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HomeMy WebLinkAboutOrdinance 16667-10-2005ORDINANCE NO. ~" V AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS FOR TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS (NORTH TARRANT PARKWAY TIF), MAKING VARIOUS FINDINGS RELATED TO SUCH PLANS, CLARIFYING THE POWERS OF THE BOARD OF DIRECTORS OF THE ZONE, PROVIDING FOR SEVERABILITY AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on December 9 2003 the City Council of the City of Fort Worth (the `City") established Tax Increment Financing Reinvestment Zone Number Seven, City of Fort Worth, Texas (North Tarrant Parkway TIF) (the `Zone") pursuant to Ordinance No 15774 and as authorized by Chapter 311 ofthe Texas Tax Code (the Act") and WHEREAS, in accordance with Section 311 O11(a) of the Act, on February 3 2005 the board of directors of the Zone (the `Board") adopted a project plan and a financing plan for the Zone, which was amended by the Board on September 29 2005 both of which, as amended, are attached hereto as Exhibit A (collectively the `Plans"), and recommended that the Plans be approved by the City Council, as required by Section 311 O11(d) of 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 Page 1 Ordinance Approving the Project Plan rid Financing Plan T Increment Reinvestment Zone Number Seven, City of Fort Worth, T (North Tarrant Parkway TIF) 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. 1.2. That the Plans include all information required by Sections 311 Ol1(b) and (c) of the Act. 1.3. That the Plans are feasible and the project plan conforms to the City's master plan. Section 2. APPROVAL OF PLANS. That based on the findings set forth in Section 1 of this Ordinance, the Plans, as set forth in Exhibit A which Is attached hereto and hereby made a part of this Ordinance for all purposes, are hereby approved. Section 3. POWERS OF BOARD OF DIRECTORS. That the Board will continue to have all powers granted to it under Section 311 010 of the Act and all powers granted to the City under Section 311 008 of the Act, except that the Board shall not have the power (i) of eminent domain, (ii) to Issue bonds or notes; (iii) to impose taxes or fees; or (iv) to restrict the use or uses of property in the Zone. The Board s chaiperson shall have the authority to execute agreements that the Board is lawfully allowed to enter alto and that the Board considers necessary or convenient to implement the Plans. Notwithstanding anything to the contrary herein, the Board (i) will provide the City Council with any information regarding the operations or activities of the Board and/or the Zone that may be requested by the City Council and (ii), if requ>red by any subsequent ordinance Page 2 Ordinance Approving the Project Plan rid Financing Plan T Increment Reinvestment Zone Number Seven, City of Fort Worth, T (North Tarrant Parkway TIF) adopted by the Crty Council, will not expend any revenues in the TIF Fund, as defined in Section 5 of Ordinance No 15774, toward any specific projects in the Zone without pnor City Council approval. Section 4. DELIVERY OF PLANS TO TAXING ENTITIES. That the City Manager 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 5. 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 6. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect from and after its adoption. Page 3 Ordinance Approving the Project Plan nd Financing Plan T Increment Reinvestment Zone Number Seven, City of Fort Worth, T (North Tarrant Parkway TIF) AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE APPROVED AS TO FORM AND LEGALITY By j Peter Vaky Assistant City Attorney Date: 10-~ S' OS M&C• ~-/x•973 Page 4 Ordinance Approving the Project Plan nd Financing Plan T Increment Reinvestment Zone Number Seven, City of Fort Worth, T (North Tarrant Parkway TIF) Exhibit A Project & Financing Plans TAX INCREMENT REINVESTMENT ZONE SEVEN, CITY OF FORT WORTH, TEXAS (North Tarrant Parkway TIF) PROJECT PLAN AND FINANCING PLAN CITY OF FORT WORTH SEPTEMBER 2005 Table of Contents I. Tax Increment Finance Overview II. North Tarrant Parkway Reinvestment Zone Summary III. Description of Proposed Zone A. Map and Legal Description B Changes to Current Ordinances and Codes IV Economic Impact A. Increased Tax Base B Increased Retail Business C Employment Opportunities