HomeMy WebLinkAboutOrdinance 15317,,
ORDINANCE NO ~~XJ ` /
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 enlarged by
Ordinance No 14795, adopted on October 2, 2001, and Ordinance No 14839, adopted
on October~30, 2001 (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 reinvestment zone by
ordinance or resolution, subject to the limitations provided by Section 311 006 of the
Code; and
WHEREAS, the City wishes to reduce the Zone by removing all property m the
Zone that is located within the property boundaries set forth in Exhibit "A" of this
Ordinance (the "Property"), which is 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 reinvestment zone so long as (i)
less than ten percent (10%) of the property within the amended boundaries of the
reinvestment zone, excluding any property dedicated to public use, is used for residential J
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
Page 1
Ordinance Reducing Tax ]ncrement Reinvestment Zone Number Three,
City of Fort Worth, Texas
appraised value of taxable real property m the mumclpallty and m the industrial distracts
created by the municipality; 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 distract; and
WHEREAS, on November 5, 2002 the City Council held a public hearing
regarding the reduction of the Zone and its benefits to the City and to property in the
Zone and afforded a reasonable opportunity for all interested persons to speak for or
against the removal of the Property from the Zone; and
WHEREAS, notice of the public hearing was published m a newspaper of
general circulation m the City on October 28, 2002, which date was more than seven (7)
days prior to the date of that hearing; and
WHEREAS, prior to the public hearing the City 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
Section 1
FINDINGS.
That after reviewing all information before it regarding the removal of the
Property from the Zone and after conducting a public hearing regarding the reduction of
the Zone and its benefits to the City and to property in the Zone and affording a
Page 2
Ordinance Reducing Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas `
reasonable opportunity for all interested persons to speak for or against the removal of the
Property from the Zone, the City Council hereby makes the following findings of fact:
1 1 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 well benefit the City by allowing the City
to foster development initiatives on and m the viclmty of the Property, as outlined
m numerous public Clty Council meetings m 2001 and 2002, by means that would
not be available if the Property remained m the Zone, including, but not limited
to, economic development grants authorized by Chapter 380 of the Texas Local
Government Code and designation of some or all of the Property as a tax
increment reinvestment zone separate from the Zone ("Other Economic
Development Initiatives")
1.3. Beneficial development 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 ~
Economlc Development Initiatives, the value of property remaining m the Zone is
likely to increase, which will benefit both the Zone and the City in general.
1.5. The Property is subject to removal from the Zone pursuant to Section 311 007(a)
of the Code.
1.6. With the removal of the Property, less than ten percent (10%), if any, of the
property within the Zone, excluding any property dedicated to public use, will be
used for residential purposes, as defined m Section 311 006(4) of the Code.
Page 3
Ordinance Reducing Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas
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 in the
mumcipahty and m the industrial distracts created by the mumcipalrty
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, Clty of Fort Worth, Texas." With removal of the
Property from the Zone, the Zone shall comprise the property depicted and described in
Exhibit "B", 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 Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas
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 (i) for any taxable portion of the Property included in the Zone
pursuant to Ordinance No 12324, by the taxable appraised value of such property for the
year 1995, which is the year in which Ordinance No 12324 was adopted, and (ii) for any
taxable portion of the Property included in the Zone pursuant to Ordinance No 14795, by
the taxable appraised value of such property for the year 2001, which is the year in which
Ordinance No 14795 was adopted. The tax increment base for property remaining in the
Zone shall remain unchanged.
Section 6.
TAX INCREMENT FUND.
That beginning with the 2002 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
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
Page 5
Ordinance Reducing Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas
establlshed for the Zone pursuant to Sectlon 7 of Ordinance No 12324) (the "TIF
Fund") 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 ~unsdtction,
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.
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 //-S- D Z
Page 6
Ordinance Reducing Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY
By ~~-~
Peter Vaky
Assistant Crty Attorney
Date //-S-D2
M&c G-/3'72
Page 7
Ordinance Reducing Tax Increment Reinvestment Zone Number Three,
City of Fort Worth, Texas
Exhibit "A"
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Map and Boundary Description prepared by Gideon Toal, Inc.
