HomeMy WebLinkAboutOrdinance 16014~i~~.
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ORDINANCE NO
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS `TAX ABATEMENT
REINVESTMENT ZONE NUMBER FORTY-SEVEN CITY OF
FORT WORTH, TEXAS"• PROVIDING THE EFFECTIVE AND
EXPIRATION DATES FOR THE ZONE AND A MECHANISM
FOR RENEWAL OF THE ZONE, AND CONTAINING OTHER
MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to the City Councils adoption on June 15 2004 of
Resolution No 3092 (M&C G-14362) (the `Tax Abatement Policy"), the City of Fort
Worth, Texas (the `City") has elected to be eligible to participate m tax abatement and
has established guidelines and criteria governing tax abatement agreements entered into
between the City and various third parties, as authorized by and m accordance with the
Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas
Tax Code (the `Code"), and
WHEREAS, the City Council desires to promote the development of the area m
the City more specifically described m Exhibit A of this Ordinance (the `Zone")
through the creation of a reinvestment zone for purposes of granting commercial-
industrial tax abatement, as authorized by and in accordance with Chapter 312 of the
Code; and
WHEREAS, Kimco Montgomery Plaza, L.P ("Company") owns real property
m the Zone and has applied for tax abatement from the City m return for the construction
of certain improvements on that property ("Improvements") and certain other
commitments that will foster economic development in the Zone and the City in general,
and
Page 1
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Seven,
City of Fort Worth, T xas
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WHEREAS, on June 29 2004 the City Council held a public hearing regarding
the creation of the Zone, received information concerning the Improvements proposed for
the Zone and afforded a reasonable opportunity for all interested persons to speak and
present evidence for or against the creation of the Zone ("Public Hearing"), as required
by Section 312.201(d) of the Code; and
WHEREAS, nonce of the Public Hearing was published m a newspaper of
general circulation m the Crty on June 21 2004 which satisfies the requirement of
Section 312.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing; and
WHEREAS, m accordance with Sections 312.201(d)(2) and (e), notice of the
Public Hearing was delivered in writing not later than the seventh day before the date of
the public heanng to the presiding officer of the governing body of each taxing unit that
includes m its boundaries real property that is to be included m the proposed Zone;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
Section 1
FINDINGS.
That after reviewing all information before rt regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
all interested persons to speak and present evidence for or against the creation of the
Zone, the Crty Council hereby makes the following findings of fact:
Page 2
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Seven,
City of Fort Worth, T xas
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1.1 The statements and facts set forth m the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code
1.2. The property compnsmg the Zone is located m the Central City as that term is
defined m the Tax Abatement Policy and is currently vacant and environmentally
contaminated. A historic eight-story warehouse building that was formerly used
by Montgomery Wards (the `Warehouse") and is currently empty is located on
the property This area substantially impairs the sound growth of the City and
constitutes an economic liability m its current condition and use because of the
deteriorated condition of the Warehouse and surrounding site.
1.3. As a result of designation as a reinvestment zone, the area within the Zone is
reasonably likely to contribute to the expansion of primary employment and to
attract mayor investment in the Zone that will be a benefit to property in the Zone
and will contribute to the economic development of the City
1 4. The Improvements proposed for the Zone, as more specifically outlined m the
Public Hearing and which will be made pursuant to a tax abatement agreement
with Company that must subsequently be approved by the City Council, include
the redevelopment of the Warehouse for mixed-use retail, commercial and
residential purposes and the additional construction of new buildings for retail
and/or commercial purposes. In conjunction with the construction of the
Improvements, Developer will remediate the environmental contamination of the
property compnsmg the Zone. These Improvements are feasible and practical
Page 3
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Seven,
City of Fort Worth, T
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and, once completed, will benefit the land included in the Zone as well as the City
for a period m excess of ten (10) years, which is the statutory maximum term of
any tax abatement agreement entered into under the Chapter 312 of the Code.
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby designates the Zone described m the boundary
description attached hereto as Exhibit A and made a part of -this Ordinance for all
purposes as a reinvestment zone for purposes of granting commercial industrial tax
abatement, as authorized by and m accordance with Chapter 312 of the Code. This Zone
shall be known as `Tax Abatement Reinvestment Zone Number Forty-seven, City of Fort
Worth, Texas. The area within the Zone is eligible for commercial-industrial tax
abatement pursuant to the Tax Abatement Policy
Section 3.
TERM OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter The Zone maybe renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Page 4
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Seven,
City of Fort Worth, T
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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 ~unsdiction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
m full force and effect and shall not m any way be impaired or affected by such decision,
opinion or ~ udgment.
Section 5.
IMMEDIATE EFFECT
That this Ordinance shall take effect upon its adoption.
AND IT IS SO ORDAINED
ADOPTED AND EFFECTIVE 6 2~ D~
APPROVED AS TO FORM AND LEGALITY
By
Peter Vaky
Assistant City Attorney
M&C G-/~`f J D.