D Relocation of Displaced Individuals V Description of Project Improvements and Costs A. Improvements B Project Costs C Timetable of Project Costs VI. Tax Increment Projections (Financing Plan) A. Feasibility Study B Banded Indebtedness C Projections of Revenue D `Estimated Payment of Project Costs VII. Tables Table 1 Project Improvement Description Table 2 Estunated Project Improvement Costs Table 3 2003 Tax Summary -Need this Table 3a. TIF Appraisal Report from Tarrant Appraisal Table 4 TIF Tax Increment Projections Table 5 Tax Increment Projections -All Jurisdictions Table 6 Projected Project Costs to be Reimbursed by Tax Increment 2 4 10 12 TAX INCREMENT FINANCING OVERVIEW Tax increment financing ("TIF") is a tool Texas local governments use to finance public works 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'). The Tax Increment Financing Act provides for Municipalities to create `reinvestment zones within which various public works and improvements can be undertaken, using tax increment bonds or notes to pay for those Improvements. A municipality makes an area eligible for tax increment financing by designating a r-einvestment zone. At the time an area is designated a reinvestment zone for tax increment financing, the existing total of appraised value of real property in the zone Is identified and designated as the `tax increment base Taxing units levying taxes in the zone during its life are limited to tax revenues derived from this original based. Public improvements are made in the area to attract private development that would not otherwise occur or which would otherwise occur at a much later date As new development is added to the tax rolls, total assessed valuations rise. This rise in new value is called the captured appraised value Then, the taxes that are collected by the participating taxing jurisdictions on the Incremental increase between .the original based value and the new higher value (the `tax increment") are deposited into a TIF trust fund which is used to pay for the public improvements are completed and paid for, the TIF is dissolved and the full amount of the taxes collected in the area are kept by the taxing jurisdictions. In effect, the taxing jurisdictions are `investing" the future earnings to receive the benefit of higher. tax revenues from new development. In addition, taxing jurisdictions are not restricted from raising their tax rates during the life of the zone. The subsequent tax increment earned would not only finance public improvements but would also ultimately accrue to the direct benefit of each local taxing jurisdiction. The North Tarrant Parkway TIF promotes regional mobility and increased economic stability 2 1'IF No. 7 092105 II. NORTH TARRANT PARKWAY TIF ZONE SUMMARY The reinvestment zone covered by this project plan and financing plan (this `Plan') is described in Section II hereof (the `Zone') In general, under this Plan it is contemplated various land developers (each Developer) will fund (i) portions of the City's share of costs both under certain Agreements by and between the City of Fort Worth (the `City") and the Texas Department of Transportation TxDOT for the construction of public roads and (ii) certain costs under any agreements entered into between the TIF Board of Directors and Developer for the construction of public roads (hereinafter such road improvements shall be referred to as `Project Improvements") In particular the Prod ect Improvements include the construction of public thoroughfares that generally meet the regional transportation facility requirements of North Fort Worth and the surrounding areas, including, but not limited to, principal/mayor arterials, interchanges, and large bridges that: 1) benefit property within the Zone, as determined by the Zone s board of directors, 2) the construction of which are needed during the term of the Zone, as demonstrated in a traffic impact study submitted to and validated by the City's Transportation/Public Works Department as part of a planned development within or directly benefiting the Zone, and 3) that will be constructed by a developer who will pay the entire cost of construction and be reunbursed for only the public portion of the construction, the amount of which will be based on the planned development's traffic impact on regional