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Home My WebLink AboutOrdinance 18975-12-2009ORDINANCE NO.18975-12-2449 AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS TRINITY RIVER VISION TIF}; EXTENDING THE TERM OF THE TRINITY RIVER VISION TIF; APPROVING AN AMENDED AND UPDATED PROJECT AND FINANCING PLAN FOR THE TRINITY RIVER VISION TIF; AND CONTAINING OTHER RELATED MATTERS. WHEREAS, on December 16, 2003 the City Cauncil of the City of Fart VVarth, Texas the "City"} created Tax Increment Reinvestment Zane Number Nine, City of Fort worth, Texas Trinity River Visian TIF} the "Zone"} pursuant to Ordinance No, 15797, as subsequently amended by Ordinance Nas.16005 and 16508-2-2006; and WHEREAS, in accordance with Section 311.011(a) of the Texas Tax Code (the "Code"}, on September 15, 2005 the board of directors of the Zone the "Board"} adopted a project plan and a financing plan far the Zone ~callectively, the "Plans"}, which, as required by Section 311.011 ~d} of the Code, were approved by the City Cauncil pursuant to Ordinance No.16768-01-2006; and WHEREAS, Section 311.011(e) of the Code allows the board of directors of a tax increment reinvestment zone to adopt an amendment to a project plan far the Zone so long as the amendment is consistent with the requirements and limitations of Chapter 311 of the Cade and is approved by the governing body of the municipality that created the zone; and WHEREAS, on December 4, 2009 the Board adopted an update to the Plans the "Updated Pions"}, which is attached hereto as Exhibit "A" and is hereby made a part of this Ordinance for all purposes; and f'a~;~~ I [)rclin~u~~~ Ex~~anain~ Bc~uncl~ry, E.~ctc;nclin~ T~~nn ar~c~ rlpprc~~ ing Amer~c~cc1 I'r~~jt~c:t ana Finantink I'I~-n; t~>r ~1~ax fn~rcmcnt Reinvc~str7~cr~t 7_c~nc ~umbtr tiir~c, t'ity c~f'Fc~rt We}rth, Tc~cas ~~rrinity RIVCT Visian TIF) WHEREAS, in order for the projects set forth in the Plans and Updated Plans to be implemented and financed in their entirety, it is necessary for the boundaries of the Zone to be enlarged and the term of the Zone to be extended; and WHEREAS, accordingly, the City wishes to enlarge the Zone by adding the property depicted and described in Exhibit "B" collectively, the "Expanded Area"}, which Exhibit is attached hereto and hereby made a part of this Ordinance for all purposes; and WHEREAS, Section 311.007 of the Code allows the City Council to reduce or enlarge the boundaries of an existing tax increment reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311.446 of the Code; and WHEREAS, by operation of Section 311.006 of the Code, a municipality may change the boundaries of an existing tax increment reinvestment zone so long as (i) less than ten percent (10%} of the property within the amended boundaries of the zone, excluding any property dedicated to public use, is used for residential purposes, as defined in Section 311.006(d) of the Code; (ii) the amended boundaries of the zone will not contain more than fifteen percent X15%} of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality; and (iii) the amended boundaries of the zone will not contain more than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, Ordinance No. 15797 specifies that the Zone shall expire on the earlier of December 31, 202$ or the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full; and I~ll~t,' ~ Ur~iln~ince E.~~~illciln~ B{~un{t~ry, F.xtenciing Tenn an{t A~~roving Amcncieci I'roj~'{;t ~Incl Financing flans tc~r Ta.~{ In{;rc'ment Reln~'Ctit111~'ilt Zone Nurnl?cr Nine, City ot~Fort Worth, Texas ]`Trinity River Visinn TIF} WHEREAS, the City wishes to extend the term of the Zone so that the projects set forth in the Plans and Updated Plans maybe fully implemented and funded; and WHEREAS, Section 311.017(a)(1) of the Code allows a municipality to reduce or extend the term of an existing tax increment reinvestment zone by ordinance adopted subsequent to the ordinance that originally created the zone; and WHEREAS, in accordance with the procedural requirements of Section 311,003~c~ and ~d}, on December S, 2009, the City Council held a public hearing regarding the Updated Plans, the enlargement of the Zone, the extension of the Zone's term, and the anticipated benefits that will accrue to the City and to property in the Zone as a result of such actions, and afforded a reasonable opportunity for all interested persons to speak for or against the approval of the Updated Plans, the addition of the Expanded Area to the Zone, the inclusion of any property in the Zone, the extension of the Zone's term, the concept of the Zone and tax increment financing generally; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 30, 2009 which date was not later than seven (7) days prior to the date of the hearing; and WHEREAS, in accordance with the processes outlined in Sections 311.003~e~ and (fl of the Code, prior to the public hearing the City (i) provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the Expanded Area to the Zone, to extend the term of the Zone, and to approve the Updated Plans; (ii) made a formal presentation to the