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Home My WebLink AboutOrdinance 16243.~-,."' (~~~ ORDINANCE NO "' ~ AN ORDINANCE REDUCING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS, AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance No 12324 adopted by the City Council of the City of Fort Worth, Texas (the `City") on December 19 1995 the City created Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, as previously enlarged by Ordinance No 14795 adopted on October 2, 2001 and Ordinance No 14839 adopted on October 30 2001 and as previously reduced by Ordinance No 15317 adopted on November 5 2002, and Ordinance No 15442, adopted on February 18, 2003 (the `Zone") and WHEREAS, Section 311 007 of the Texas Tax Code (the `Code") allows the City Council to reduce or enlarge the boundaries of an existing remvestment zone by ordinance or resolution, subject to the limitations provided by Section 311 006 of the Code, and WHEREAS, the Crty wishes to reduce the Zone by removing all property m the Zone that is located wrthm the property boundaries set forth m Exhibit A ,Exhibit `B" and Exhibit `C" of this Ordinance (collectively the `Property"), which Exhibits are attached hereto and hereby made a part of this Ordinance for all purposes, and WHEREAS by operation of Sections 311 006 and 311 007 of the Code, a municipality may change the boundaries of an existing remvestment zone so long as (i) less than ten percent (10%) of the property within the amended boundaries of the remvestment zone, excluding any property dedicated to public use, is used for residential Page 1 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T purposes, as defined in Section 311 006(d) of the Code; (ii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property m the mumcipalrty and m the industrial districts created by the mumcipalrty and (iii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, on December 21 2004 the City Council held a public hearing regarding the reduction of the Zone and its benefits to the Crty and to property m the Zone and afforded a reasonable opportumty for all interested persons to speak for or against the removal of the Property from the Zone and the concept of tax increment financing; and WHEREAS, nonce of the public hearing was published m a newspaper of general circulation m the Crty on December 14 2004 which date was not later than seven (7) days prior to the date of the hearing; and WHEREAS, prior to the public hearing the Crty provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to remove the Property from the Zone and of the public hearing. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS Page 2 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T Section 1 FINDINGS. That after reviewing all 'mformatlon before rt regarding the removal of the Property from the Zone and after conducting a public heanng regarding the reduction of the Zone and its benefits to the City and to property In the Zone and affording a reasonable opportunity for all interested persons to speak for or against the removal of the Property from the Zone and the concept of tax increment financing, the City Council hereby makes the following findings of fact: L1 The statements, facts, terms and conditions set forth m the recitals of .this Ordinance are true and correct. 1.2. Removal of the Property from the Zone will benefit the City by allowing the City to foster potential development mrtlatives on and m the vicinity of the Property as outlined m the public heanng on December 21 2004 by means that would not be available if the Property remained In the Zone ("Other Economic Development Initiatives") 1.3. Beneficial development of the Property and m the vicmrty of the Property is likely to occur more quickly by means of Other Economic Development Initiatives. 1.4 Once the Property is removed from the Zone and developed by means of Other Economic Development Initiatives, the value of property remaining m the Zone is likely to increase, which will benefit both the Zone and the City m general. 