HomeMy WebLinkAboutOrdinance 16074ORDINANCE NO ~~
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS `TAX ABATEMENT
REINVESTMENT ZONE NUMBER FORTY NINE, 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 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 a residential tax
abatement, as authorized by and in accordance with Chapter 312 of the Code; and
WHEREAS, Wide Open Spaces, Ltd. a Texas limited partnership ("Company")
whose general partner is Struhs Development Corporation, a Texas corporation, owns
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
compliance with certain other commitments that will foster economic development m the
Zone and the City m general, and
Page 1
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Nine,
City of Fort Worth, 3`
WHEREAS, on August 10 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 Crty on August 3 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, i n accordance with Sections 312.201(d)(2) and (e), nonce of the
Public Heanng was delivered m 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 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 mfonnahon before rt regarding the establishment of the
Zone and after conducting the Public Heanng 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-Nine,
City of Fort Worth, T
1 1 The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the Crty 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 comprising the Zone is located m the Central Crty and a CDBG
Eligible Area, as those terms are defined in the Tax Abatement Policy This area
substantially impairs the sound growth of the City and constitutes an economic
liability m its current condition and use because of the presence of deteriorated
and deteriorating structures, the faulty usefulness of lots wrthm the area and
unsanitary and unsafe conditions.
1.3 As a result of designation as a reinvestment zone, the area wrthm 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 Crty
1 4. The Improvements proposed for the Zone, as more specifically outlined in 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, include
the c onstruchon o f a pproximately 3 00 a partment u mts. T he I mprovements are
feasible and practical 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.
Page 3
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Nine,
City of Fort Worth, T
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby designates the Zone described m the boundary
descnptron attached hereto as Exhibit A and made a part of this Ordinance for all
purposes as a reinvestment zone for purposes of granting a residential 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 nine, City of Fort Worth,
Texas. This project is eligible for a residential tax abatement pursuant to Section 3.2 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 ~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.
Page 4
Ordinance Designating Tax Abatement Reinvestment Zone Number Forty-Nine,
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 _ ~ l 7 D y~
APPROVED AS TO FORM AND LEGALITY
By
Peter Vaky
Assistant Crty Attorney
M&C rs--/~'~53 K /7-pct
Page 5
Ordinance Designating T Abatement Reinvestment Zone Number Forty-Nine,
City of Fort Worth, T
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 8/17/2004 Ordinance No. 16074
CONTINUED FROM A PREVIOUS WEEK
DATE Tuesday August 10 2004
LOG NAME. 17HEARINGTARZ49 REFERENCE NO G-14453
SUBJECT
Public Hearing and Ordinance Designating Tax Abatement Reinvestment Zone No 49 (Trinity Bluff)
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 49 City
of Fort Worth, Texas and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 49 City of Fort
Worth, Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
DISCUSSION
The proposed Tax Abatement Reinvestment Zone No 49 City of Fort Worth, Texas (Zone) is on the
northeast edge of the downtown area northeast of the. County Courthouse and south of the Trinity River
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 by the owner of
the property Wide Open Spaces, Ltd Wide Open Spaces, Ltd plans to sell the .property to Lincoln
Properties for the construction and operation of a 300-unit market rate apartment complex.
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 (i) it substantially impairs the
sound growth of the City and constitutes an economic liability in its current condition, and (ii) it 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
Logname• 17HEARINGTARZ49 Page 1 of 2
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action does not require the expenditure of City funds
TO Fund/Account/Centers
FROM Fund/Account/Centers
Submitted for City. Manager's Office bv. Dale Fisseler (Acting) (6266)
Originating Department Head. Tom Higgins (6192)
Additional Information Contact: Ardina Washington (8003)
Peter Vaky (7601)
Logname. 17HEARINGTARZ49 Page 2 of 2