinances and Codes.....................................................19
C. Estimated Non-project Costs...........................................................................................19
D. Method of Relocating Displaced Persons.......................................................................19
III. The Financing Plan ...................................................................................................................20
A. Economic Feasibility of the Zone...................................................................................21
B. Proposed Projects and Improvements.............................................................................23
C. Revenue Projections .......................................................................................................24
IV. Summary of Project Costs and Financing.................................................................................26
V. Tables..........................................................................................................................................28
2
I. TAX INCREMENT FINANCING OVERVIEW
3
I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing ("TIF") 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 primary
statute governing tax increment financing is codified in Chapter 311 of the Texas Tax Code
(the "Tax Code"). 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, for the 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 predominately open and, 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 adjacent to such property.
At the time an area is designated a reinvestment zone for tax increment financing, the
existing total appraised value of real property in the zone is identified and designated as the
"base value." All taxing units 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 increment". Each taxing unit 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 at 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 project 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
In 2005, the City of Fort Worth selected Gideon Toal to prepare a neighborhood
redevelopment plan to undergo a comprehensive study, analysis and action plan of the
Woodhaven area in east Fort Worth. Almost twenty years of escalating crime and stagnant
property values, along with increasing poverty levels were part of the impetus to initiate
policy, planning and redevelopments efforts for this area. In general, the TIF Plans
contemplate that prospective developers of properties within the TIF may fund portions of
public infrastructure associated with development opportunities by utilizing financial support
from the TIF 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, thereby malting it more attractive to new development
and redevelopment.
The Woodhaven TIF represents an important opportunity to support viable economic
redevelopment in east Fort Worth. Much of the area encompassed by the TIF has been in a
general state of economic decline with very little new private investment taping place in the
past twenty years. In order to support new and denser development in the future, some of
the basic infrastructure in the area must be upgraded because much of the existing streets,
water, sewer, and drainage systems were constructed several decades ago.
A. DESCRIPTION OF THE ZONE
The Woodhaven TIF is located in east Fort Worth and encompasses approximately 1,100
acres of property that is bounded by Willow Ridge Road on the westernmost boundary,
Interstate Highway 30 on the southernmost boundary, Interstate Highway Loop 820 on the
easternmost boundary, and roughly follows the Trinity River at its northernmost boundary.
This area includes intersections such as Woodhaven Blvd. and Boca Raton, and Bridge
Street and Boca Raton as they intersect Loop 820.
A map of the boundary and the legal description of the Woodhaven TIF are contained on the
following pages as well as maps of the current zoning and property values.
6
i. MAP OF THE BOUNDARY
i. MAP OF THE BOUNDARY
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ii. LEGAL DESCRIPTION OF THE TIF
9
ii. LEGAL DESCRIPTION OF THE TIF
Political Subdivision Description of TIF 13 (Woodhaven)
A tract of land out of the,the W. J.Baker Survey,Abstract Number 101,the J.Brockman Survey,
Abstract Number 102, the N.Burton Survey,Abstract Number 244, the J.H. Connor Survey,
Abstract Number 285, the P. E. Coleman Survey,Abstract Number 372, the D. M. Helms Survey,
Abstract Number 812, E.Jones Survey,Abstract Number 841,the H. P. Largent Survey,Abstract
