HomeMy WebLinkAboutOrdinance 16015.~:
ORDINANCE NO ~ ~ ~ ~~
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS `TAX ABATEMENT
REINVESTMENT ZONE NUMBER FORTY EIGHT 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 Crty 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 Crty 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 in
the City more specifically described in 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, Target Corporation ("Company") is under contract to purchase real
property in the Zone and has applied for tax abatement from the City in 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-Eight,
City of Fort Worth, T xas
f~i
WHEREAS, on June 29 2004 the Crty Council held a public heanng 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, notice of the Public Hearing was published m a newspaper of
general circulation m the City 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 heanng; and
WHEREAS, m accordance with Sections 312.201(d)(2) and (e), notice of the
Public Hearing was delivered m wasting 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 in its boundaries real property that is to be included in 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 City Council hereby makes the following findings of fact:
Page 2
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Eight,
City of Fort Worth, T
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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 unimproved.
This area substantially impairs the sound growth of the City and constitutes an
economic liability m its current condition and use because of accessibility
problems, lot layout and unsanitary and unsafe conditions.
1.3 As a result of designation as a reinvestment zone, the area within the Zone ~s
reasonably likely to contribute to the expansion of pnmary employment and to
attract mayor investment m the Zone that will be a benefit to property m 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 Heanng and which will be made pursuant to a tax abatement agreement
with Company that must subsequently be approved by the City Council, include
the construction of a SuperTarget retail store that contains afull-service grocery
store. The Improvements are feasible and practical and, once completed, will
benefit the land included m the Zone as well as the City for a penod 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.
Page 3
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Eight,
City of Fort Worth, T
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 in accordance with Chapter 312 of the Code. This Zone
shall be known as `Tax Abatement Reinvestment Zone Number Forty-eight, City of Fort
Worth, Texas. This protect is eligible for commercial industrial tax abatement pursuant
to Section 4 1 of 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.
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 remaimng 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 Judgment.
Page 4
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Eight,
City of Fort Worth, T
Section 5.
IMMEDIATE EFFECT
That this Ordinance shall take effect upon rts adoption.
AND IT IS SO ORDAINED.
ADOPTED AND EFFECTIVE ~ - Z 9 - D
APPROVED AS TO FORM AND LEGALITY
By.
Peter Vaky
Assistant City Attorney
M&c G /~ ~//
Page 5
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Eight,
City of Fort Worth, T
.~- £.
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 m 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,
BEGINNING at an `x" found m concrete m the East nght of way hne 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 line of said Lot 1 in 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 in
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 fox corner
THENCE South and departing the North line of said Lot 1 m Block 1 of Montgomery
Ward & Company Addition for a distance of 122.31 feet to a survey marker nail set for
corner
THENCE West for a distance of 24.39 feet to a survey marker nail set for corner
THENCE South for a distance of 341 82 feet to a point for corner
THENCE East for a distance of 8 71 feet to a point for corner
THENCE South for a distance of 612.41 feet to a point for corner
THENCE West for a distance of 364 18 feet to a survey marker nail set for corner
THENCE North for a distance of 285 00 feet to a survey marker nail set for corner
THENCE West for a distance of 196 75 feet to an `x" set in concrete for corner m the
East nght of way line of the aforementioned Carroll Street;
THENCE North along the East nght of way hne of Carroll Street, same being the West
line of the aforesaid Lot 1 m Block 1 of Montgomery Ward & Company Addition, for a
distance of 792.38 feet to the POINT OF BEGINNING AND CONTAINING 12.5568
ACRES OF LAND more or less.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 6/29/2004 Ordinance No 16015
DATE Tuesday June 29 2004
LOG .NAME 17HEARINGTARZ48
REFERENCE NO G-14411
SUBJECT
Public Hearing and Ordinance Designating, Tax Abatement Reinvestment Zone No 48 City of Fort
Worth Texas (Target Development)
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 48 City of
Fort Worth Texas and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 48 City of Fort
Worth Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
DISCUSSION
The proposed Reinvestment Zone No 48 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. Target Corporation is considering
redevelopment of this site into a SuperTarget that contains afull-service grocery store
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 faith 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.nnnamP• 17HFARTN('TTAR74R Pacta 1 ~f~
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action does not require the expenditure of City funds.
TO Fund/AccounUCenters FROM Fund/Account/Centers
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 17HEARINGTARZ48 Pave ~ of ~