facilities, as determined by the City's Transportation/Public Works Deparhnent. Based upon a set of conservative assumptions and analysis of the project and financing plan, it is concluded that the project and financing plan is feasible. Two projects referred to and depicted in the agreement between TxDOT and the City dated July 21 2001 as (A) the North Tarrant Parkway Interchange Ramps and Frontage Roads, and (B) the connecting road from Interstate Highway 35-W east to Rainey Lake Road within the TIF Zone described in Section IV hereof are examples of Project Improvements to be undertaken by the TIF District in which a developer funds portions of the City's share of costs in road construction projects. As was done with the example above, the Board of Directors of the Zone (the `Board") and each developer will enter into a Development Agreement addressing the Project Improvements and the reimbursement to the developer from the Zone Tax Increment (the `Zone Development Agreement") Table 1 lists the Zone projects. In general, the Zone Tax Increment will consist of eighty percent (80%) of City of Fort Worth, Tarrant County and Tarrant County Hospital District (and possibly the Tarrant Regional Water District) property taxes generated from any appreciation in the taxable value of real property within the Zone since the year in which the Zone is formed. The Zone Tax Increment shall flow to the Zone s tax increment fund each year until expiration of the Zone, which is December 31 2019 (the `TIF Fund ') Money flowing to the TIF Fund each year will be disbursed as authorized by the Board and in accordance with this Plan. It is contemplated that the Zone Development Agreements will describe how the Zone Tax Increment will be allocated to pay for the Project Improvement Reimbursement Amount and any other project costs (as that term is defined in Section 311 002(1) of the Texas Tax Code) authorized by the Board and this Plan. 3 TIF No. 7 092105 I. DESCRIPTION OF ZONE TIF No. 7 092105 II DESCRIPTION OF ZONE A. Map A legal description of the reinvestment zone boundary and a description of the current land uses are presented in Exhibit A. Exhibit B depicts the proposed roadway infrastructure and right-of way associated with projects #1 and #2 on Table 1 Exhibit C depicts the proposed roadway infrastructure improvements associated with projects # 3 through #9 .Exhibit D depicts the proposed roadway infrastructure improvements associated with projects #10 through #12 B. Changes to Current Ordinances and Codes There are currently no proposed changes to the zoning ordinances, the master plan, the building codes, or any other municipal ordinances relating to the Zone that would affect the anticipated implementation of this Plan by the Board. 5 TIF No. 7 092105 III. ECONOMIC IMPACT TIF No, 7 092105 III. ECONOMIC IMPACT A. Increased Tax Base It is anticipated that the area within the Zone will experience new development once the proposed iiprovements are completed. Therefore, this conceptual master plan will be an important catalyst in spurring additional private investment, which strengthens the Fort Worth economy and tax base. Potential mixed-use development is expected to include commercial, retail, restaurants, hotels/motels, entertainment, residential. It is anticipated that there will be a substantial increase in taxable real property m the Zone as a result of the construction of the project improvements. This increase in taxable real property within the. Zone will be the basis on which Zone Tax Increment will be derived. It is estimated that the area in the Zone will fully develop in a 30-year period, and the increment could reach over $58 million by the end of the 15-year TIF term with eighty percent (80%) participation for the City County Hospital District, and Water District (and not including participation by the respective school districts) As a result of this increase in taxable real property Northwest ISD could receive an estimated $88 million collectively in tax revenue directly from private developments within the TIF Zone over the 15-year period. B. Increased Retail Business Based on current land uses and potential investment, the TIF Zone will develop with approximately 230 acres (2.5 3 0 million square feet) of undeveloped real property The planned infrastructure improvements depicted in Exhibit B will contribute significantly to Fort Worth s ability to retain and attract business growth North of the downtown area. C. 