Number 960, the William Mann Survey,Abstract Number 995,the George Main Survey, Abstract
Number 1097,the J. F.Reeding Survey,Abstract Number 1302,the W.R. Reeder Survey,Abstract
Number 1303,the R.Robinson Survey,Abstract Number 1315,the W. W. Ray Survey,Abstract
Number 1353,the E. G. B. Williams Survey,Abstract Number 1669,the W.Trimble Survey,
Abstract Number 1521, and the R. Taylor Survey, Abstract Number 1561;
BEGINNING at the intersection of the west line of said Jones Survey with the north right-of-way of
Interstate Highway 30;
THENCE with said west line,North,to and along the west line of said Brockman Survey, some
3430 feet,to the centerline of Old Randol Mill Road;
THENCE with said centerline, South 84 degrees 30 minutes East, some 450 feet to its intersection
with the west line of that certain tract of land described by deed recorded in Volume 9236, Page 157,
Deed Records,Tarrant County,Texas;
THENCE with said line,North, some 260 feet to its northwest corner:
THENCE with the north line of said tract, South 86 degrees 30 minutes East, some 560 feet,to the
southeast corner of that certain tract of land described by deed recorded in Volume 12871,Page 510,
Deed Records,Tarrant County,Texas;
THENCE with the east line of said tract,North, some 410 feet,to the south bank of the West Fork of
the Trinity River;
THENCE with said south bank,Northeasterly some 2280 feet,to the northwest corner of that certain
tract of land described by deed recorded in Volume 8938,Page 466,Deed Records, Tarrant County,
Texas;
THENCE with the north line of said tract,North 72 degrees 30 minutes East, some 560 feet,to the
west line of said Reeding Survey;
THENCE with said line, South, some 200 feet to its intersection with the northwesterly line of that
certain tract of land, known as Tract 21, out of said Reeding Survey, described by deed recorded in
Volume 16775, Page 133,Deed Records,Tarrant County,Texas;
THENCE with said line and the northeasterly line of said tract,Northeasterly, and Southeasterly,
some 740 feet,to the north corner of Lot 1 B, Block 100, Riverbend Estates;
10
THENCE with the west and south lines of said Lot, some 470 feet, to said northeasterly line of said
Tract 2L;
THENCE with said line, Southeasterly, some 940 feet,to the south right-of-way of Forest River
Drive;
THENCE with said right-of-way,North 55 degrees 30 minutes East, some 610 feet,to its
intersection with the west line of Lot 5, Block 1,Riverchase Addition;
THENCE with said line, Southeasterly, some 490 feet,to the northwest corner of Block 25 of
Woodhaven Country Club Estates;
THENCE with the west line of said Block, Southerly, some 1280 feet,to the northwest corner of Lot
IUR Woodhaven Golf Villas;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly, some 300 feet,
to the west right-of-way of Putter Drive;
THENCE with said right-of-way, South, some 40 feet,to the most east northeast corner of Lot IS;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly,some 590 feet,
to the southwesterly right-of-way of Putter Drive;
THENCE with said right-of-way, South 20 degrees East, some 10 feet,to the most north corner of
Lot 1N;
THENCE with the west, south and east lines of said Woodhaven Golf Villas, Southerly Easterly and
Northerly, some 860 feet,to the south right-of-way of Oakmont Lane;
THENCE with said right-of-way, South 79 degrees East, some 70 feet, and South 88 degrees 30
minutes East, some 110 feet, to the most northwest corner of Block 20 of Woodhaven Country Club
Estates;
THENCE with the west line of said Block, Southerly, to and along the north, west and south lines of
Block 1, of Havenwood Golf Villas, and to and along the east line of said Block 20, some 2200 feet,
to the southwest right-of-way of Oakmont Lane;
THENCE with said right-of-way, South 30 degrees East, some 50 feet, and South 21 degrees 30
minutes East, some 90 feet, and South 13 degrees East, some 30 feet,to the most northeast corner of
Block 9, Woodhaven Country Club Estates;
THENCE with the most north, west and north line of said Block, West, Southerly, and West, some
2000 feet, to its intersection with a line 1.0 feet northeasterly of the southwesterly right-of-way of
Country Club Lane;
THENCE with said line,Northwesterly, some 900 feet,to its intersection with the north line of Lot
39,Block 6, Woodhaven Country Club Estates;
11
THENCE to and along a north, a west, and a southwesterly line of said Block, West, South, and
Southeasterly, some 500 feet,to its intersection with the southwesterly right-of-way of Country Club
Lane;
THENCE with the southwesterly right-of-way of Country Club Lane, South 38 degrees East, some