1.5. The Property is subject to removal from the Zone pursuant to Section 311 007(a) of the Code. Page 3 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T 1.6. With the removal of the Property less than ten percent (10%) of the property within the Zone, excluding any property dedicated to public use, will be used for residential purposes, as defined in Secrion 311 006(d) of the Code. 1 7 With the removal of the Property the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property m the mumcipallty and m the Industraal distracts created by the municipality 1.8. With the removal of the Property the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school distract. Section 2. REMOVAL OF PROPERTY FROM ZONE. That the City Council hereby reduces the boundaries of the Zone by removing the Property from the Zone The Zone, as reduced, has been designated under Section 311005(a}(5) of the Code and shall continue to be known as `Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas. With removal of the Property from the Zone, the Zone shall comprise the property depicted in Exhibit `D", which is attached hereto and hereby made a part of this Ordinance for all purposes. Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone shall remain unchanged and shall continue to conform to the requirements of Section 311 009 of the Code. Page 4 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T Section 4 TERM OF ZONE. That the removal of the Property from the Zone shall take effect upon the adoption of this Ordinance. The Zone, as reduced, shall terminate m accordance with Section 5 of Ordinance No 12324 Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base of the Zone, as defined by Section 311 012(c) of the Code, shall be reduced by the taxable appraised value of the Property (i) for the year 1995 as to those portions of the Property depicted and described m Exhibit A and Exhibit `B" which is the year m which those portions of the Property were designated as part of the Zone pursuant to Ordinance No 12324 and (ii) for the year 2001 as to those portions of the Property depicted and described m Exhibit `C" which is the year m which those portions of the Property were designated as part of the Zone pursuant to Ordinance No 14839 The tax increment base for property remalmng in the Zone shall remain unchanged. Section 6. TAX INCREMENT FUND That beginning with the 2004 tax year each taxing unit which levies real property taxes on the Property shall be relieved of any obligation to deposit the percentage of any Page 5 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T tax increment (as defined by Section 311 012(a) of the Code) produced by the Property that the taxing entity elected to dedicate to the Tax Increment Fund (created and established for the Zone pursuant to Section 7 of Ordinance No 12324) under a participation agreement with the City as authorized by Section 311 013(f) of the Code. Section 7 SEVERABILITY That if any portion, section or part of a section of this Ordinance is subsequently declared mvahd, inoperative or void for any reason by a court of competent ~unsdlction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain m full force and effect and shall not in any way be impaired or affected by such decision, opinion or~udgment. Section 8. 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 lZ 2 ~ - D ~ Page 6 Ordinance Reducing Tax Increment Reinvestment Zone Number Three, City of Fort Worth, T APPROVED AS TO FORM AND LEGALITY By Peter Vaky Assistant Crty Attorney Date /2.2 / D ~ M&C G -/~f 6 / (~ Page 7 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T EXHIBIT A Tarrant County College Acquisition Area - e;~~Ab~l~ / ~ P l} i /'~ OORr~az ~E-"era ~-'`fNUF ~ i~~ ~;,~ o~ z ]~ ~:3?`AA: ! ~ _: ~, c~ r _ ~~s ` ,e 6 /r ;1 ,C z\\\~~' 1 I i-2e~~ J 4 . s¢~~~ ~~ it I ItA6 " I ~ i~°~ 4tjsP~"~ id ~ qei. t }}}}}}JO\ '~ 4~ ~ ~ "S ~ ~ 31 -- ~ Zp4 ~~ M1` 1lt D A I]C~x \ e `` 3J ,~ Y'C ~ i r~ ~.~,~~~~ I ~ ` {~ West Lot of South z t`r~~ ~~ > \'~~~A ~ 2\` ~~ - ,,°ai ~?10 ~ _ i._,_~ L_I ~._ 600 Addition Block of B~ ,~5~'~~. x\24 \Yn ~ c'\ ~~ _ 1 I.~ _.. I ~8! 9 l1pq~1'i 1 rJ{~ LOt 178 ~ 7 > / \A\'m \ 44A C.I3~1 /" ~ East Lot Line of ~ ~~ ~0 a ` ,ta \ st ~~ Lot # 131 ZO-5-10 ~ \12b~A ~ ~ I 1 Centerline of Trinity River ~ \ ;0 , tip. ~ J/~u~ t 68,,, ~R ~ ~ ~ A ' ~ '` f \ South OW /w\c \ ~ 1 , E~-E Pti ~~ \ ~ ~~ ~ \ 1 a~~ of Bluff St ®~ .. 7 ~'bC2 U tbE \ ~ 10B\ i ~,'~ ~~\gp \ ' sd~~ f ' West ROW ~n o e.ze] ~ \ ~ ,A s ecan St 1~ ~~~: ~ ~ \13`' Vii' ~~ya GOjO~~ 15~ X \ \ ] '° e~ a...,~.._,s 1 "`~~ i l ' '• ~. ~~ \ ~~N,~p\B, \/ ~i~fs;/~, \~\~a ,~~ ~ ~ 29 0¢~ ,,,; . a1!