Exhibit "A"
Beginning at a point which is the intersection of the south ROW line of Belknap Street and the
West ROW line of Henderson Street in Downtown Fort Worth, Tarrant County Texas, thence
North and northwesterly along the west ROW line of Henderson Street to a point where said line
intersects the current centerline of the Clear Fork of the Tnmty River, thence
Easterly along said centerline of the Clear Fork to a point where said centerline intersects a
projection of the east ROW line of Taylor Street, thence
South along the east ROW line of Taylor Street to a point where said line intersects with the south
ROW line of Franklin Street, thence
East along the south ROW line of Franklin Street to a point where said line intersects the west
ROW line of Houston Street, thence
South along the west ROW line of Houston Street to a point where said line intersects the north
ROW line of Belknap Street, thence
East along the north ROW line of Belknap Street to a point where said line intersects the west
ROW line of a Commerce Street to a point where said line intersects the south line of
Weatherford St., thence
West along the south ROW line of Weatherford St. to a point where said line intersects the west
ROW line of Houston St., thence
North along the west ROW line of Houston St. to a point where said line intersects the south
ROW line of Belknap St., thence
West along the south ROW line of Belknap St. to a point where said line intersects the east ROW
line of Taylor Street, thence
South along the east ROW line of Taylor Street to point where said line intersects the south ROW
line of Weatherford St., thence
West along the south ROW line of Weatherford St. to a point where said line intersects the east
ROW line of Cherry St., thence
North along the east ROW line of Cherry St. to point where said line intersects the south ROW
line of Belknap St., thence
West along the south ROW of Belknap St. to a point where said line intersects the west ROW line
of Henderson St., which is the point of begmmng, said area containing approximately 2,770,332
square feet, or 63 6 acres.
Map and Boundary Description prepared by Gideon Toal, Inc.
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EXHIBIT „su
DOWNTOWN TIF PROPERTY DESCRIPTION, AS REDUCED
Beginning at a point of the intersection of a projection of the south ROW line of 3`d St. and the west ROW line of
Henderson St., thence
Northwesterly along the west ROW line of Henderson St. to a point where said line intersects with the south ROW
line of Weatherford St., thence
Southwesterly along the south ROW line of Weatherford St. and what would be a projection of the said south line to
a point where the projection of said line intersects with the west ROW line of Penn St., thence
Northerly along the west ROW line of Penn St. which transitions to the south ROW line of Forest Park Blvd. (where
Forest Park Blvd. curves into Weatherford St. and Belknap St.), thence
Following the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said
line intersects with the north ROW line of 5~' St., thence
Due west along a due west projection of the north ROW line of 5"' St. to a point where this due west line intersects
with the centerline of the Clear Fork of the Trinity River, thence
Following the centerline of the Clear Fork of the Trinity River northeasterly to a point of intersection with the
centerline of the West ROW line of Henderson St., thence
Southerly along the said line of Henderson St. to a point where said line intersects the south ROW line of Belknap
St., thence
Easterly along the south ROW line of Belknap St. to a point where said line intersects the east ROW line of Cherry
St., thence
Southerly along the said east ROW line of Cherry St. to a point where said line intersects the south ROW line of
Weatherford St., thence
Easterly along the south ROW line of Weatherford St. to a point where said line intersects the east ROW of Taylor
St., thence
Northerly along the east ROW line of Taylor St. to a point where said line intersects the south ROW line of Belknap
St., thence
Easterly along the south ROW line of Belknap St. to a point where said line intersects the west ROW line of Houston
St., thence
Southerly along the west ROW line of Houston St. to a point where said line intersects the south ROW line of
Weatherford St., thence
Easterly along the south ROW line of Weatherford St. to a point where said line intersects the west ROW line of
Commerce St., thence
Northerly along the west ROW line of Commerce St. to a point where said line intersects the north ROW line of
Belknap St., thence
Westerly along the north ROW line of Belknap St. to a point where said line intersects the south ROW line of
Houston St., thence
Northerly along the west ROW line of Houston St. to a point where said line intersects the south ROW line of
Franklin St., thence
Westerly along the south ROW line of Franklin St. to a point where said line intersects the east ROW line of Taylor
Street, thence
Northerly along a straight projection of the east ROW line of Taylor St to a point where said projected line would
intersect with the centerline of the West Fork Trinity River, then easterly along the centerline of the West Fork
Trinity River to a point of intersection with the projection of the north ROW line of Cummings St. (Cummings St.
