HomeMy WebLinkAboutOrdinance 15844ORDINANCE NO ~`~' "~
AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS
FOR TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT
CITY OF FORT WORTH, TEXAS (LANCASTER CORRIDOR 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 Eight, City of Fort
Worth, Texas (Lancaster Comdor TIF) (the `Zone") pursuant to Ordinance No 15775 and as
authorized by Chapter 311 of the Texas Tax Code (the Act"); and
WHEREAS, m accordance with Section 311 O11(a) of the Act, on January 22, 2004
the board of directors of the Zone (the `Board") adopted a project plan and a financing plan
for the Zone, both of which 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 O 11(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 Eight,
City of Fort Worth, T (Lancaster Corridor TIF)
1 1 The statements and facts set forth m 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 m Section 1 of this Ordinance, the Plans are
hereby approved.
Section 3.
POWERS OF BOARD OF DIRECTORS.
That the Board will continue to have all powers granted to rt 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 m the Zone. The Board s
chairperson shall have the authority to execute agreements that the Board is lawfully allowed
to enter into and that the Board considers necessary or convement to implement the Plans.
Notwithstanding anything to the contrary herein, the Board (i) will provide the Crty Council
with any information regarding the operations or achvrties of the Board and/or the Zone that
may be requested by the City Council and (ii), if required by any subsequent ordinance
adopted by the City Council, will not expend any revenues m the TIF Fund, as defined in
Page 2
Ordinance Approving the Project Plan rid Financing Plan
T Increment Reinvestment Zone Number Eight,
City of Fort Worth, T xas (Lancaster Corridor TIF)
Section 5 of Ordinance No 15775 toward any specific protects m the Zone without pnor Crty
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 mvahd, 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 m full force and effect from and after Its
adoption.
Page 3
Ordinance Approving the Project Plan rid Financing Plan
T Increment Reinvestment Zone Number Eight,
City of Fort Worth, T (Lancaster Corridor TIF)
AND IT IS SO ORDAINED
ADOPTED AND EFFECTIVE /-Z 7 ~ ~f
APPROVED AS TO FORM AND LEGALITY
By
Peter Vaky
Assistant City Attorney
Date. °Z 7- D y~
M&C G-/~2~2
Page 4
Ordinance Approving the Project Plan nd Financing Plan
T Increment Reinvestment Zone Number Eight,
City of Fort Worth, T xas (Lancaster Corridor TIF)
Exhibit A
Financing Plan and Project Plan
for the
Tax Increment Reinvestment Zone Number Eight, City of Fort
Worth, Texas
(Lancaster Corridor TIF)
Prepared for•
Tax Increment Reinvestment Zone
Number Eight,. City of Fort Worth
Board of Directors
3anuary 22 2004
Table of Contents
I.
II.
III.
IV
V
Description of the Zone (Pages 3 5)
A. Map
B Legal Description
Econonvc Impact (Pages 6-10)
A. Necessary Public/Private Partnerships
B Catalyst Redevelopment Projects
C Targeted Redevelopment Zones
D Anticipated Economic Activity
Tax Increment Prod ections (Pages 1 i )
Project Costs and Financmg (Pages 12)
Term and Governance (Page 13)
2
I. Description of the Proposed Zone
Ae TIF Map
South ROW West ROW
lme of 3Td St. line of Burnett
West ROW ;; -, ~ - - ~ ti+ ~. ~ ,~ - ,,t ~.~
line of ~ . ~<r ~ ~ ~-
~'~, North ROW
Henderson -r` m
~ _ ~ - ~tir line of 7 St. >
,,
~~. `~~
~{
"T H w,
~~
4 ~ ~ ~'
North ROW
lme of 7th St. G ~~ ` ti f
. } ~••
\ ' `~5
r ~ ~~ ,f
:rte,
{- ~ '~-_, ~ =~~ ``, ~,~ try East ROW
ID c ~c ~
,., C ~ 4
a NCS15TEft
.o.,,,~
~~_.- _
1'~" ~--~
,~
North ROW line
of I 30 exit at
Henderson St.