governing bodies of Tarrant County and the Fort North Independent School District as well as the governing bodies of any taxing ~~~~~~ ~ ~rciinancc Ex~an~fing B[~unciary, Exten~fing Tenn anti Ap~r[~ving Amenclecl ~'r[~ject anti Financing flans f{}r Tax Increment Reinvestment Z[~ne Numher Nine, City [it~~ort Wirth, Texas (Trinity River ViSI[ln T[F} unit that requested a separate presentation; (iii) provided written notice to all taxing units levying real property taxes within the Zone of the public hearing. NOW, THEREFORE, BE IT GRDAINED BY THE CITY COUNCIL flF THE CITY OF FLIRT WURTH, TEAS: Section 1. FINDINGS. That after reviewing all information before it regarding the addition of the Expanded Area to the Zone and after conducting a public hearing regarding the Updated Plans, the enlargement of the Zone, the extension of the Zone's terms, and the anticipated benefits to the City and to property in the Zone as a result of such actions, and affording a reasonable opportunity for all interested persons to speak for or against the approval of the Updated Plans, the addition of the Expanded Area to the Zone, the inclusion of any property in the Zone, the extension of the Zone's term, and the concept of tax increment f nancing generally, the City Council hereby makes the following findings of fact: 1.1. The statements, facts, terms and conditions set forth in the recitals of this Ordinance are true and correct. 1.Z. The Plans and the Updated Plans include all information required by Sections 311.011(b) and (c) of the Code. I.3. The Plans and the Updated Plans are feasible and the projects set forth therein conform to the City's comprehensive plan. Past ~ ~rciinanet E.~c~ai~ciing Bnunciary, Extending Tenn anti A~~rovin~ Amencieci Project and Finanein~ Plans tier Tax ~ilL're1l1L'nt Reinvestment lt~tle Number Nine, City t~f Fort Worth, Texas Trinity Riv~;r Visit~n T1F) 1.4. The Expanded Area is located in the Central City, as defined in the City's comprehensive plan. However, despite its central and strategic location, the Expanded Area predominantly comprises undeveloped land, vacant commercially zoned land, and underutilized and underdeveloped commercially zoned land, at least in part due to the risk of flood, which risk could be alleviated through the construction of the hydraulic dam and bypass channels proposed in the Plans and Updated Plans. Taking all facts into consideration, the Expanded Area substantially impairs and arrests the sound growth of the City and constitutes an economic liability and a menace to the public health and safety because of (i) unsanitary and unsafe conditions; ~11} the deterioration of site and other improvements; and viii} conditions that endanger life and property. 1.5. Development of the Expanded Area will not occur solely through private investment in the foreseeable future. l.b. Improvements in the Zone, including the Expanded Area, as specifically outlined in the Plans and Updated Plans, will significantly enhance the value of all taxable real property in the Zone, including the Expanded Area, and will be of general benefit to the City. 1.7, The Expanded Area is subject to inclusion in the Zone pursuant to Sections 311.007(a) and Sections 311.005(a)(1) of the Code. 1.8. The area within the Zone, following the addition of the Expanded Area, will remain contiguous. ~'a~e 5 Ur~financc Erpancling B~~un~f~ry, E.xtencling Tenn ancf Appro~ ing Amenclec~ I'rnje~:t an~f Fiilatlein~ flans t~~r Tax Ineremeilt Reinvestment Zane Number Nine, City of hurt Werth, Texas (Trinity Riv~;r Vision T1F} 1.9. With the addition of the Expanded Area, less than ten percent ~ 1 D%} of the property within the Zone, excluding any property dedicated to public use, will be used for residential purposes, as defined in Section 311.006(d) of the Code. 1.10. With the addition of the Expanded Area, the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality. 1.11. With the addition of the Expanded Area, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. 1.12. By extending the term of the Zone to December 31, 2044, the City Council believes that sufficient tax increment, as defined by Section 311.012 of the Code, will be generated in order for the projects set forth in the Plans and Updated Plans to be implemented and financed in their entirety Section 2. DESIGNATION OF EXPANDED AREA FUR INCLUSION IN THE ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Expanded Area to the Zone. The Zone, as enlarged, has been designated under Section 311.005(a)(1) of the Code and shall continue to be known as "Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas." With addition of the Expanded Area to the Zone, the Zone shall comprise the property depicted in Exhibit "C", which is attached hereto and hereby made a part of this ordinance for all purposes. ~'ll~e ~) Urciinalue Frpallclitlg B~~uncl~.lry, Extetlclitlg Terll~ atlc~ A~pr~~vitlg Amcnc~~~c~ Pr~~jc~:t l1ll{.1 Flnan~ing P~~~IIti tier Tex lilercm~~llt Reinvestment Lane Numhcr Nine, City ~~t~Fc?rt Werth, Tcx~~ (Trinity River Vision TIF1 Section 3. ZONE BOARD OF DIRECTORS. That the composition of the Board shall remain unchanged and shall continue to conform to the requirements of Section 311.449 of the Cade. Section 4. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 311.412~c~ of the Code, for the Expanded Area of the Zone shall be the total appraised value for the 2449 tax year of all real property within the Expanded Area taxable by a taxing unit. The tax increment base for property located within the boundaries of the Zone prior to the adoption of this ordinance shall remain unchanged. Section 5. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Qrdinance No. 15797 the "TIF Fund"~ shall include ~i~ the deposit by the City of eighty percent ~S4%~ of the City's tax increment, as defined by Section 311.412~a~ of the Code, generated by all real property within the Expanded Area, as well as that tax increment deposited by the City into the TIF Fund pursuant to and in accordance with ordinance No. 15797, and (ii) the percentage of tax increment generated by all real property in the Zone, including the Expanded Area, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to deposit into the TIF Fund pursuant to and fade 7 Ordinance E:~cpancling B(lUnLiary, E.rtencling T(:n» and Appr(~~ ing Amcrlclccl f'r(~jt,~ct anti Financing f laps t~~r Tax In(:rement Reinv(.~stmcnt Z(m~~ Numhcr Ninci, City (~t~F(~rt Worth, T(:xa~ (Trinity River Vi~i(~n TIFF in accordance with an agreement or agreements with the City, as authorized by Section 311.013(fl of the Code. Section G. TAB INCREMENT AGREEMENTS. That, pursuant to Sections 31 l .oo$ and 311.013 of the Code, the City Manager or any Assistant City Manager is hereby authorized to execute and deliver, for and on behalf of the City, agreements with taxing units that levy real property taxes in the Zone pursuant to which tax increment of such taxing units will be deposited into the TIF Fund. Section 7. TERM OF ZUNE. That pursuant to Section 311.017(a)(1) of the Code, the termination date of the Zone is hereby extended to be the earlier of (i) December 31, 2044 or (ii) the date on which ail project costs, tax increment bonds and interest on those bonds have been paid in full, Section 8. APPRUVAL GF UPDATED PLANS. That the Updated Plans are hereby approved. The Plans, as previously approved by the City Council pursuant to ordinance No. 167b8-01-2006, shall continue in effect except to the extent specifically amended or revised by the Updated Plans. ('agc Urclinancc E!cpancling Boundary, Ext~nciing Ter~r~ anti Appro~ ing A~r~enclecl i'rojc~~t ar~ci F'inatlcing i'ian~ t~~r Tax lncremc:nt R~lI1VCStInL'nt Zone Number Nine, City of Fort Werth, Tcxas (Trinity Rivcr Vision TlF) Section 9. DELIVERY 4F UPDATED PLANS T4 TAKING ENTITIES, That the City Manager is hereby directed to cause a copy of the Updated Plans to be provided to the governing body of each taxing unit that taxes real property located in the Zone, as expanded. Section 10, 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, 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 11, CUMULATIVE, That this ordinance shall be cumulative of all ordinances of the City, except where the provisions of this Ordinance are in direct conflict with the provisions of any such other ordinances, in which case the conflicting provisions of such other ordinances are hereby repealed. Page {) Urc~inance Ex~anc~ing Bnunclary, Extetlc~itl~ Tenn ailcl A~~rciviilg Amenclec~ f'rc~ject anti Finatlcing f lans tier Tax Increment Reinvestment Lane Numher Nine, City of Fart Wc~rt~, Texas (Trinity River Visinn TIF) Section 1Z, EFFECTIVE DATE. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SU URDAINED. ADOPTED AND EFFECTIVE: December 15 2009 APPROVED AS TO FORM AND LEGALITY: By: ~~i~~ Peter Vaky Assistant City Attorney Date: / 2 - l S+- D `I M&C:G-167$7 ~~I~,L' Il1 ~)C[~In~.t111'e F!(~7(1n[~III~ B(]11111~illy, E,+ctell[~In~ Ter-In ally Apprc~~~in~ ,glTll.'naea ~'C(l~e(.;t ~111C~ ~InlinClllg ~~~lns ~Uf Tax ln~rclllc;nt Rein~~estm~nt Z[~ne Nurr~hcr Nine, City c~fi~ Fart Werth, Te.~[as (Trinity Ri~~er Vision TIF) EXHIBIT "A" UPDATED PLANS QrC~lil~lnl't,' ~.'(~~~lll(}1n~ B~~ui~clarv~, EKteirclln~ Tenn anC} A~~r{~1111~ Ailll'Ir~~e(.} Prc~jeet ~mcl Financing f'I~lllti fl~r T~irc Incrcnrent Reinve~tir~ent Zllne Numher Nine, City ~~f~ Fart VW`c~rt}~, T~~ra~ }Trinity River 1~'i~iun ~f~}F~) QRDINANCE NQ.18915-12-2009 Project and Financing Plan Update City of Fort Worth Trinity River Vision TIF FORT WORTfi ~. September 2009 ORDINANCE No.18975-12-2009 Table of Contents Contents TIF History .................................................................................................. 3 Boundary Description ...............................................................~:.~~~*~~~,..*~ TIF #9A ............................................................................... .......Rkk„ 4 TIF #9B ......................................................................~:.x.r..........#,........ ~. Project Description .....................................................r~r~MAA...........-b4.......... 20 TIF # V A ........................................................... .......... -i~~k:-1KTf.