turns westward as depicted on the TAD tax maps), thence
Easterly along the said projection and north ROW line of Cummings St. to a point where said line turns southeasterly
along the east ROW line of Cummings St., thence
Southeasterly along the east ROW line of Cummings St. to a point where said line intersects with what would be the
projection of the north ROW line of Peach St., thence
Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of
the Santa Fe Railroad, thence
South-southeasterly along the east ROW line of the Santa Fe Railroad to a point of intersection with what would be a
straight projection of the south ROW line of 6"' St., thence
Southwesterly along the south ROW line of 6"' St. to a point where said line intersects with the west ROW line of
Commerce St., thence
Northwesterly along the west ROW line of Commerce St. to a point where said line intersects with the south ROW
line of 5"' St., thence
Southwesterly along the south ROW line of 5`h St. to a point where said line intersects with the east ROW line of
Main St., thence
Southeasterly along the east ROW line of Main St. to a point where said line intersects with the south ROW line of
6`'' St., thence
Southwesterly along the south ROW line of 6`" St. to a point where said line intersects with what would be a straight
projection of the east ROW line of Burnett St., thence
Northwesterly along what would be a straight projection of the east ROW line of Burnett St. (west line of Block 101)
to a point where said line intersects with the south ROW line of 5"' St., thence
Southwesterly along the south ROW line of 5`~' St. to a point where said line intersects with what would be a straight
projection of the west ROW line of Burnett St., thence
Northwesterly along the west ROW line of Burnett St. to a point where said line intersects with the south ROW line
of 3`d St., thence
Southwesterly along the south ROW line of 3`d St. to a point where said line intersects with the west ROW line of
Henderson St., which is the point of beginning.
Save and excevt that the following blocks within said perimeter boundary are omitted and excluded from the
Reinvestment Zone: Blocks 45R Courthouse A, Block 27, Block 24, Block 58, Block 57, Block 8R, Block 64, Block
86, Block 87 (Lots 1, 2A, and 2B), in the Fort Worth Original Town Addition, and
Save and excevt that following area is omitted and excluded from the Reinvestment Zone: Beginning at a point
4
where the north ROW line of Belknap St. intersects the east ROW line of Henderson St., thence northwesterly along
the east ROW line of Henderson St. to a point where said line intersects the south ROW line of Peach St., thence
northeasterly along said south ROW line to a point where said line intersects the south ROW line of Franklin St.,
thence easterly along the south ROW line of Franklin St. to a point where said line intersects the west ROW line of
Taylor St., thence southeasterly along the west ROW line of Taylor Street to a point where said line intersects the
north ROW line of Belknap St. thence southwesterly along the north ROW line of Belknap St. to point where said
line intersects the east ROW line of Henderson St., which is the point of beginning, and
Save and except that the following area is omitted and excluded from the Reinvestment Zone: Beginning at a point
where the north ROW line of Belknap St. intersects the east ROW line of Taylor St., thence northwesterly along the
east ROW line of Taylor St. to a point where said line intersects the south ROW line of Franklin St., thence easterly
along the south ROW line of Franklin St. to a point where said line intersects the west ROW line of Houston St.,
thence southeasterly along the west ROW line of Houston St. to a point where said line intersects the north ROW
line of Belknap St., thence southwesterly along the north ROW line of Belknap St. to a point where said line
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
11/5/02 G-13792 12ZONE-3 1 of 1
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 the findings of fact in support of such a reduction
DISCUSSION
The attached ordinance removes certain property from the Downtown TIF, primarily the land containing
Ripley Arnold Place and Ripley Arnold Addition and the eastern half of the riverfront surtace parking lot
commonly known as the Tandy parking lot. This action is recommended because City staff believes
that the property in question will develop more rapidly through the use of economic development tools
that would not be available if the property were to remain in the Downtown TIF, including designation as
a stand-alone reinvestment zone and the application of an economic development grant program
authorized by Chapter 380 of the Texas Local Government Code and funded directly by affected
property tax revenue, such as the program established by the City for redevelopment of the Ripley
Arnold property by RadioShack Corporation (M&C G-13668, July 9, 2002)
Notice of the public hearing was delivered to the governing body of each affected taxing unit and
published in a newspaper of general circulation at least seven (7) days prior to this meeting
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that this action will have no material effect on City funds
RR.k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Reid Rector 6140
Originating Department Head:
David Yett 7623 (from) APPROVED 11/05/02
ORD.#15317 (REVISED)
Additional Information Contact:
Peter Vaky 7601
Tom Higgins 6192