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 improvements will generate employment opportunities m business, retail, medical and hospitality industries. D Relocation of Displaced Individuals No person shall be displaced as a result of implementing this Plan. ~ TIF No. 7 092105 IV DESCRIPTION OF PROJECT IMPROVEMEIoTTS TIF No. 7 092105 IV DESCRIPTION OF PROJECT IMPROVEMENTS AND COSTS A. Improvements The Project Improvements well include capital improvements, which will benefit the general public as well as facilitate development of the Zone. The proposed infrastructure improvement must meet the regional transportation facility requirements of North Fort Worth and the surrounding areas, including, but not limited to, prmcipaUmajor arterials, interchanges, and large bridges that: 1) benefit property within the Zone, as determined by the Zone s board of directors, 2) the construction of which are needed during the term of the Zone, as demonstrated in a traffic unpact study submitted to and validated by the City's Transportation/Public Works Department as part of a planned development within or directly benefitmg the Zone; and 3) that will be constructed by a developer who will pay the entire cost of construction and be reimbursed for only the public portion of the construction, the amount of which will be based on the planned development's traffic impact on regional facilities, as determined by the City's Transportation/Public Works Department. Based upon a set of conservative assumptions and analysis of the project and financing plan, it is concluded that the project and financing plan is feasible. A description of the type and location of the Project Improvements is attached hereto as Table 1 B. Project Costs A list of the estimated project costs of the Zone, including administrative expenses, is attached hereto as Table 2. C. Timetable of Project Costs Project Improvements #1 and #2 on Table 1 will be completed (both Phase I and Phase II Improvements) by the sprmg of 2005 Projects qualifying for TIF participation under Project Improvements #3 through #12 on Table 1 will be completed in accordance with timelines subsequently established by the TIF's board of directors pursuant to individual tax increment financing development agreements, if any' at the time the TIF s board of directors enters into such agreements. 9 TIF No. 7 092105 V TAX INCREMENT PROJECTIONS (FINANCING PLAN) 1 ~ Tff No. 7 092105 V TAX INCREMENT PROJECTIONS (FINANCING P1LAN) A. Project Feasibility It is estimated that the area in the Zone will fully develop in a 30-year period, and the increment could reach over $58 million by the end of the 15-year TIF term with eighty percent (80%) participation for the City County Hospital District, and Water District (and not including participation by the respective school distracts) B Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to the Project Improvements. C. Projections of Revenue 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) annual growth of the Zone s taxable real property (which largely depends on private growth within the Zone) (c) participation by tax units (d) tax rates, (e) collection rates, and (f) the term of the Zone. Each of these factors is discussed in turn. 1 Taxable Appraised Value (the Base Value) Table 3 sets forth the total taxable appraised value of property in the Zone, which is $1,283 676 as determined by Tarrant Appraisal District as of February 28, 2005 2. Expected Annual Growth of the Zones Taxable Real Property and Tax Increment. 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 Tables 4 and 5 4 Partici anion by Tax Units. Although other tax units may participate m the Zone, the financial projections set forth m this Plan assume that the City of Fort Worth, Tarrant County the Tarrant County Hospital District and the Tarrant Regional Water District will participate in the Zone, contributing eighty percent (80%) of their tax increment with respect to the Zone. 5 Projected Tax Rates Property tax rates are assumed to remain constant. 