~. .#~ii*•.~~.......... L.~ V TIF #9B ........................................................................:........................ ~2 Economic Impact ............................................................. .-Trrrw......~~~R.:..:. 24 Gideon Toal Study ................................................................................. TxP Study ............................................................................................... ~~ Tax Increment Projections .......................................~.r....w.k~YX~~~~x.+ir........., 37 Public Infrastructure Costs and Financing Purl ~ummalay.~....,,,,.... 43 #. Terms and Conditions ......................................Y',~,,.............~.~...,,,,......~~~: 4 Attachment A ......................................................~t,.~*~......k.~.,................, 4G Attachment 8 ............................................w.~x.~....,...,.,......~R~......,,,....~.~. 47 2 F()RT~ F~ i TIF History ORDINANCE No. 18915-12-2QO9 The Trinity River Vision TIF TIF #9}was established in 2003 and began collecting revenue as of January 1, 2004. As of September 200, there has been approximately $145 million worth of new construction built since 2004, which along with property value appreciation, has created over $205 million of taxable value increment. The original Project and Financing Plan provided an extensive list of improvements and necessary funding that, when combined with matching federal dollars, would construct the Trinity River Vision Central City Project as described in the September 2005 Project and Financing Plan. * The projections are for 35 years in addition to the 5 years of increment already generated 3 FoR~ F{ Boundary Description ORDINANCE No. 18915-12-2009 Tax Increment Reinvestment Zone #9A 4 TI F #9A FORT WORTH Boundary Description ORDINANCE No. 18975-12-2909 TIF #9A Beginning at a point of the intersection of a projection of the west Row line of Fw&W Railroad and the north RQW line of 23rd St., THENCE Westerly along the south property line of F€h~~~i~Addition Blk 1 Lot A1R to a point where said line intersects with the south ~r~pe~ty line of FruhWirt~~~tion Trs 5 & 6E westerly along the such property line'o Fr~uhwirth Additi~~n Trs 5 & 6E to a point where said line intersects with the terline of the Trinity Rive, THENCE Southwesterly ~g the centerline of the Trinity River to a point where said line intersects with the south property ~~he f Samuels Ave Baptist Ch~u~ch Addition Blk 1 Lot 1, THENCE Easterly along the south ~p~ty line of Saris Ave. Baptist Church Addition Blk 1 Lot 1 to a point where said line intersects the +e ~~W link ~3fi Samuels Ave., THENCE Northerly along the east RQW line of 5~~~Is Ave. to a point where said line intersects the north property line of Mulliken Felix G Survey A1o45 Tr 33, THENCE 5 FoR_ T~ Fi Boundary Description ORDINANCE NQ. X8975-12-2009 TI F #9A Easterly along the north property line of Mulliken FelixG SurveyA1045 Tr 33toa pointwheresaid line intersects the west Raw line of BNSF Railroad, THENCE Southward along the west RQw line of BNSF Railroad to a point where said line intersects the south RQw line of Peach St., THENCE Southwesterly along the south RQW line of Peach St. to a poir intersection of the east Row property line of Cummings Blk 1 Town Addition, THENCE Northerly from the east property line of Cummings B1~ x;24, Lc Addition to a point where said line intersects the north ~~~V ii' of Samuels Ave., THENCE ~: Westerly from the east RQw line of Samuels Ave, to a poir~;~uhere ~~~e intersects the southeast ;~.,. property line of Block 1, Lot 5R of the Cummings-Boaz Addition, THEfi~Q where said line intersects the east property line ~f,~.~t 18B aft ~;rnmings Addition, THENCE Westerly along the north ~o~r~.y~~ of Lot 4A of the dings Addition to a point where said line Easterly along the north RQw line of 5th St. to a point where said line intersects the north RQw line of Forest Park Blvd., THENCE ~ Revision A 6 FoR~{ Boundary Description ORDINANCE ND. 189?5-1~-zoos Tl F #9A Northward along the north RDW line of Forest Park Blvd. to a point where said line intersects the north RDW line of Weatherford St., THENCE Northeasterly along the north RDW line of Weatherford St. to a point where said line intersects the east RDW line of Summit Ave., THENCE Southerly along the east RDW line Summit Ave. to a point when said iir~ intersects the south RDW line of 7th St., THENCE Westerly along the south RDW line of 7th St. to a point v~ere said line inerscts the north RDW line of Forest Park Blvd., THENCE ~,. Southerly along the north RDW line of Forest Park Blvd.'t~ a'~~int where said line intersects the south RDW line of Lancaster Ave., THENCE Vesterly along the south RDW line of Lancaster Ave. to a point where sl 11 intersects the east RDW line of Fach St., THENCE ___ Northward along the east RDW line of Foch St. tai oint whir old line intersects the south RDW property lineof 7th St.Justin Addition Blk 1, Lo~,~'' THENCE' Easterly along the south RDW property line of Tth ~;t. Ju~l~` Addition 'Bll~ 1, Lot 3 to a point where said line intersects the