Page 5
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Seven,
City of Fort Worth, T
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EXHIBIT A
BOUNDARY DESCRIPTION OF ZONE
BEING all that certain lot, tract or parcel of land situated m the City of fort Worth,
Tarrant County Texas, and being a part of Lot 1 in Block 1 of Montgomery Ward &
Company Addition, an addition to the City of fort Worth, Texas, according to the plat
thereof recorded in Volume 388-138 at Page 5 of the Plat Records of Tarrant County
Texas, and being more particularly described by metes and bounds as follows,
COMMENCING at an `x" found in concrete in the East nght of way line of Carroll
Street (64 foot nght of way) for the Northwest corner of said Lot 1 in Block 1 of
Montgomery Ward & Company Addition,
THENCE South 89° 55 00" East (Beanng Basis is the plat of Montgomery Ward &
Company Addition recorded m Volume 388-138 at Page 5 of the Plat Records of Tarrant
County Texas) along the North hne of said Lot 1 m Block 1 of Montgomery Ward &
Company Addition, and being common to South hne of the Weisenberger Addition, an
addition to the City of Fort Worth, Texas, according to the plat thereof recorded m
Volume 388-A at Page 120 of the plat Records of Tarrant County Texas, for a distance
of 576.61 feet to a survey marker nail set for the POINT OF BEGINNING for this tract;
THENCE South 89° 55 00" East and continuing along the common line of said Lot 1 in
Block 1 of the Montgomery Ward & Company Addition for a distance of 842.39 feet to a
%2 iron rod found for the Northeast corner of said Lot 1 m Block 1 of the Montgomery
Ward & Company Addition, said point also being m the West nght of way hne of the St.
Louis -San Francisco -Texas Railroad (125 foot nght of way)
THENCE South 22 07' 45" West along the common line of said Lot 1 in Block 1 of the
Montgomery Ward & Company Addition and the St. Louis -San Francisco -Texas
Railroad for a distance of 2134 15 feet to a p.k. nail found for the Southeast corner of said
Lot 1 m Block 1 of the Montgomery Ward & Company Addition, said point also being m
the North nght of way hne of West Seventh Street (100 foot nght of way)•
THENCE North 89° 59 58" West along the common line of Lot 1 in Block 1 of the
Montgomery Ward & Company Addition and West Seventh Street for a distance of
615 07 feet to a '/2 iron rod found for the Southwest corner of Lot 1 in Block 1 of the
Montgomery Ward & Company Addition, said point also being m the East nght of way
line of Carroll Street (64 foot nght of way),
THENCE North along the common line of said Lot 1 in Block 1 of the Montgomery
Ward & Company Addition and the East nght of way hne of Carroll Street for a distance
of 1186 62 feet to an `X" set m concrete for corner
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THENCE East and departing the common line of said Lot 1 in Block 1 of the
Montgomery Ward & Company Addition and the East nght of way hne of Carroll Street
for a distance of 196 75 feet to a survey marker nail set for corner
THENCE South for a distance of 285 00 feet to a survey marker nail set for corner
THENCE East for a distance of 364 18 feet to a point for corner
THENCE North for a distance of 612 41 feet to a point for corner
THENCE West for a distance of 8 71 feet to a point for corner
THENCE North for a distance of 34'1 82 feet to a survey marker nail set for corner
THENCE East for a distance of 24.39 feet to a survey marker nail set for corner
THENCE North for a distance of 122.31 feet to the POINT OF BEGINNING AND
CONTAINING 33 6343 ACRES OF LAND more or less.
City of Forf Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 6/29/2004 Ordinance No 16014
DATE Tuesday June 29 2004
LOG NAME 17HEARINGTARZ47
REFERENCE NO G-14410
SUBJECT
Public Hearing and Ordinance Designating Tax Abatement Reinvestment Zone No 47 City of Fort
Worth Texas (Kimco Montgomery Plaza L.P Development)
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 47 City of
Fort Worth Texas and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 47 City of Fort
Worth Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code
DISCUSSION
The proposed Reinvestment Zone No 47 City of Fort Worth Texas (Zone) is west of the downtown area
on a portion of the site formerly occupied by Montgomery Wards and is in Council District 9 The exact
boundaries of the property are described in Exhibit A of the attached ordinance A tax abatement
application has been submitted for its proposed development. KimcoMontgomeryPlaza L.P is considering
redevelopment of this site into amixed-use development with retail, commercial and residential uses.
As required by Chapter 312 of the Texas Tax Code a public hearing must be conducted regarding the
creation of the Zone Notice of this hearing was (1) delivered to the governing body of each. affected .taxing
unit, and (2) published in a newspaper of general circulation at least seven days prior to this hearing
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax abatement
reinvestment zone set forth in Chapter 312 of the Texas Tax Code in that the area is reasonably likely as a
result of the designation to contribute to the retention or expansion of primary employment or to attract
major investment in the Zone that would be a benefit to the property and that would contribute to the
economic development of the City Further the improvements sought in the Zone are feasible practical
and would be a benefit to the land to be included in the Zone and to the City after any tax abatement
agreements which may be entered into have expired
The term of the proposed Zone will be five (5) years from the date of adoption of the attached ordinance
and may be renewed for periods not to exceed five (5) years each
T.~gname 17HRARINC'TTAR7.47 Paaa 1 nf?
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this .action does not require the expenditure of City funds
TO Fund/Account/Centers FROM Fund/AccountlCenters
Submitted for City Manager's Office by_ Reid Rector (6140)
Originating Department Head. Tom Higgins (6192)
Additional Information Contact: Ardina Washington (8003)
Peter Vaky (7601)
Lo~name 17HEARINGTARZ47 PauP. ~ of ~