HomeMy WebLinkAboutOrdinance 15855ORDINANCE NO. `~ ~`r~~
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS `TAX ABATEIVIENT
REINVESTMENT ZONE NUMBER FORTY-SIX, 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 Council s adoption on February 26, 2002 of
Resolution No 2811 (M&C G-13540), the Crty of Fort Worth, Texas (thee. `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 m Chapter 312 of the Texas Tax Code (the `C®de") and
WHEREAS, the Crty Council desires to promote the development of the area in
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, Stockyards Station Hotel, L.P ("Company") owns or is under
contract to purchase 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 m the Zone and the City in general, and
Page 1
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Six,
City of Fort Worth, T xas
WHEREAS, on February 3 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 opportumty 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 City on January 26, 2004 which satisfies the requirement of
Section 312.201(d)(1) of the Code that publication of the nonce 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 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 umt that
includes m rts boundaries real property that is to be included m the proposed Zone;
NOW THEREFORE, BE IT ORDAINED BY THE CITY CtDUNCIL 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 opportumty 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 Tax Abatement Reinvestment Zone Number Forty-Six,
City of Fort Worth, T xas
l
1.1 The statements and facts set forth m the recitals of this Ordmance~ 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. 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 m the Zone that will be a benefit to property m the Zone
and will contribute to the economic development of the City
1.3. The Improvements proposed for the Zone, as 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 Crty Council, are feasible and practical
and, once completed, will benefit the land included m 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 Crty 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-six, City of Fort
Page 3
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Six,
City of Fort Worth, T
ii
Worth, Texas. The area within the Zone is eligible for commercial mdustnal tax
abatement pursuant to Resolution No 2811
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, moperahve 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
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or~udgment.
Section 5.
That this Ordinance shall take effect upon rts adoption.
AND IT IS SO ORDAINED
ADOPTED AND EFFECTIVE ~~~~
Page 4
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Six,
City of Fort Worth, T xas
APPROVED AS TO FORM AND LEGALITY
By
Peter Vaky
Assistant City Attorney
Date: 2 ' 3 - D
Page 5
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Six,.
City of Fort Worth, T
EXHIBIT A
BOUNDARY DESCRIPTION OF ZONE
BEING a tract of land situated in the Isaac Thomas Survey Abstract No 1526 in the City
of Fort Worth, Tarrant County Texas and being part of Lot 3 Block 10A of FORT
WORTH STOCKYARDS ADDITION an addition to the City of Fort Worth, Tarrant
County Texas according to the plat thereof recorded in Cabinet A, Page 11;36 of the
Plat Records of Tarrant County Texas and being more particularly described as follows.
BEGINNING at a 'PK" nail for in the south right-of-way of Exchange Avenue (variable
width ROW) for the northwest corner of beforementioned Lot 3 Block 10A, and for the
northeast corner of Lot 2, Block 10A of beforementioned FORT WORTH STOCKYARDS
ADDITION from which a cross mark cut in concrete walk bears North 00°12''52" West, a
distance of 5 00 feet;
THENCE along said south right-of-way line South 89°54 49" East, a distance of 25 00
feet to point in a brick wall for corner from which a cross mark cut in concrete walk
bears North 00°12'52" West, a distance of 5 00 feet;
THENCE leaving said south right-of-way the following courses and distances to wit:
-South 00°12'52" East, a distance of 113 57 feet to a 5/8" KHA capped iron rod set for
corner
-North 89°47'08" East, a distance of 218 50 feet to a cross mark cut in concrete for
corner
-South 00°12'52" East, a distance of 401 68 feet to a 5/8" KHA capped iron;rod set for
the beginning of anon-tangent curve to the left;
-Southeasterly along said curve to the left, through a central angle of 08°30`39" a
radius of 695 59 feet, and a chord bearing and distance of South 17°23'26" East, 103.23
feet, an arc distance of 103 32 feet to a 5/8" KHA capped iron rod set for conner•
-South 00°12'52" East, a distance of 236 69 feet to a 5/8" KHA capped iron rod set for
corner
-North 70°01 45" West, a distance of 276 16 feet to a 5/8" KHA capped iron rod set for
the beginning of a tangent curve to the left;
-Northwesterly along said curve to the left, through a central angle of 08°011,'30" having
a radius of 110 00 feet and a chord bearing and distance of North 74°02'30"'West, 15 39
feet, an arc distance of 45 41 feet to a 5/8" KHA capped iron rod set for corner
THENCE with the common line of said Lot 2 and 3 of Block 10A, North 00°12'52" West,
a distance of 748 50 feet to the POINT OF BEGINNING and containing 4 065 acres of
land
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 2/3/2004 Ordinance No 15855
DATE Tuesday February 03 2004
LOG NAME. 17HEARINGHOTEL REFERENCE NO G-14248
SUBJECT
Public Hearing and Ordinance Designating Tax Abatement Reinvestment .Zone No 46 City of Fort
Worth Texas
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 46 City of
Fort Worth Texas and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 46 City of Fort
Worth Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code
DISCUSSION
The proposed Reinvestment Zone No 46 City of Fort Worth Texas (Zone) is located in the Stockyards
area of north Fort Worth 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. Stockyards
Station Hotel L.P is considering this site for the construction of a 102 room AmeriSuites Hotel
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 because 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
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action will have no material effect on City funds.
Logname 17HEARINGHOTEL Page 1 of 2
TO Fund/Account/Centers
FROM Fund/AccountlCenters
Submitted for City Manager's Office b~ Reid Rector (6140) E
Originating Department Head. Tom Higgins (6192)
Additional Information Contact:
Logname 17HEARINGHOTEL
Ardina Washington (8003)
Peter Vaky (7601)
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