west RDW east property li~e of FW+W Railro~,,Justin Addition Blk 1, Lot 3, THENCE '~~~ Y: r~', Northward along the east property line of l~~&W Railroad Justin Addition Blk 1, Lot 3 to a point where said line intersectsthe south propertylir~~'ofJustin Addition Blk 1, Lot 4, THENCE Easterly along the south property, ~~n.e of Justin `~ddifi~~ Blk 1, Lot 4 to a point where said line intersects the south property lire ~e~enth Street Stti~rBlk 1, Lot 1, THENCE ~,~~~ ~,T Easterly along the s~~th property line of Svnh Street Station Blk 1, Lot I to a point where said line intersects the wit RDW line of Woolery St., Ti~~NCE Northward al~~t~~~st RDW line of Wooler~r' ~ to a point where said line intersects the west RDW line for the FW&W 1'~~1~~~, THENCE Northward along the west RD1~ li ~~ FWc~ railroad to a point where said line intersects the north RDW line of White Settlement Rd., ~1 Easterly along the north RDW line of White Settlement Rd. to a point where said line intersects the west RDW line of vacek St., THENCE Revision B ~ FoR_ T~ Fi Boundary Descripfi~on ORDINANCE No. 18975-12-2009 TIF #9A Northward along the west RoW line of Vacek St. to a point where said line intersects the south RAW line of Shamrock Ave., THENCE Westerly along the south RoW line of Shamrock Ave. to a point where said line intersects the west RoW line of University Dr., THENCE g Foe~TFi Boundary Description ORDINANCE N0.18915-12-2009 TI F #9A Revision A Beginning at a point of the intersection of the east RCW line of Cummings St. and south RCW line of Peach St., THENCE Westerly along the south property line of Block 1, Lot 5R the Curn~ing~.,BoazAddition to a point where said line intersectsthe east property line of Lot 18B of the Cun~mi~~gs-~oazAddition, THENCE Northerly along the east property line of Lot 18B of ~ u~~gs-Boaz Addition to a point where said line intersects the north property line of Lot ~.~ of the ~~r~i~~-Boaz Addition, THENCE Westerly along the north property line of Lot 1~,f the C~~mings-B~~z Addition to a point where said line intersects the east property line of Lot'4AL~f the Cummings-~az Addition, THENCE ~. Northerly along the east property line of Lot ~4A of the Ctn~~~ngs-Bo~Addition to a point where said line intersects the north property line of L~f4A of the Cur~mng~~Boaz Addition, THENCE .r~ r ~~ ' f° Westerly along the north property line df ~t 4~,of the Cummings-Boaz Addition to a point where said ~~. line intersects the east RCW line of Cummings ~~~,L THENCE i5, Southerly along the east ~C'' li~~ ~f ~n~ings Ave to. dint where said line intersects with south RCW line of Peach ~t~~~w~ich is the poet ~ ginning. ~,f~~,~" ~~ E ~~ n w xa ~ ~\ ~. `v ., :~ ~. h'F `~ .... yF r' ~_ ........ ~fi~ n s,> ~~ , ~~ ~'~~ } C a }} ,1 ,. ~ ``~.,~ ..~ti. 't ~ ' Flf ~ i:.. ~.1. i .~ a .I . ~:.: .' : k'i . ~ ; ~ ~ I r' ...... .I '!:. 9 Fr~e~rFi Boundary Description ORDINANCE No. 18975-1~-2009 TI F #9A Revision B Beginning at a point of the intersection of the east Row line of Foch St. and south Row line of Lancaster Ave., THENCE Northward along the east RDW line of Foch St. to a point where said line intersects the south property line of Justin Addition Blk 1, Lot 3, THENCE Easterly along the south property line of Justin Addition Blk 1, Lit ~ to ~ point where said line intersects the east property line of Justin Addition Bik ~, ~,pt 3, TH~~C~ Northward along the east property line of Justin Addit~o Blk 1~ dot 3 to a port wh~e sari one intersects the south property line of Justin Addition Blk :~ Lot ~,=~fHENCE Easterly along the south property line of Justin Addition BPk ,~ ~~ 4 to a point where said line intersects the south property line of Seventh Street Stati~~ ~i~~~~ Lod ~~ THENCE Easterly along the south property line of Seventh Street Station Blk 1, Lod ~, t point where said line intersects the west Row line of wooiery St., THEN~~ Northward along the west RAIN line of wooiery St. t a point h~~~ ~~ line intersect the south Row line of 7th St., THENCE '1Lm'' 10 FORT WORTH m ORDINANCE N~.18975-12-2D09 H~ H a~ ~_ Q .L U ~3 L ~~y V 00 a N +-- tU +-~ .~ +-- U C X I~ Boundary Description ORDINANCE N0.18915-12-2009 TIF #9B BEING a tract of land situated in the City of Fort Worth, Tarrant County, Texas, depicted on the map on page eleven and being more particular described as follows: BEGINNING at a point at the intersection of a projection of the west RGW line of BNSF Railroad and also being the intersection of 23rd St. ,Samuels Ave. and Decatur Ave., THENCE; Northeasterly along the centerline of Decatur Ave. to a point ire the cent~~line of the Union Pacific Railroad Track, THENCE; Northeasterly to a point in the northwest corner of Bl~ Addition, THENCE; Northeasterly alongthe north property line of said Block the most northeasterly corner of said Block 1 Lot 1, THE Lot 1y enn~ Ae~u.e Service ~~enter , to a pointwhere said line intersects Southwesterly along the east property line of said Block 1, Lot 1, to a pi where said line intersects the northeast corner of Block 1, Lot 2, Brennan Avenue S,~rvice Center Addi~~~THENCE; Southwesterly alongthe east property line of salt