HomeMy WebLinkAboutOrdinance 16002ORDINANCE NO 00
AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS
GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS `TAX
INCREMENT REINVESTMENT ZONE NUMBER TEN CITY OF
FORT WORTH, TEXAS CREATING A BOARD OF DIRECTORS
FOR THE ZONE, PROVIDING THE EFFECTIVE AND
TERMINATION DATES FOR THE ZONE ESTABLISHING A
TAX INCREMENT FUND FOR THE ZONE, AND CONTAINING
OTHER MATTERS RELATED TO THE ZONE.
WHEREAS, the City Council desires to promote the development of land in that
certain contiguous geographic area in the City which is more specifically described in
Exhibit A of this Ordinance (the `Zone ") through the creation of a new reinvestment
zone as authorized by and in accordance with the Tax Increment Financing Act, codified
at Chapter 311 of the Texas Tax Code (the `Code ") and
WHEREAS, on or about April 27 2004 the City provided written notice to the
governing body of each taxing unit that levies real property taxes in the proposed Zone of
(i) the City's intent to establish the Zone; (ii) a description of the boundaries of the Zone;
(iii) the City's tentative plans for development of the Zone; and (iv) an estimate of the
general impact of the Zone on property values and tax revenues, and
WHEREAS, the governing body of each county and school district that levies
real property taxes in the proposed Zone has waived the requirement imposed by Section
311 003(e) of the Code that the City provide such written notice at least sixty (60) days
prior to the date of the public hearing conducted pursuant to Section 311 003(c) of the
Code; and
WHEREAS the City has prepared preliminary project and financing plans for
the proposed Zone and provided a copy of those plans to the governing body of each
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
taxing unit that levies taxes on real property in the Zone, as required by Section
311 003(b) of the Code (the `Preliminary Plans "), and
WHEREAS, in accordance with Section 311 003(f) of the Code, on May 18,
2004 the City made a single formal presentation to the governing body of each county
and school district that levies real property taxes in the proposed Zone, as agreed to by
such governing bodies, which presentation, among other things, included (i) a description
of the proposed boundaries of the Zone; (ii) the City's tentative plans for development of
the Zone; and (iii) an estimate of the general impact of the Zone on property values and
tax revenues, and
WHEREAS, on June 8, 2004 the City Council held a public hearing regarding
the creation of the Zone and its benefits to the City and to property in the Zone and
afforded a reasonable opportunity for (i) all interested persons to speak for or against the
creation of the Zone, its boundaries or the concept of tax increment financing and (ii)
owners of real property in the proposed Zone to protest inclusion of their property in the
Zone, as required by Sections 311 003(c) and (d) of the Code; and
WHEREAS, notice of the public hearing was published in a newspaper of
general circulation in the City on May 28 2004 which satisfies the requirement of
Section 311 003(c) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
Section 1
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting a public hearing regarding the creation of the Zone and its
benefits to the City and to property in the Zone and affording a reasonable opportunity
for (i) all interested persons to speak for or against the creation of the Zone, its
boundaries or the concept of tax increment financing and (ii) owners of real property in
the proposed Zone to protest inclusion of their property in the Zone, the City Council
hereby makes the following findings of fact:
1.1 The statements and facts set forth in 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 the Code.
1.2. Development of the Zone will not occur solely through private investment in the
foreseeable future.
1.3. Improvements in the Zone, including, but not limited to, those outlined in the
Preliminary Plans, will significantly enhance the value of all the taxable real
property in the Zone and will be of general benefit to the City
1.4 The area within the Zone is contiguous, predominantly open and is located
between the central city area of the City and Fort Worth Alliance Airport, a
corridor of the City that is likely to become increasingly vital to the City's future
development and economic well - being. However the area lacks adequate
infrastructure and methods of ingress and egress. Because of these and other
factors, the area within the Zone substantially impairs and arrests the sound
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
growth of the City The area within the Zone therefore meets the criteria for
designation of a reinvestment zone and satisfies the requirements of Section
311 005 of the Code.