6 Projected Collection Rates. This Plan assumes aninety-nine percent (99%) collection rate. 7 Term of the Zone The term of the Zone will be 16 years, expiring on December 31 2019 with Zone Tax Increment paid for fifteen (15) years, beginning with that Zone Tax 11 TIF No. 7 092105 Increment generated in the 2004 tax year and ending wlth that Zone Tax Increment generated in the 2018 tax year D Estimated Payment of Project Costs Based on the assumptions and estimates set forth m Paragraph C above, It is expected that the Zone Tax Increment will be sufficient to pay in full all project costs (including interest) of any development agreements entered Into by the Zone Board of Directors during the term of this Zone. Additionally it is contemplated that costs associated with administering the TIF will be included in the overall project plan. 12 TIF No. 7 092105 VII. TA~I.,~S 12 TIF No. 7 092105 TABLE 1 Project Improvement Description Phase I. North Tarrant Parkway / IH 35W Interchange The completion of the North Tarrant Parkway Interchange, ramps, and frontage Roads (TxDOT CSJ 0081 12-031 and 0902-48 515) on Interstate Highway 35 West between US81/US287 and existing Heritage Trace Parkway interchange. 2. Phase II. North Tarrant Parkway from IH 35W to Rainy Lake Road The completion of approximately 5 000 feet of four (4) lanes divided North Tarrant Parkway from North Tarrant Parkway Interchange east to Rainy Lake Road tying into existing North Tarrant Parkway at KISD s Fossil Ridge High School. 3 Phase lA -North Tarrant Parkway from IH 35W to US 287 Construction of North Tarrant Parkway six (6) lanes from IH 35W to the Northbound (NB) US 81/287 4 Phase 1B - NB US 287 Frontage Road US 287 northbound Frontage Road reconstruction from just west of off ramp to North Tarrant Parkway to Harmon Road Reconstruction of the existing NB US 81/28? Frontage Toad and ramp located South of Harmon Road 5. Phase 1C -Harmon Road Improvements Reconstruction of Harmon Rd six (6) lanes from NB US 81/287 frontage road to the Presidio Vista Development entrance. Intersection and signalizatlon Improvements at the following intersections Harmon Road at West Presidio Vista Development entrance Harmon Road at NB US Frontage Road Harmon Road at SB US 81/287 Frontage Road 6. Phase 1D -North Tarrant Parkway from Harmon to SB Frontage RD 7 Phase 1E -North Tarrant Parkway/LTS Interchange W/Harmon RD Overpass Construction of North Tarrant Parkway six (6) lanes over US 81!287 Construction of Turnaround from NB to SB US 81/287 Frontage Road at North Tarrant Parkway overpass Widening of Harmon Road from two (2) lanes to six (6) lanes over US 81/287 Reconstruction of the existing SB US 287 Frontage Road from Harmon RD to SB 81/287 entrance ramp Construction of auxiliary lane 8. Phase 1F - US 287 Frontage Roads North of Harmon RD Phase 1G US 287 NB Frontage Road Reconstruction 12 TIF No. 7 092105 lU Heritage Trace Parkway (North 2-lanes) Two (2) additional lanes between I 35 and North Riverside in existing 120 ROW Exiting three (3) lanes installed by Hillwood, including necessary signalization. 11 N Riverside Dr (to S. Line of Residential) (4- lanes) Four (4) lanes (6,400 LF) of divided roadway between Heritage Trace Parkway and North Tarrant Parkway Approximately 50% of ROW by Hillwood. The remainder will require City and/or County acquisition. 12. Texas U Turn on IH 35W at Heritage Trace Parkway One (1) lane bridge on I 35W (NB to SB) at Heritage Trace Parkway Improvement may not be required. Priority Regional Transportation Facilities The proposed infrastructure and development improvements outlined in this project plan meet the regional transportation facility priorities. This includes, but not limited to principal/major arterials, interchanges, and large bridges that: 1) benefit property within the TIF as determined by the TIF s board of directors, 2) the construction of which are needed with the life during the term of the TIF as demonstrated in a traffic impact study submitted to and validated by the City's Transportation/Public Works Department as part of a planned development within or directly benefiting the TIF and 3) that will be constructed by a developer who will pay the entire cost of construction and be reimbursed for only the public portion of the construction, the amount of which will be based on the planned development's traffic impact on regional facilities, as determined by the City's Transportation/Public Works Department. 