Eck 1, ~~t~ t~ .point, where said line intersects the north RGW line of Northside Dr., THENCE; Southeasterly to a point in the centerline of sai`~ ~prthside Dr., THEN~~; Easterly along the centerline of Northside fir. to a. point ~~ere said p~erline intersects with the centerline of aakhurst Scenic Dr., THEN~~ H` Southeasterly along the centerline of Oakh:~rst Scenic Dr. to a point where a projection of said centerline intersects with the south ~w ii~e p~ Belknap St., THENCE; Northeasterly along the south: RGw line of Belknap ~s tp a point where said RGW line intersects the northeast corner of Block ~~ Lt 1 Trinity .RiverAdd~ior~, THENCE; Southeasterly alonge east property line did Block 1, Lot 1, to a point where said line intersects the north RGW li ~f Hwy 121 Airport Frwy., T~~NCE; Southeasteriy ~1 projected line of the east operty line of said Block 1, Lot 1,to a point where said line intersects t th RGW line of Hwy ,1 Airport Frwy, THENCE; Southwesterly along the south ~~ line of l~v~y 121 Airport Frwy to a point where said line intersects the northeast corner of Tract 53 sltu~f~ i the John Little Survey, Abstract No. 958, according to the records of the Tarrant Appraisal District ~~~`AD"~, THENCE; 12 FORT~WORTH Boundary Description ORDINANCE No. 18975-~~-~aa9 TIF #9B Southeasterly along the east property line of said Tract 53 to a point where said line intersects the southeast corner of said Tract 53 and also being a point in the west property line of Lot 3R, F,A. Hightower Subdivision, THENCE; Southeasterly along the west property line of said Lot 3R to a point where said line intersects the southwest corner of said Lot 3R and the northwest property corner of LQt 1B, Shaffer-Billingsley Addition, TAD, THENCE; Southeasterly along the west property line of said Lot southwest corner of said Lot ~.B and the northwest pr Addition, TAD, THENCE; Southeasterly along the west property line of said Lot southwest corner of said Lot lA and also being a point to THENCE; Southerly along the east Row line of the Trinity River F~~t I Lots lthrough 6, Bassett Addition to a pointwhere si fir Ave and also being the southwest corner of Lot ~ Bassett line of the Trinity River Fort Worth Floodway Systr intern 6, THENCE; Southerly to a point in the south Row line pf Ga~~z Avg northwest property corner of Block 3, Lof ~, Bassett Ad orth Floodway S~+te~~i through Block 4, ~' ~~~rsects the north Row line of Galvez 4~~tor~ end a point where the east Raw the sout~~~, property l i ne of said Lot a point vy,~t>~re said line intersects the . TH Eli`: Southerly along the west property lin~~~ s Block 3, Lot 3 to a point where said line intersects the southwest corner of said Block 3, Lof ~ a~ t northwest corner of Block 3, Lot 2, Bassett Addition ~t.. and a point where the east RoW line of the Trit~y ~}iver Fort worth Floodway System intersects the northern property line of ~ai~ ~~~~~ 3, Lot 2, ~'I~~~~; Southerly along the v~~.property line'of s~ Block 3, Lot ~, to a point where said line intersects the southwest corner of Reid Block 3, Lot 2 and the.. northwest corner of Block 3, Lot 1, Bassett Addition and a point where the east Raw line of the Trinity River Fort Worth Floodway System intersects the northern property sine of said Block 3, Lot ~., Ti~~NCE; Southerly alongthe west ~rpperty line of said ~I~ck 3, Lot 1 to a point where said line intersects the southwest corner of said loc , Lot 1 and mint where the east Row line of the Trinity River Fort Worth Floodway System inter~t~ sou~n property line of said Block 3, Lot 1, THENCE; Easterly along the south property line ofs~id Block 3, Lot 1 to a point where said line intersects the northeast property corner of Block 1, Lot 1S, J.W. Burton Addition, THENCE; 13 FART WORTN Boundary Description ORDINANCE N0.18975-12-zoa9 TIF #9B Southerly along the east property line of said Block 1, Lot 18 to a point where said line intersects the southeast corner of said Block 1, Lot 18 and also being the north ROW line and the dead end of Lawnwood Ave., THENCE; Southeasterly to a point in the south ROW line of Lawnwood Ave. to a point where said line intersects the northeast corner of Block ~, Lot 18, J.W. Burton Addition, THENCE; Southerly along the east property line of Block ~, Lots 18 and ~~ ~.~'~ Burton Addition to a point where said line intersects the southeast corner of said ~+~ 19 and ~~ bing a point located in the north ROW line of Fisher Ave., THENCE; Southerly along the east property line of said Block S, Lot ~ to ~~nt There said line intersects the southeast property corner of said Block 3, Lot 16, THENCE; ,,, Westerly along the south property line of said Bloc~~~,~~ ~~ ~,„point where said line intersects the northwest corner of Lot 1R, Tarrant Printing Addit~ TAD, TH~~;{~,, Southeasterly along the west property line`of ~ the north ROW line of LaSali~ St. and also bein THENCE; Southeasterly to a ~~ht in the south ROIN Block 5, Lot 4R, ~rtindale Addition, TAD, ock 5, Lot 2R to a point where said line intersects s~thwest corner of said Block 5, Lot 2R, f LaSalle St. and also being the northwest corner of ~E; Southwesterly