1.5. No more than ten percent (10 %) or less of the property in the Zone is used
currently for residential purposes, as specified by Section 311 006 of the Code.
1.6. According to the most recent appraisal roll of the City the total appraised value of
all taxable real property in the Zone and in existing reinvestment zones in the City
does not exceed fifteen percent (15 %) of the total appraised value of taxable real
property in the City and in industrial districts created by the City if any
17 The Zone does not contain more than fifteen percent (15 %) of the total appraised
value of real property taxable by any county or school district.
1.8. In support of the finding in Section 14 hereof that the area within the Zone
substantially impairs and arrests the sound growth of the City the City Council
makes the following supplemental findings of fact: The Comprehensive Plan
recommends that the western portion of the Zone and areas west be developed as
an industrial growth center (Alliance) and the eastern portion of the Zone and
areas to the east be developed as a regional mixed -use growth center (Alliance
Gateway West) Given the strategic location of the Zone, the City Council needs
to ensure that development in this area conforms to that recommended by the
Comprehensive Plan. The Comprehensive Plan states that a regional mixed -use
growth center needs to have three of the following five criteria. (i) high
employment concentration, (ii) high concentration of residents, (iii) one or more
mayor transportation facilities, such as highways and arterial roadways, (iv) mayor
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T xas
Institutions, such as a government facility and (v) mayor tourist attractions
attracting at least 100,000 visitors per year Without the proposed Zone In place
and the project plan that will govern Its development, there Is a substantial risk
that the Zone will not develop in the sound manner recommended by the
Comprehensive Plan.
1.9 In support of the finding in Section 14 hereof that the area within the Zone
substantially Impairs and arrests the sound growth of the City the City Council
makes the following supplemental findings of fact: The Comprehensive Plan
recommends a healthy balance of land use in the City so that sales tax collections
can supplement and relieve emphasis of property tax as a City revenue source.
This balance Is vital to the City's continued healthy growth. The proposed Zone
will Implement a series of public Improvements that will make the area within and
around the Zone suitable for retail development, a type of development that is
largely absent in the far north sector of the City The location of the Zone, at the
intersection of I 35W and SH170 is one of the few ideal places in this part of the
City that are suitable for significant retail development. Without the controls
afforded by the Zone and its related project plan, the City will lose an opportunity
to ensure the sound growth of this area.
110. In support of the finding in Section 14 hereof that the area within the Zone
substantially impairs and arrests the sound growth of the City the City Council
makes the following supplemental findings of fact: The proposed Zone surrounds
approximately 164 acres of underdeveloped land currently In the City's
extraterritorial jurisdiction ( "ETJ" ). The Comprehensive Plan recommends that
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
the City promote orderly development in the City's ETJ Designation of the
Zone and implementation of the Zone s project plan will ensure that wise growth
patterns will continue to take effect in this area as the City expands, planned
growth that would not otherwise be assured but for designation of the Zone.
Section 2.
DESIGNATION OF NEW ZONE.
That the City Council hereby designates the Zone described in the boundary
description and depicted in the map, both attached hereto as Exhibit A and made a part
of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance
with the Code. This reinvestment zone shall be known as `Tax Increment Reinvestment
Zone Number Ten, City of Fort Worth, Texas.
Section 3
ZONE BOARD OF DIRECTORS.
That a board of directors for the Zone ( "Board ") is hereby created. The Board
shall consist of eleven (11) members who shall serve for terms of two (2) years each. Of
these eleven (11) members, each taxing unit other than the City that levies taxes on real
property in the Zone may but is not required to appoint one (1) member to the Board.
After each taxing unit other than the City designates to the City either the name of the
member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to
waive its right to appoint a member, the City Council shall appoint whatever number of
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
members are necessary to fill the remaining positions on the Board. Such members may
be members of the City Council.
Section 4.
TERM OF ZONE.
That the Zone shall take effect immediately upon the adoption of this Ordinance
and terminate on the earlier of (i) December 31 2025 or an earlier termination date
designated by an ordinance adopted after the effective date of this Ordinance or (ii) the
date on which all project costs, tax increment bonds and interest on those bonds have
been paid or otherwise satisfied in full.