North ROW !~ ~~-T~
hne of I 30
4
B. Legal Description of the TIF District
Beginning at a point of the intersection of a~ro~ection of the west ROW line of
Henderson St and the south ROW line of 3r St. thence
Northeasterly along the south ROW line of 3rd St. to a point where said line
intersects with the west ROW line of Burnett St. thence
Southeasterly along the west ROW of Burnett St. to a point where said line
intersects the north ROW 11ne of 7th St. thence
Easterly along the north ROW line of 7th St. to a point where said line
intersects the north ROW line of 7th St. thence
Northeasterly along the north ROW line of 7th St. to a point where said line
intersects the east ROW line of Calhoun St. thence
Southeasterly along the east ROW line of Calhoun St. to a point where said
line intersects the north ROW line of Interstate 30 thence
Westerly along the north ROW line to a point where said line intersects the
north ROW line of the Interstate 30 exit at Henderson St. thence
Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to
a point where said line intersects the west ROW line of Henderson, thence
Northward along the west ROW line of Henderson St. to a point where said
line intersects with the south ROW line of 3rd St. which is the point of
beginning.
Map and Boundary Description prepared by Gideon Toal, Inc.
5
II. Economic Impact
A. Necessary Public/Private Partnerships
• Lancaster Corridor Will Require Pubhc/Pnvate Partnerships to Develop m a
Timely Manner
The demolition of the former I 30 overhead has repositioned the Lancaster
Ave as one of the mayor urban parkways in Fort Worth and Tarrant County
and as one of the pnmary gateways to Downtown Fort Worth and the Medical
District. A repositioned Lancaster Avenue opens the potential of significant
redevelopment m the Lancaster Corndor However the redevelopment of the
Lancaster Corridor has many challenges and can be significantly accelerated
with the prudent use of public/pnvate partnerships Several of the
contemplated redevelopment projects in the area will serve as a catalyst for
further development m the area. The funded Lancaster Avenue roadway and
streetscape will be an additional catalyst for further development.
LANCASTER STREETSCAPE
7
B. Catalyst Redevelopment Projects
Other projects m the redevelopment cort-~dor well have spin-off economic
benefits that will facilitate further pnvate investment.
FORT WORTH RAMADA HOTEL
CONVENTION CENTER
Several significant projects, including local and national histonc landmarks are
poised to redevelop generaring new taxes for the local taxing entities and will
create economic activity where it has been dormant for many years
US POST
OFFICE
T&P WAREHOUSE
T&P TERMINAL
C. Targeted Redevelopment Zones
It is anticipated that redevelopment will occur throughout the Lancaster
Corridor with the use of appropriate public/private partnership mcenhves.
D Anticipated New Development Activity
Attachment A details construction that is projected to occur over the next
twenty years. By the end of 2005 it is estimated that 108 123 square feet of
new property developments will become available within the TIF boundary
Likewise, by 2023 it is esrimated that 4 079 999 square feet of new property
development will occur within the TIF boundary
10
III. Tax Increment Projections
Attachment B projects the revenue for the TIF over its 21 year life, assuming a
1 5% annual appreciation of the property within the boundary of the TIF
Additionally the projections assume new property value resulting from
development occumng over the next 21 years. In total, the TIF is projected to
have revenue of around $58 nvlhon dunng its lifetime
11
IV Project Costs and Financing
The proposed TIF District anticipates the capture of the new development
outlined m Attachment A and utilizing those addirional funds to leverage
selective catalyst projects m the Lancaster Corndor The Project Plan includes
initial costs of $2 8 million m net present value terms for the redevelopment of
the T&P Terminal Building. Projects costs would include
Historic Facade Easement Lease
Facade and Site Work
Professional Service Costs
Improvements to the public right-of way for landscaping and
pedestrian connections
Environmental Remediation
City Fee Support
Any additional TIF Project costs would be subject to review and approval
by the participating taxing jurisdictions Projects that could be subject to
additional TIF funding, but sub1ect to review and approval by the participating
taxing entities would be
• T&P i~a~ehouse• Streets, Utilities, Landscaping,
Parking, Facade Protection
• Convention Center Project Public Infrastructure
Streets, Utilities, Landscaping, Parking
• tI S. Post Office• Streets, Utilities, Landscaping,
Parking, Facade Protection
• Four Blocks North of Lancaster Public
Infrastructure Streets, Urihties, Parking,
Landscaping
• Water Gardens Improvements Entrances to
Lancaster Public Restrooms, Visitor Center
Utilities, Streets, Landscaping, Access and Parking
• TIF District Managemen Management,
Administration, Marketing (5%)
12
V Boundaries, Term and Governance
Boundaries
• The boundaries have been proposed to allow taxable properties to
contribute to the surrounding Lancaster Corridor catalyst redevelopment
projects and allow the taxing ~unsdictions to receive additional funds that
otherwise would not be collected.