140 feet,to the northeast corner of Lot 28, of said Block 6;
THENCE with the a north, most west and most south line of said Block, West, Southerly, and East,
crossing Doral Drive, and to and along the south line of Block 7, crossing Country Club Lane, and to
and along the south and southeast line of Block 8, crossing Oakland Hills Drive, and to and along the
southeast and north line of Block 10, some 7400 feet,to its intersection with the northeast right- of-
way of Oakmont Lane;
THENCE with said right-of-way,North 15 degrees 30 minutes West, some 100 feet,to the southeast
corner of Block 22;
THENCE with the east, north,west line of said Block,North, West, and South, some 5500 feet, to
its intersection with the north right-of-way of Oakmont Lane;
THENCE with said right-of-way,North 15 degrees 30 minutes West, some 100 feet,to the south
corner of Block 23;
THENCE with the east, and northeast line of said Block,North, and Northwest, some 1100 feet,to
its intersection with the east right-of-way of Oakmont Lane;
THENCE with said right-of-way,North 8 degrees West, some 215 feet,to the west corner of that
certain tract of land described by deed recorded in Volume 14772,Page 526, Deed Records,Tarrant
County,Texas;
THENCE with the south line of said tract, South 73 degrees 30 minutes East, some 80 feet, and
South 82 degrees East, some 110 feet, and South 1 degrees East, some 100 feet,to its intersection
with the south line of Block 1,Riverchase Addition;
THENCE with the southeast line of said Block,North 68 degrees East, some 690 feet, and North 32
degrees East, some 550 feet, to its intersection with the south right-of-way of Randol Mill Road;
THENCE with said right-of-way,North 69 degrees 30 minutes East, some 570 feet,to the northwest
corner of Block 16;
THENCE with the southwest line of said Block, Southeast, some 2000 feet,to its intersection with
the north right-of-way of Cholla Drive;
THENCE with said right-of-way,North 86 degrees East, some 250 feet,to the southeast corner of
Lot 45 in Block 16;
THENCE with an east,north, and south line of said Block,North, West, and East, some 2400 feet,
to the southeast corner of Lot 30 in Block 16;
12
Thence with the east line of said Lot,North 3 degrees 30 minutes East, some 120 feet,to its
intersection with the south right-of-way of Cholla Drive;
North 84 degrees 30 minutes East, some 20 feet, to the northwest corner of Lot 29 in Block 16;
Thence with the west line of said Lot, South 2 degrees West, some 130 feet, to its southwest corner;
THENCE with a south,west, north,west and south line of said Block, East, South, West, South and
East, some 3200 feet,to its intersection with the west right-of-way of High Woods Trail;
THENCE with said right-of-way, South, some 300 feet,to its intersection with the west right-of-way
of Boca Raton Boulevard;
THENCE with said right-of-way, West, some780 feet,to its intersection with the southwest line of
Block 29;
THENCE with said line, Southeasterly, some 2300 feet,to the south corner of the right-of-way of
High Woods Trail;
THENCE with the southeast line of said right-of-way,to and along southeast line of Block 27,
Northeasterly, some 440 feet,to its intersection with the west right-of-way of TXU Electric Delivery
Company;
THENCE with said right-of-way,North, some 2380 feet, and North 4 degrees 30 minutes West,
some 1190 feet,to its intersection with the south line of Block 19;
THENCE with said line, South 87 degrees West, some 340 feet, and South 70 degrees West, some
290 feet,to its intersection with the east right-of-way of High Woods Trail;
THENCE with said right-of-way,North, crossing Randol Mill Road, and to and along the east right-
of-way of Riverbend Estates Drive, some 1060 feet, to its intersection with the north right-of-way of
TXU Electric Delivery Company;
THENCE with said right-of-way, South 88 degrees East, some 790 feet, and North 4 degrees 30
minutes West,some 810 feet, to the north line of said Reeding Survey;
THENCE with said line,East, some 205 feet,to its intersection with the east TXU Electric Delivery
Company;
THENCE with said right-of-way,North 4 degrees 30 minutes West, some 980 feet,to the north bank
of the West Fork of the Trinity River;
THENCE with said north bank,Easterly some 3100 feet,to its intersection with the west right-of-
way of Interstate Highway Loop 820 East;
THENCE with said right-of-way, South, some 7000 feet,to its intersection with the north right-of-
way of Interstate Highway 30;
13
THENCE with said right-of-way, West, some 10,400 feet,to the Place of Beginning,and containing
some 1120 acres of land, more or less.