al~ngh~ west property line of sad Block 5, Lot 4R to a point where said line intersects the southet ~~ner of said Block ~', dot 4R and also being the northwest corner of Lot 5A, Sylvania Addition err ~~~~ TAD, THENCE. Southwesterly along the east RO~f I~~ pf ~ Trinity River Fort Worth Floodway System through Lots 4 through 14, Sylvania Addition 2nd Filing, a point where said line intersects the north property line of said Lot 14, THENCE; Easterly along the north property line of said Lot 14, to a point where said line intersects the northeast corner of said Lot 14, TAD, THENCE; 14 FOR_ T~ H T Boundary Description nRDINANCE N0.1$975-1~-~ao9 TIF#9B Southerly along the east property line of said Lot 14, to a point where said line intersects the northeast corner of Lot 15, Sylvania Addition 2nd Filing, TAD, THENCE; Southerly alongthe east property line of said Lot 15, to a point where said line intersects the southeast corner of said Lot 15, TAD, THENCE; Westerly along the south property line of said lot 15, to a point There skid line intersects the east ROW line of the Trinity River Fort Worth Floodway System, THEN~t Southeasterly along the east ROW line of the Trinity River Fort Wad Flo~dwa system through Lots 16 through 22 Sylvania Addition 2nd Filing, THENCE; Southeasterly along the northeast ROW line of the Trinity Rived fort (North Floodway System through Lots 22 through 2l, Sylvania Addition 2nd Filing to a point ~e~ ~~ line intersects the east property line of said Lot 27 and also being a point in the Est RAW ~~ of Sylvania Ave. THENCE; Southeasterly to a point in the east ROW line of Sylvan~~ Ave,. and also being ~~int where said line intersects the west property line of Lot 42, Sylvania'Ad!itol~' ~~ Filing, THENCE; Southeasterly through the southern property lir~~f Lots 42, 41, 4~ ~, ~,3 SC and the eastern property line of lots 39 and S1, Sylvania Addltl~a~~nd Fil« end alsc~'~eir~ the northeast ROW line ~~ ~. of the Trinity River Fort Worth Floodway Systems t~ poi,~~n the east property line of said Lot S1 and also being a point in the west ROW line of ~aurlir~e St. v~~e Baurl~n fit. where said west ROW line intersects the northwest ROW line of the T~~~ity River Fort 1i~rth Flo~~vay System, THENCE; Northeasterly ~~~ a projected line to a point iii the center line of Riverside Drive, THENCE; Northeasterly a~ngth~ centerline of Riverside Dry to a point where said line intersects the centerline of Lawnwood Ave., T'l~l~i'~lC~;, Easterly along the centerline ~f ~~ood v~: to a point where said line intersects the centerline of Beach Street, THENCE; 15 FOR_ TWORTH Boundary Description oRDINANCE No.18915-12-2~~9 TIF #9B Northerly alongthe centerline of Beach St. to a point where said line intersects the centerline of 1st St., THENCE; East along the centerline of 1st St. to a point where said line intersects the centerline ofi Haltom Rd., THENCE; Northeasterly along the centerline of Haltom Rd. to a point where said lie intersects a projected line of the north property line of Tract 61A situated in the Lewis G. Ti~s~e~ purvey, Abstract No. 1523, TAD, THENCE; Easterly along said projected line to a point where sa~d~ne intrects the no Tract 61.A, THENCE; Easterly alongthe north property line of said Tract 61Ato a northeast corner of Tract 1A, situated in the James F. Reding THENCE; Easterly along the north property line of said Tract ~'a northeast property corner of said Tract 1A and ai, a S ~Aeing a ::,~ r Y, Trinity River, THENCE; vs~ °° f said re said line intersects the Attract No.13o4, TAD„ here said line intersects the ~ted along the west bank of the Southerly along a projected line to a point where said line intersects the center line of the intersection of Randol Mill Rd. and the centerline of Oakland Blvd., THENCE; 16 FOR H Boundary Description ORDINANCE N~.18975-12-2009 Southwesterly along the centerline of Dakland Blvd. to a point where said line intersects the centerline of interstate 30 Tom Landry Hwy.}, THENCE; TIF #9B Southwesterly along the centerline of Interstate 30 Tom Landry Hwy.} to a point where said line intersects the centerline of Exit 15B of the North-South Frwy. Access Rd. and Hwy. 257, THENCE; Northwesterly along the centerline of the North-South Frwy. A~ R, end Hwy. 287 to a point where said centerline veers north of said centerline of Hwy 2$~`, ~`~~E; Northwesterly along said centerline to a point where sai~centerl~r~ interact ~ projected lire of the h> south RDW line of Heathcoat St., THENCE; ~a. Northeasterly along the south RDW line of Heathcoat St. t~ point where said line intersects the east ~~ RDW line of Clover St., THENCE; Northwesterly along the east RDW line of Clover St. to a point where said li~~ intersects the northwest corner of Block 2, Lot 1A, Trinity Bend Addlt~o SAD, and also be~~~ point in the south ~. RDW line of 4th St,, THENCE; Northeasterly along the north property line of said Block 2, Lit 1A, t a pent where said line intersects the northeast corner of said Block 2~. Lit ~A and Iso beir'ti~ `nt in the south RDW line of 4th St., TH ENGE; Northerly along a projected line of the e line intersects the