• The size and scope of the boundaries includes multiple tax-exempt
properties that would benefit from the Lancaster Corridor redevelopment.
• Below is a current land ownership map depicting the taxable and tax
exempt properties.
V Lancaster shp
® Non-Exempt
0 Church Exemption
~ Charitable Org Exemption
0 Government Exemption
~a
F°~~~~]~j~<
I~~-1 LJ MJ~ u
°ao~~~
LANCASTER
D
13
Boundaries (continued)
• The size of the proposed Lancaster TIF Distract is 225 acres or 9 801 000
square feet of area.
Term
• The Zone expires on the earlier of (i) December 31 2024 or an earlier
termination date designated by an ordinance subsequently adopted by the
City Council of the City of Fort Worth, or (ii) the date on which all project
costs, tax increment bonds (if any) and interest on those bonds have been
paid in full.
Governance
• The Project and Financing Plan would only grant the TIF Board the use of
$2 8 million m net present value terms for the T&P Terminal
Redevelopment Project.
Any additional expenditure would require participating taxing ~urnsdiction
review and approval and subsequent TIF Board approval
14
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City of Fort Worth, Texas
Mayor and Council Communication
COUNC{L ACTION Approved on 1/27/2004 Ordinance No 15844
DATE. Tuesday January 27 2004
LOG NAME. 17TIF8PLANS REFERENCE NO G-14242
SUBJECT
Adoption of Ordinance Approving the Project Plan and Financing Plan for Tax Increment
Reinvestment Zone Number Eight, City of Fort Worth Texas (Lancaster Corridor TIF)
RECOMMENDATION
1t is recommended that the City Council adopt the attached ordinance approving the Project Plan and
Financing Plan for Tax Increment Reinvestment Zone Number Eight, City of Fort Worth Texas (Lancaster
Corridor TlF)
DISCUSSION
The Lancaster Corridor TIF was. created on December 9 2003 (M&C G-14179 and Ordinance
15775) State law (Tax Code 311 011) requires that the Board of Directors of the TIF prepare and adopt a
project plan and a reinvestment zone financing plan and submit the plans to the City Council Therefore at
its meeting on January 22, 2004 the Board of Directors adopted the Project Plan and the Financing Plan
and recommended the approval of the plans by the City Council. Copies of the plans are attached to the
ordinance
In addition to making the requisite statutory findings and approving the Project and Financing Plans
adoption. of the attached ordinance would expressly grant authority to the Board to enter into agreements
that are necessary or convenient for the implementation of the Project and Financing Plans, pursuant to Tax
Code Section 311 010(a) The Board would not, however have the power of eminent domain the power to
issue bonds or notes the power to impose taxes or fees, or the power to restrict .property uses in the Zone
pursuant to Tax Gode Section 311 010(c) The Board will also provide information regarding the Lancaster
Corridor TIF as requested by the City Council and may be restricted in exercising its powers pursuant to
ordinances to that effect that are subsequently adopted by the City Council.
FISCAL .INFORMATION/CERTIFICATION
The Finance Director certifies that this action has no material effect on City funds
TO Fund/Account/Centers FROM FundlAccountlCenters
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)
T.nonamP 17TTFRPT ANC Page 1 of l