Section 5.
DETERMINATION OF TAX INCREMENT BASE.
That the tax increment base for the Zone, as defined by Section 311 012(c) of the
Code, shall be the total appraised value of all real property in the Zone taxable by a
taxing unit as of January 1 2004 which is the year in which the Zone was designated as a
reinvestment zone
Section 6.
TAX INCREMENT FUND
That a tax increment fund for the Zone (the `TIF Fund ") is hereby established.
The TIF Fund may be divided into additional accounts and sub - accounts authorized by
resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
percentage of the tax increment, as defined by Section 311 012(a) of the Code, that each
taxing unit which levies real property taxes in the Zone, other than the City has elected to
dedicate to the TIF Fund pursuant to an agreement with the City authorized by Section
311 013(f) of the Code, plus (ii) the City's contribution of a percentage of its tax
Increment, as defined by Section 311 012(a) of the Code, as follows. from 2005 (tax
Increment levied and collected for the 2004 tax year) through 2019 (tax Increment levied
and collected for the 2018 tax year), 100 %, and from 2020 (tax Increment levied and
collected for the 2019 tax year) through 2025 (tax Increment levied and collected for the
2024 tax year), 90 %. The TIF Fund shall be maintained In an account at the depository
bank of the City and shall be secured in the manner prescribed by law for Texas cities.
Revenues In the TIF Fund will be used solely In accordance with Section 311 014 of the
Code.
Section 7
TAX INCREMENT AGREEMENTS.
That, pursuant to Sections 311 008 and 311 013 of the Code, the City Manager
and City Attorney are hereby authorized to execute and deliver for and on behalf of the
City tax Increment agreements with taxing units that levy real property taxes In the Zone.
Section 8.
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,
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Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
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 9
IMMEDIATE EFFECT
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
APPROVED AS TO FORM AND LEGALITY
By.
Peter Vaky
Assistant City Attorney
Date: 6 -/b —O�L
M &C G -1 3 f?Z
Page 9 of 10
Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T xas
EXHIBIT A
DESCRIPTION AND DEPICTION OF THE ZONE
The Zone comprises all real property depicted in the map attached hereto as
`Property within City Limits" This real property is further described in the survey
attached hereto as Exhibit A 1 entitled `Legal Description, TIF District" but
specifically excludes all real property therein that is identified on the survey attached
hereto as Exhibit A 2" entitled `City of Fort Worth, Texas ETJ"
Page 10 of 10
Ordinance Designating T Increment Reinvestment Zone Number T
City of Fort Worth, T
Exhibit A 1
LEGAL DESCRIPTION
TIF DISTRICT
BEING a tract of land situated in the J Ashford Survey Abstract Number 1776, the H. Cox
Survey Abstract Number 386 the H. Creed Survey Abstract Number 1898 the I. Niec Survey
Abstract Number 1160 the A. C Warren Survey Abstract Number 1687 the W Houston
Survey Abstract Number 746 the M.E.P & P RR. Survey Abstract Number 1143 the T G
Willis Survey Abstract Number 1682, the S T Rhodes Survey Abstract Number 1868, the G
W Parker Survey Abstract Number 1251 and the J McDonaId Survey Abstract Number 1106
Tarrant County Texas and being more particularly described by metes and bounds as follows
BEGINNING at the southwest comer of Lot 2, Block 1 Alliance Gateway West Addition, as
recorded in Cabinet A, Slide 5817 Plat Records, Tarrant County Texas, said point being in the
existing east right -of way line of interstate Highway 35W
THENCE N 00 012 16'E, 152.52 feet along the easterly right -of way line of said Interstate
Highway 35W to the beginning of a curve to the right;
THENCE continuing along the easterly right -of way line of said Interstate Highway 35W and
with said curve to the right, through a central angle of 02 °40'04 having a radius of 4563 66 feet,