~'~ _... __ I 7~''' \~ \ /\ •Y•~" 6 \ ivy Jz ]' JC>. ~ "I P i \ ~eA d \ _ _ .I ~ C ~ \\ 4A.]u~-Q NORh ROW ,~\ i~}za z5 6 _~ O .]°sR ' 1 \ Y \ 15 Of p ]7 ha szz , East ROW \ \ { ~ 4 J\ ' ~~~ ` ] 35~" ~~~999~~~V'''''" ~9 12 B'' 1 of Main St ~ 9 ` ~tr~~\a \ ~,,~ ~>- A ~ \x p\ < e 5 i y4, - ~ C. 1 ST. ~ \," y~Cy 56A~ ,, !>., Weat OW ~MS 'l ~7 RANKLIN ~~ ,p \ `® zp St S. z. 4~\ U ~~ \\~PN 5 \se\\3 ~~~~ ,3 s\ ~ ~h-e Z2~ ~ \ JAS 31 ~e ROW A OVS '~\ \`; `Te r se . ' ~~ _ 1I klin St RZH 9R ~ ~~ `~ (\\~~\\ y OW 's'' \, x' ?^ 110 ~ sf `sA \/3 ~i ROW zPj~ :IC ~'i- s , s'. ~\ . , 4p C Weatherford ~ ® ~ e \az ~~\~j ,er AsA i t+ ' Beginning at point which the ntersection of the orth ROW line of Weatherford Street nd the st ROW line of Commerce Street Downtown Fort Worth, Tarrant County T thence Easterly along the orth ROW line of Weatherford Street where id line ntersects with the west ROW of Jones Street, thence Northerly along the west ROW line of Jones Street where id line ntersects with the orth ROW of Belknap Street, thence Easterly along the orth ROW line of Belknap Street where id line ntersects with the west ROW of Pecan Street, thence Northerly along the west ROW line of Pecan Street where id line ntersects with the uth ROW of Bluff Street, thence Easterly along the uth ROW line of Bluff Street where id line ntersects with the st Lot Line of Lot # 1320-5-10 thence Northerly along the st Lot Line of Lot # 1320-5-10 where id line ntersects with the uth lot line of Land 600 Block Lot #15A, thence Westerly along the uth lot line of Land 600 Block Lot #15A where id line ntersects with west lot line o.f Land 600 Addition Block Lot 15A, thence Northerly along the west lot line of Land 600 Addition Block Lot 15A where id line ntersects with the nter line of the T ity River thence Westerly along the nter line of the T ity River where id line ntersects with the st ROW line of Main Street, thence Southerly along the st ROW line of Main Street where id line ntersects with the orth ROW line of Franklin Street, thence Easterly along the orth ROW line of Franklin Street where id line ntersects with the st ROW line of Commerce Street, thence Southerly along the east ROW line of Commerce Street where id line ntersects with the orth ROW line of Weatherford Street, which the point of beginning, id ntaining approximately 657 756 square feet, 15 1 Page 8 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T EXHIBIT B Tandy Tech Center T - ~, 5 ~ $R 17 ~9~ ~'k ~~,1 1 'A ~'4' <A~3 7 South ROW of a s~ 3sR Weatherford St a ;~ West ROW t s~°° East Row of Taylor St of Cherry St ,~p(t~ 8i~ o ~'~~~, ': ~ 42 ;~ C 6~ '. 3n 3 I `~ ,~~1 18R ro 51 ~~ ~ o < m ~ 9 s 5Q k~ . ~~ ~ ,e s s~ ti ~ N : t R in me `~ '•.,. F o oa ~ ~ ~~s North ROW °k5 North ROW 45R of Second St ~ a~~: of First St ` East ROW 9~s ~~~, s2 F RE 2 of Burnett St I4~ '' Fes' ,~. 3 ~ ,~N 2 !a5 ~ ~'L z ^g 99 ~ . 2 `~ ~p • "]rw 80 ~ ~ ~~p 't vN 5~ ~ N 4 R •'~~ Beginning at point which the ntersection of the uth ROW line of Weatherford Street nd the st ROW line of Cherry Street Downtown Fort Worth, Tarrant County T thence Southerly along the st ROW line of Cherry Street where id line ntersects with the orth ROW of First Street, thence Easterly along the orth ROW line of F st Street where id line ntersects with the st ROW of Burnett Street, thence Southerly along the st ROW line of Burnett Street where id line ntersects with the orth ROW of Second Street, thence Easterly along the orth ROW line of Second Street where id line ntersects with the west ROW of Taylor Street, thence Northerly along the west ROW line Taylor Street where id line ntersects with the uth ROW of W atherford Street, thence W sterly along the uth ROW line of Weatherford Street where id line ntersects with the st ROW of Cherry Street, which the point of beginning, id ntaining approximately 329,226 square feet, 7.558 Page 9 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T EXHIBIT C Transport Life Building - 714 North Main Street 3 S~ 'i ~^ i!A ~~~'~`~` 14 2A 1B 3 a 4 ~ 3 ~~ 'G ~- 1 "`~' 6 ~~ ~~~ ~6 5 Lots 9 10 11 1 ~~ ~ ~ 12 of Block 108 R ~ ~ ~ C/ 5 ~ ~ ~~~ 3 9R 6~ ~~~~ q. 0~ ~~ ,~~ ~~ 2 ~ S~ s~ i0R 7 1 ~j~ 1 ~~G~ ~ 43 0 1 O 1 ~ GJ' 