13 TIF No. 7 092105 -r H 4~f W h ~ W W aH o~ HA N 0 d' U~ H as A F F H W F z 0 M O O O O O h 00 N l~ ~ 00 ~ O O O O~ O O vN1 VN ~ a d N V O O ~~~ ~ N H h M N e*~ l~ O^ N M fi . r \. 69 ~ o ~ b n M N W °~ ~ ~ ~ A -. 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O ( ~ H N ~ a i ~ O A ~ 3 O a o ~ 3 o ~ M w x ~ ~ W GGGLLLL ~+ x 3 ~ o O ~ y ~ U ~ ~ ~ ~ N U ~ ..C G ~ ~ ~ ° ~ x ~ o ~ ~ ~ ~ ~ o z `~ ~ `~ ~ ~ ~ > ~ ~ '~ O ~ ~ C, ~ Chi 0 CC p ~ N ~ a a ~ ° ~, a ~ ~ w z ~ N ~ ~ ~ w ~ ~ O F" ~' h 1" .~ ~ o o N ~y x a z z z z ~ M !h V'7 ~O t 00 O~ O O ~ ~ p ~ ~ M ~ H ~ ~ ~ N 69 O O O O O 00 O O O ~ ~ ~ ~ N 0 0 ~ ~ ~ ~ 69 6 9 6 9 v~ 64 4 Y ~~ C^ Q F ~ ~ u ~ ~ ~ o L o ar U 3 H ^ a ,~ ~ ~ ~ '" d: a d „ y ~ ^ c~ ~ 'd bq ~ ~ a! ~ w x o ;~ 3 ~ M i v ~ o ~ Q ~ H b F~ ~ ~, ~ ~ .~ ~ .~ ~ x z H O .-~ N .:- LEGEND ~~ ~~ ZONING CATEGORY ACRES ' ~~ "AR" SINGFE FAMILY-0ETACHED " ° 36.2 EXHIBIT A SINGIF FAMILY-0ETACHED A5 31.8 °~° LTI-FAMILY~iREATER DENSITY " ° 305.2 ~ , ~ OFFICE~,UDRISE OM 81.1 ~/ _' "E" oMME2cw. 93.0 / "FR" ~EmFtc~ coMMEF;cIU 5.0 I s` / ~z .•••• °G" CGMMERCUJ. ~ 703.1 ~. , a' ~ __ • "I" LIGHT INDU5DlIAL 229,6 =! _ ^ "1° LIGHT INDUSTRUL 229.0 J ~~ ~ °AG" GRICUL7URAL 291.9 ~ Q i [] {3 ~ ~ I ' "377° PIANNED DEYELOPMENi 1.5 III ~ ~ ~ -' ~_ TOTAL 2,008 '; t. -~i 'I ~ ~, ,/ Ik ~. /'~.;~ i~-. _:_ --- _ 1 _,~. _ is. `C i C ;~~ r ~~- ~ ~ ----,- ~r:~,~;~~.` ~, a ?;y~, i T J ~ ~_ i ~ ~f ~ ii ~!~ ~~{ ~~~ " ~ ~~ J g- ~ ` + - . 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TIF DISTRICT #7 ~z,oos± A~.~ ~0~ 6ob le FW City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION Approved on 10/25/2005 ORDINANCE NO 16667 10-2005 DATE Tuesday October 25 2005 LOG NAME 17TIF 7 PLANS REFERENCE NO G 14973 SUBJECT Adopt Ordinance Approving the Project Plan and Financing Plan for Tax Increment Reinvestment Zone Number Seven City of Fort Worth Texas (North Tarrant Parkway TIF) RECOMMENDATION It is recommended that the City Council adopt the attached ordinance approving the Project Plan and Financing Plan for Tax Increment Reinvestment Zone Number Seven City of Fort Worth Texas (North Tarrant Parkway TIF) DISCUSSION On December 9 2003 (M&C G-14178) the City Council adopted Ordinance 15774 designating the North Tarrant Parkway TIF The preliminary project plan adopted by the City Council prior to designation of the North Tarrant Parkway TIF provided for TIF participation in the extension of North Tarrant Parkway east of IH-35W to Rainy Lake Road and construction of an interchange between North Tarrant Parkway and IH- 35W The TIF's Board of Directors adopted the final project and financing plans applicable to those two projects on February 3 2005 The TIF Board also voted at that time to include in the project plan additional regional transportation facilities deemed necessary by the City's Transportation and Public Works Department, including major arteries, interchanges and bridges, subject to individual consideration by the TIF Board as potential projects developed On September 29 2005 the TIF Board amended the project and financing plans specifically to include as a regional transportation project eligible for TIF participation (i) the construction of North Tarrant Parkway west of IH-35W to US 287 (ii) the construction of interchanges and frontage roads connecting North Tarrant Parkway to US 287 and (iii) the reconstruction of Harmon Road south to US 287 City staff endorses the inclusion of this project as part of the TIF's project and financing plans State law requires that the City Council approve by ordinance a TIF's project and financing plans before they can take effect. Accordingly City staff recommends that the City Council adopt the attached ordinance approving the project and financing plans for the North Tarrant Parkway TIF as adopted and amended by the TIF Board The actual project and financing plans are attached to the ordinance as Exhibit A TIF Number Seven is located in COUNCIL DISTRICTS 2 and 4 Logname 17TIF 7 PLANS Page 1 of 2 FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that this action has no material effect on City funds TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office b~ Dale Fisseler (6140) Originating Department Head. Tom Higgins (6192) Additional Information Contact: Keisha Ward (6376) Logname 17TIF 7 PLANS Page 2 of 2