the .long chord of which bears N 01°36'33'E, 212.47 feet, an arc distance of 212.49 feet,
THENCE N O1 12'30'E, 1235 75 feet continuing along the easterly right -of way line of said
Interstate Highway 35W and across State Highway 170 again along the easterly right -of -way
line of said Interstate Highway 35 W to the beginning of a curve to the right;
THENCE continuing along the easterly right -of way line of said Interstate Highway 35W and
with said curve to the right, through a central angle of 02 °04'52 having a radius of 11540 73
feet, the long chord of which bears N 00 °46'13'W 419 14 feet, an arc distance of 419.16 feet;
THENCE N O1048'25'W 133.37 feet continuing along the easterly Tight -of way line of said
Interstate Highway 3 5 W
THENCE N 88-07-58E, 6.25 feet continuing along the easterly right -of -way line of said
Interstate Highway 35W
THENCE N 01 "36'22'W 199 97 feet continuing along the easterly right-of way.liae of said
Interstate Highway 35W to the beginning of a curve to the right,
THENCE continuing along the easterly right -of way line of said Interstate Highway 35W and
with said curve to the right, through a central angle of 02°24'33 having a radius of 9816 25 feet;
the long chord of which bears N 00 040'09 "W 412.74 feet, an arc distance of 412.77 feet;
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THENCE N 00015'47'E, 180 44 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 0500918 'W 55.3 8 feet continuing along the casterly right -of way line of said
Interstate Highway 35W
THENCE N 00016'30'E, 223.28 feet continuing along the asterly right -of way line of said
Interstate Highway 35W to the beginning of a curve to. the right;
THENCE continuing along the easterly right -of way line of said Interstate Highway 35-W and
with said curve to the nght, through a central angle of 009 °00'37 having a radius of 6541 97
feet, the long chord of which bears N 05007'30'E, 1027 73 feet, an arc distance of 1028 79 feet-
THENCE N 09 055'51 'E, 134.93 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 10°29'25'E, 622.83 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 11 14 59'E, 930.32 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 17 013'22 "E, 186.31 feet across Keller- Haslet Road (County Road 4042), returning
to the easterly right -of way line of said Interstate Highway 35W
THENCE N 11-14 55'E, 884.13 feet continuing along the easterly nght -of way line of said
Interstate Highway 35W
THENCE N 12 058'01 'E, 232.01 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 12 °58'01 'E, 96.22 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 11 14 55'E, 131.23 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 08027'37 "E, 162.97 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE S 88°28'58'E, 2890 60 feet;
THENCE S 00 035'41 'W 1506 70 feet to the centerline of the aforementioned Keller Haslet
Road
THENCE N 89 043 I6"E 448 16 feet continuing along the centerline of said Keller- Haslet Road,
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;;�'
THENCE S 89009'14'E, 1147 86 feet continuing along the centerline of said Keller Haslet Road
THENCE S 87 °5859 "E, 1247 61 feet continuing along the centerline of said Keller Haslet Road,
THENCE N 89.31'02'E, 1280.34 feet continuing along the centerline of said Keller Haslet
Road,
THENCE S 8903,8'23)E, 731 92 feet continuing along the centerline of said Keller Haslet Road
THENCE S 22 °45'57 "E, 733.32 feet, crossing State Highway 170 to the centerline of Alta Vista
Road (County Road 4053)•
THENCE S 00006'23'E, 1286 78 feet along the centerline of Alta Vista Road,
THENCE S 00 032'07 "W 801.35 feet continuing along the centerline of Alta Vista Road,
THENCE N 89°27'54'W 385.35 feet;
THENCE S 63001'27'W 2495 17 feet;
THENCE .N 28-03-11'W 168.24 feet;
THENCE N 44 1119"W 955.22 feet;
THENCE S 64 019'09 "W 2249.53 feet to the existing west right -of way line of Old Denton Road
(County Road 4048)
THENCE S 00041'31'W 1910 95 feet along the existing west right -of way line of Old Denton
Road,
THENCE N 89039'58'W 3379.51 feet to the POINT OF BEGINNING and.contairung 981 acres
of land more or less.