Bearing Base and Distances,per City of Fort Worth,Graphic Information System.
This description prepared by Hans Kevin Hansen,Registered Professional Land Surveyor,Number 4786,in September
2007.
"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."
14
iii. MAP OF EXISTING USES
15
iii. MAP OF EXISTING USES
The following depicts a map of the TIF boundary by current general uses.
The following categories are particularly significant in terms of implementing specific public
infrastructure improvements in strategic areas:
Improved &Unimproved Commercial
Improved &Unimproved Residential
Vacant Unimproved
Comm ercial-Irnproved 3
Residential-Improved
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16
iv. MAP OF PROPERTY VALUES
17
iv. MAP OF 2007 PROPERTY VALUES
Total Value in$
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B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
There are currently no proposed changes to zoning ordinances, building codes, nor any other
municipal ordinances relating to the TIF that would affect the anticipated implementation of
the Plans by the Board.
C. ESTIMATED NON-PROJECT COSTS
Non-project costs are not expected to be incurred within the TIF.
D. METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plan.
18
III. THE FINANCING PLAN
19
III. THE FINANCING PLAN
A. ECONOMIC FEASIBILITY OF THE ZONE
i. 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 Zone 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
2007 was important since private investment activity was currently evident in the area.
Specifically, it was anticipated that some modest commercial development and some
additional available parcels that front Interstate Highway 30 and Interstate Highway Loop
820 could serve as catalysts that would both initiate the redevelopment of the area and help
ensure the success of the TIF Zone in the early years. Additionally, the former Oak Hollow
and Villa del Rio apartments that were purchased by the City of Fort Worth are prime areas
within the heart of the neighborhood that have the opportunity to be redeveloped into
more attractive properties with the assistance of this TIF through streetscape
enhancements and other permissible assistance.
With the designation of the 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. These new developments should have a substantial impact on the
overall increase in taxable real property within the Zone than typically found in other parts
of Fort Worth, because of the extent of blighted properties and depressed existing values in
the area. With regard to the revenue projections that have been developed for this plan, a
1.5 percent annual growth rate has been utilized, which is conservative and suggests an even
greater opportunity for the success of the TIF Zone.
It is estimated that the area in the Zone will experience development during the 20-year
period in which the TIF Zone is in place with the potential for TIF increment to generate
approximately $ 4.4 million.
20
ii. Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
approximately 140 acres of the developable area becoming new or redeveloped retail and
commercial business.
iii. Employment Opportunities
In addition to the jobs created during construction of the project improvements, it is expected
that the future development of the Zone resulting from the private project improvements will
generate a wide variety of additional employment opportunities.
B. PROPOSED PROJECTS AND IMPROVEMENTS
Redevelopment within the Woodhaven TIF will consist of a combination of public
improvements and private investment projects over time. These improvements will provide
a "foundation for development" to encourage and support the long-term public needs of the
neighborhood and to secure mixed-use economic growth opportunities in the Woodhaven
area.
i. Initial Improvements
The initial improvements contemplated in the Woodhaven TIF include public infrastructure
(e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use development.