21 5 1 ~F 11 5 ~O ~ ~g The entirety Lots 9 10 11 and 12 of Block 108 m Downtown Fort Worth, Tarrant County Texas, said area contammg approximately 10 658 square feet, or .240 acres. Page 10 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T /W V Q W Q F-- Z O H z O D 0 m W ~~ ~ ~ ~ ~~~~ ~~ ~ ~~ ~~ o~ n~S,~ar. ~~QO ~~~~ ~a ~o ~~ 0~~~ ~ ~ ~~ 0 Page 11 Ordinance Reducing T Increment Reinvestment Zone Number Three, City of Fort Worth, T City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION Approved on 12/21/2004 Ordinance No. 16243 CONTINUED FROM A PREVIOUS WEEK DATE Tuesday December 14 2004 LOG NAME 12DTTIF REFERENCE NO G-14616 SUBJECT Public Hearing and Ordinance Reducing the Boundary of Tax Increment Reinvestment Zone Number Three City of Fort Worth Texas (Downtown TIF} RECOMMENDATION it is recommended that the City Council: 1 Hold a public hearing concerning the reduction of the boundary of Tax Increment Reinvestment Zone Number Three City of Fort Worth Texas (Downtown TIF) as specifically provided in the attached ordinance and 2. Adopt the attached ordinance that reduces the boundary of the Downtown TIF as specifically provided in the attached ordinance and includes findings of fact in support of such a reduction DISCUSSION The attached ordinance removes three general tracts of land from the Downtown TIF (i) land acquired or being acquired by Tarrant County College District as part of a new downtown campus, (ii) land on which the Tandy Tech Center is located and (iii) land on which the Transport Life Building is located. These' properties are more specifically described in Exhibits A, B and C of the attached ordinance This particular action is recommended for removal for the following reasons 1 The land acquired or being acquired by the College District will become exempt from property taxation Because this land was taxable when the Downtown TIF was originally designated its original value is included in the Downtown TIF's base value The Downtown TIF receives only incremental tax revenues that are based on values in excess of the Downtown TIF's base value Therefore if this property remains in the Downtown TIF after it becomes tax exempt, the Downtown TIF will be negatively affected This is because the original value of the property would continue to be factored into the measurement of how much tax increment is generated in the TIF but would not produce any tax increment itself In addition because the Downtown TIF has already committed to numerous projects, the TIF will not be .able to provide any benefit to this property By removing the College District property from the TIF other potential incentives for development of that property may become available that would not otherwise be possible 2. The land on which the Tandy Tech Center is located is being acquired by Tarrant County It has always been the City's intention to remove this property from the Downtown TIF once it became tax exempt and, because of the well-recognized challenges that redevelopment of that property pose without tax increment financing assistance A future proposal will recommend placing the property into the Riverfront TIF as part T .nanamP• 1 ~T~TTTF Parta 1 ..f ~ of that TIF's plans relating to the Radio Shack corporate campus and various Tarrant County capital improvement projects. 3 The owners of the now-vacant Transport Life Building have determined that the best vehicle for redevelopment of the property is through the City's granting of a historic tax exemption rather than through any incentives that the Downtown TIF could provide Current state law does not allow the City to grant a historic tax exemption on property located in a TIF Removal of this property from the Downtown TIF will therefore allow for the property to be redeveloped more quickly than it could be if it remained in the TIF Notice of the public hearing was delivered to the governing body of each affected taxing units and published in a newspaper of general circulation at least seven (7) days prior to the hearing This property is located in Council District 9 FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office b~ Richard Zavala (Acting) (6222) Originating Department Head David Yett (7623) Additional Information Contact: Peter Vaky (7601) T.nanamP• 17TlTTTF Pane ~ ..f ~