J
NOTE. THIS DOCUMENT WAS PREPARED UNDER 22 TAC S663 21 AND DOES
NOT REFLECT THE RESULTS OF AN ON THE GROUND SURVEY AND IS NOT TO
BE USED TO. CONVEY OR ESTABLISH INTERESTS IN REAL PROPERTY EXCEPT
THOSE RIGHTS AND INTERESTS IMPLIED OR ESTABLISHED BY THE CREATION
OR RECONFIGURATION OF THE BOUNDARY OF THE POLITICAL SUBDIVISION
FOR WHICH IT WAS PREPARED
C &B Job No 011900 651
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April 12, 2004
Page 3 of 3
Exhibit A 2
CITY OF FORT WORTH, TEXAS ETJ
BEING a tract of land situated uz the H. Creed Survey Abstract Number 1898, and the M.E.P &
P RR. Survey Abstract Number 1143 Tarrant County Texas and being more particularly
described by metes and bounds as follows-
COMMENCING at the southwest comer of Lot 2, Block 1 Alliance Gateway West Addition, as
recorded in Cabinet A, Slide 5817 Plat Records, Tarrant-County Texas, said point being in the
existing east right -of way line of Interstate Highway 35W
THENCE N 00 °12 16'E, 152.52 feet along the easterly right -of way line of said Interstate
Highway 35W to the beginning of a curve to the right,
THENCE continuing along the easterly right -of way line of said Interstate Highway 35W and
with said curve to the right, through a central angle of 02 °40'04 having a radius of 4563 66 feet,
the long chord of which bears N 01 °36'33E, 212.47 feet, an arc distance of 212.49 feet,
THENCE N 01 012'30 "E, I235 75 feet continuing along the easterly right -of way line of said
Interstate Highway 35W and across State Highway 170 again along the easterly.right --of way
line of said Interstate Highway 35W to the beginning :of a curve to the right;.
THENCE continuing along the easterly right -of -way line of.said Interstate Highway 35W and
with said curve to the right, through a central angle of 02 °04'52 having a radius of 11540 73
feet, the long chord of which bears N 00 °46'13'W 419 14 feet, an arc distance of 419 16 feet;
THENCE N 0104825'W 133.37 feet continuing along the easterly right -of way line of said
Interstate Highway- 35W-
THENCE N .88 °07'58 'E, 6.25 feet continuing along the easterly right -of -way line of said
Interstate Highway 35W
THENCE N 01°36'22'W 199.97 feet continuing along the easterly right -of way line of said
Interstate Highway 35W to the beginning of a.curve to the right;
THENCE continuing along the easterly right -of way line of said Interstate Highway 35W and
with said curve to the right, through a central angle of 02°24'33 having a radius of 9816:25 feet,
the long chord of which bears N 00°40'09 "W 412.74 feet, an arc distance of 412.77 feet,
THENCE N 00 °15'47 "E, 180 44 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
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April 20 2004
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THENCE N 05009'38'W 55.38 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 00 016'30 "E, 223.28 feet continuing along the easterly right -of way line of said
Interstate Highway 35W to the beginning of a curve to the right;
THENCE continuing along the easterly right -of way-fine of said Interstate Highway 35W and
with said curve to the right, through a central angle of•009 000'37" having a radius of 6541 97
feet, the long chord of which bears N 05 °07'30'E, 1027 73 feet, an arc distance of 1028 79 feet;
THENCE N 09 °55'51 'E, 134.93 feet continuing along the easterly right -of way, line of said
Interstate Highway 35W
THENCE N 10°2925 'E, 622.83 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 11 I4 59'E, 930.32 feet continuing along the easterly nght -of way lute of said
Interstate Highway 35W
THENCE N 17 "13'22'E, 186.3I feet across Keller Haslet Road (County Road 4042) returning
to the easterly nght -of way line of said Interstate Highway 35W
THENCE N 11 14 55'E, 884 13 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 12.58'01 'E, 232.01 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 12 °58'01 'E, 96.22 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 11-1455'E, 131.23 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE N 08°2737 "E, 162.97 feet continuing along the easterly right -of way line of said