In addition, demolition, environmental remediation, and all expenses allowable under the
Tax Increment Financing Act are contemplated as needed for areas within the TIF Zone.
The improvements undertaken by the TIF will include, but not be limited to the projects
listed below:
• Corridor Improvements — Street, traffic, utility, drainage and other public infrastructure
projects within the TIF boundaries.
• Public Infrastructure Improvements - Water, sewer, drainage, roads, sidewalks, etc.
and demolition costs associated with the following potential projects:
• Renovation of two old strip centers along Woodhaven and Boca Raton
• New construction at site of former apartments along Boca Raton and
Oakland Hills
• Gateway Enhancements - Street, traffic, utility, drainage and other public infrastructure
projects at the gateways of the TIF along Woodhaven Blvd., Randol Mill Road, Boca
Raton and Bridge Street.
21
® Administrative Expenses - The TIF District's board of directors is authorized to expend
up to 4% of annual TIF revenues for management and administrative purposes.
ii. Future Improvements
There are no future projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the project plan if subsequent projects
are identified by the TIF Board as appropriate and eligible for tax increment funding.
iii. Economic Development Program Grant Agreements (Chapter 380
Agreements)
The Board is authorized to enter into economic development program grant agreements
pursuant to Chapter 380 of the Texas Local Government Code ("Chapter 380 Agreements")
for projects located within the boundaries of the TIF as authorized by and in accordance with
Section 311.010(h) of the Texas Tax Code, if the Chapter 380 Agreement supports a project
that meets one of the following criteria:
• The project 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 project is located on a property owned by any of the taxing entities participating in
the TIF; or
• The project will provide a minimum of 10 Full Time Equivalent Jobs and $500,000
minimum private investment, excluding land acquisition cost. Full-time Equivalent Job
means a job on the Development Property provided to one or more individuals by a
Development Property User for, collectively, at least forty (40) hours per week. For
example, in a case where one individual works on the Development Property for 15
hours per week and another individual works on the Development Property for 25 hours
per week, those jobs will be counted collectively as one (1)Full-time Equivalent Job.
In order to provide structure for the agreements, and to promote clarity for developers and the
TIF Board, the Chapter 380 Agreements within the TIF will follow the City of Fort Worth's
Chapter 380 Economic Development Program. This Program requires that all agreements be
reviewed and entered into on a case-by-case basis; consist of a binding contract with specific
and verifiable employment creation commitments and other commitments that serve a public
purpose; and ensure ability to terminate agreement and recapture funds if commitments are
not met.
22
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
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) Appraised Taxable Value for 2007 (the Base Value). Table 1 sets forth the
total appraised taxable value of property in the Zone as of the base year ($182 million)
(b) Taxable Value. Table 1 sets forth the estimated total appraised taxable value
of property in the Zone over the life of the TIF (estimated to be approximately $223
million in year 2027).
(c) Expected Annual Growth of the Zone's Taxable Real Property. The estimated
taxable value 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 are outlined on Table 1.
(d) Participation by Tax Units.. Participating entities have designated contributing
percentages of the tax increment generated within the TIF District as follows: City 100%,
Tarrant Regional Water District 100% , Tarrant County 80%, Tarrant County Hospital
District 80%, and Tarrant County College District 50%.
(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 by all entities at their respective level of participation.
(g) Term of the Zone. The term of the Zone will be 21 years, expiring on December
31, 2028, beginning with that Zone tax increment generated by the 2008 tax appraisal and
ending with that Zone tax increment generated by the 2027 tax appraisal.
iii. 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).