Interstate Highway 35W
THENCE S 88.28 -58'E, 2890 60 feet to Old Denton Road,
THENCE S 00 035 41 W 1485.20 feet along Old Denton Road to Keller Haslet Road and the
POINT OF BEGINNING
THENCE S 89 054 46 "W 2637.53 feet along said Keller- Haslet Road,
THENCE S 00-12'58 'E, 207 77 feet;
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THENCE S I3031'06'W 490.39 feet;
THENCE S 09058'06'W 368 01 feet to the east line of that certain tract of land described by
deed to AIL Investment, L.P Volume 13130 Page 246 Deed Records, Tarrant County Texas
THENCE S 00 003 10'W 1268 60 feet along said east line to the southeast corner of said AIL
tract, and also a point in the north line of that certain tract of land described by deed to
Hillwood/Freeway Ltd, as recorded in Volume 9527 page 1011 Deed Records, Tarrant County
Texas now known as AIL Investment, L.P
THENCE S 00 °55 57'E, 366 82 feet along the north line of said Hillwood tract;
THENCE N 89044'38'E, 2666 17 feet continuing along the north line of said Hillwood tract to
Old Denton Road,
THENCE N 00016'12'E 2075 32 feet along Old Denton Road
THENCE N 15 °53 57'E, 120 79 feet continuing along said Old Denton Road,
THENCE N 25°29'11 'E, 204-78 feet contmutng along said Old Denton Road,
THENCE N 14 °36'14'E, 114 86 feet continuing along said Old Denton Road,
THENCE N 01-31 40 "E, 165 67 -feet continuing along said Old Denton Road to the
aforementioned Keller Haslet Road,
THENCE S 89 043 16'W 20 46 feet along said Keller- Haslet Road,
THENCE N 00 035 41 'E, 21.50 feet to the'POINT OF BEGINNING and containing 164.acres of
land more or less.
NOTE. THIS DOCUMENT WAS PREPARED UNDER 22 TAC S663.21 AND DOES
NOT REFLECT THE RESULTS OF AN ON THE GROUND SURVEY AND iS NOT TO
BE USED TO CONVEY OR ESTABLISH INTERESTS IN REAL PROPERTY EXCEPT
THOSE RIGHTS AND INTERESTS IMPLIED OR ESTABLISHED BY THE CREATION
OR RECONFIGURATION OF THE BOUNDARY OF THE POLITICAL SUBDIVISION
FOR WHICH IT WAS PREPARED
C &B Job No 011900651
J \JOB \01190065 \SUR \WP\LEG \etj.doc
April 20 2004
Page 3 of 3
City of Fort Worth, Texas
Mayor and Council Communication
SUBJECT
Public Hearing and Ordinance Designating Tax Increment Reinvestment Zone Number Ten City of
Fort Worth Texas
RECOMMENDATION
It is recommended that the City Council
1 Hold a public hearing concerning the designation of Tax Increment Reinvestment Zone Number Ten for
tax increment financing purposes and
2 Adopt the attached ordinance which designates Tax Increment Reinvestment Zone Number Ten City of
Fort Worth Texas pursuant to the Special Property Tax Provisions Tax Increment Financing Act, Tax
Code Chapter 311 (the Act)
DISCUSSION
The proposed Tax Increment Reinvestment Zone Number Ten City of Fort Worth Texas being referred to
as the Lonestar TIF (the TIF) is located in north Fort Worth near the intersection of State Highway 170 and
Interstate Highway 135W The exact boundaries of the property are described in Exhibit A of the attached
ordinance The TIF will expire on December 31 2025 or the earlier date as of which all project costs have
been paid
The TIF is intended to help fund public improvements associated with the development of the Cabela s
project. The ordinance provides that the City will contribute an average of 97 5% of its tax increment to the
TIF over the term of the TIF
This public hearing is required by the Act. 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 meeting
The proposed area meets the criteria for the designation of a reinvestment zone 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
This property is located in Council District 2
Logname 17HEARINGTIF10 Page 1 of 2
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 by Reid Rector (6140)
Originating Department Head. Tom Higgins (6192)
Additional Information Contact: Ardina Washington (8003) Peter Vaky (7601)
Logname 17HEARINGTIFIO Page 2 of 2