23
IV. SUMMARY OF PROTECT COSTS
AND FINANCING
24
IV. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
• Corridor Improvements $ 1,500,000
• Public Infrastructure/demolition associated with
• Renovation of strip centers along Woodhaven and Boca Raton $ 650,000
• New construction at site of former apartments along Boca
Raton and Oakland Hills $950,000
• Gateway Enhancements $650,000
• TIF 380 Grant Agreements $500,000
• Administrative Expenses $155,000
TOTAL PROJECT COSTS $4,405,000
B. Anticipated TIF Revenues
• City of Fort Worth $2,944,000
• Tarrant County $650,000
• Tarrant County Hospital District $ 534,000
• Tarrant County College District $218,000
• Tarrant Regional Water District $59,000
TOTAL REVENUE $4,405,000
Note: The amounts outlined above are strictly estimates and do not serve as caps on any specific
area.Eligible project costs not outlined above may be funded on a specific project as approved by
the TIF Board
Project costs assume interest associated with reimbursement for public improvements.
25
V. TABLES
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 10120/2015 - Ordinance No. 21949-10-2015
DATE: Tuesday, October 20, 2015 REFERENCE NO.: G-18594
LOG NAME: 17ED TIF13AMENDPLAN2015
SUBJECT:
Adopt Ordinance Amending the Project and Financing Plan for Tax Increment Reinvestment Zone No.
Thirteen, City of Fort Worth, Texas, Woodhaven TIF, to Authorize the Use of Economic Development
Program Grants, Pursuant to Chapter 380 of the Texas Local Government Code and Update Projected
Revenues (COUNCIL DISTRICT 4)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning an Amendment to the Project and Financing Plan for Tax
Increment Reinvestment Zone No. Thirteen, City of Fort Worth, Texas, Woodhaven TIF, as set forth in
Exhibit A of the attached Ordinance, to afford an opportunity for interested persons to speak for or against
the proposed amendments, the boundaries of the TIF and the concept of tax increment financing; and
2. Close the public hearing and adopt the attached ordinance approving an amendment to the
Woodhaven TIF Project and Financing Plan.
DISCUSSION:
On November 27, 2007, the City Council approved Ordinance No. 17889-11-2007 establishing the
Woodhaven TIF (TIF). At its first meeting on May 29, 2008, the Board of Directors for the TIF
unanimously adopted the current Project Plan and Financing Plan (Plan) for consideration by the City
Council, who approved the Plan on June 17, 2008.
On September 30, 2015, the Woodhaven TIF Board voted to amend the Plan to allow the use of Chapter
380 Grants if a project: 1) 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 2) is located on a property owned
by any of the taxing entities participating in the TIF; or 3) will provide a minimum of 10 full time equivalent
positions and $500,000.00 minimum private investment, excluding land acquisition cost. In addition, the
Board updated the anticipated TIF projects list, updated revenue projections, and added wording
specifically authorizing the Board to expend up to four percent of annual TIF revenues for management
and administrative purposes.
State law requires City Council approval of the amended Project and Financing Plan through an ordinance
before the Plan can take effect. Staff recommends that the City Council adopt the attached ordinance
approving amendments to the Project and Financing Plan for the TIF, as adopted by the TIF's Board of
Directors. The proposed amended Plan is included in the attached ordinance as Exhibit A.
In accordance with state law, notice of the public hearing was published in a newspaper having general
circulation in the City at least seven days prior to the date of the hearing.
Logname: 17ED TIF13AMENDPLAN2015 Page I of 2
The TlFio located in COUNCIL DISTRICT 4. Mopaoo65U.
CERTIFICATION:FISCAL INFORMATION /
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
CERTIFICATIONS:FUND IDENTIFIERS (FIDs):
TO
Fund Department ccounj Project JProgram�ctiiviity Budget Reference #
I ID ID Year (Chartfield 2)
FROM
Fund Department C ject Program�lctiiviityj Budget Reference # mou
ID Year (Chartfield 2)
Submitted for City Manager's Office by:
Joy {}hapa /5804\
Originating Department Head: RobertGtunne (2603)
Ana Alvarado /6029\
Additional Information ContaGt: Carol Griffith (5027)
I.ogoome: l7E[) T]Irl3AM£[ND]`I.AN20l5 Page 2of2