centerline of 4th St., Northeasterly along the center line of 4th the east property line of Block 1, Lot 1, Tr North alongsaid prof Block 1, Lot 1, THAI i'roperty iin~ old Bioc~'~, Lot 1A to a point where said NGE; t~ a point where said line intersects a projected line of y ~~ Addition, THENCE; here said I~ ~~tersects the southeast corner of said Northwesterly al~tg`the east property line of a~ Block 1, Lot 1, and also being the west RDW line of the Trinity Rite Fort Worth Floodway Syster~ t~ a point where said line intersects the northeast corner of said Suck , ~.ot ~ and also being a pent in the south RDW line of Hwy.121 Airport Frwy., THENCE; Northwesterly along a projects i~ ±pf the Est property line of said Block 1, Lot 1 to a point where said line intersects the north RD1~ ~~~ wf ~knap St. and also being a point in the south property line of Tract 55B situated in the John Little Sdrey, Abstract No. 958, TAD, THENCE; Westerly along the southwest property line of said Tract 55B to a point where said line intersects the north RDW line of Pharr St., THENCE; 17 FOR_ T~ 1~ Boundary Description ORDINANCE No. 18975-12-20Q9 TIF #9B Northeasterly along the north RAW line of Pharr St. and also being the north property line of said Tract 55B to a point where said line intersects the southwest corner of Tract 54AO2 situated in the John Little Survey, Abstract No. 955, and the W.H. Little Survey, Abstract No. 945, TAD, THENCE; Northwesterly along the west property line of said Tract 54Ao2, said property line also being the west R4W line of the Trinity River Fort Worth Floodway System, to a point wf~ere said line intersects the northwest corner of said Tract 54Ao2 and also being the south~t corner of Tract 5F situated in the W.H. Little Survey, Abstract No. 945, TAD, THENCE; Northwesterly along the southwest property line of sa~~ fact 5F t point #~~re said line ~~ersects the southwest corner of Block 2, Lot TB, Greenway Pik East A~~ition, TAD, sai~'~~operty dine also being the west RAW line of the Trinity River Fort Wortf~ ~dw~~ystem, THENCE; Southwest along t~ north RAW line of Delg ~. to a point where said RAW line intersects the east property line o ~~ck 1, Lot 2, Hudson Additi~, THENCE; Northeasterly along t~ ~~ property line of ~~`Block 1, Lot 2 to a point where said line intersects the southeast property ~~~~f~#c~ck 1, Lot ~, ~~dson Addition, THENCE; Northeasterly along the southeast ~r~p+~~r ~~ne of said Block 1, Lot 1 to a point where said line intersects the most easterly corner of s~id'Block 1, Lot 1 and also being the west R4W line of the Trinity River Fort Worth Floodway System, THENCE; 18 FOR~ 1{ Boundary Description ORDINANCE No.18915-12-2~~9 TIF#9B Northwesterly along the RoW line of the Trinity River Fort (North Floodway System to a point where said RoW line intersects the east RoW line of the Union Pacific Railroad, THENCE; Southwesterly along the east RoW line of Union Pacific Railroad to a point where said line intersects the southeast corner of Tract 2l situated in the Edmund Little Survey, Abstract No. 954, TAD, THENCE; ;, Easterly along the south property line of said Tract 27 to a poi~~~~~~ paid line intersects the southwest corner of said Tract 2l and also being the w~~.R~W link f t~~ anion Pacific Railroad and ,::~ a point in the east property line of Tract 2EO1 situate. the Edm., d Lille ~~y, Abstra;lo. 954, TAD, THENCE; ~t~ ~:~~. Southwesterly slang the east property line of said Tract'~~ ~ a point where said line intersects the southeast corner of said Tract 2Ea1 and also being a point ~ t~~ t RoW line of Cold Springs Rd,, ~~;r~. THENCE; ~ ~h~~, Easterly along a pra'ected line to a point where said line intersects the cer~~~n'of Cold Springs Rd., Northwesterly along the west RAW ling of t~ BNSF Railroad to `~~~point where said line intersects the centerline of the Trinity River, THENCE' Westerly along the centerl.~te of t~,Trinity Rives t~~ ~~~n,t where said line intersects the east RflW line of Samuels Ave,, T~~~# '~ 19 FOR_~ H Project Description oRD~NANCE N~.18975-12-2009 Trinity River Vision -Central City Description Ti F #9A The Trinity River Vision Central City Project will create twelve miles of urban waterfront along the Clear Fork and West Fork of the Trinity River between lth Street and Samuels Avenue. A higher and i~nore constant water level will be created by a hydraulic dam near the Samuels Avenue Bridge downstream from the junction of Marine Creek and the vilest Fork of the Trinity River. This will create an urban lake and river linking the Stockyards and near northside neighborhood pith Downtown the Cultural District and Rockwood Park. Current Central City Plan ;; o'' Channel zone 4 Channel zone 3 Channel zone 1 Channel zone 2 Ch~'nnel zone 5 fridge Construction White Settlement bridge Henderson Street bridge White Settlement extension North Main bridge Gates, Dams V~I~.~gr 10. Clear Fork isolation gate 11.Trinity Point isolation gate 12.Urban lake 13.Isolation gate & stormwater pump station 14. Samuel Ave. Lock & Dam Miscellaneous Improvements Utility improvements • Throughout the Central City Project area Pedestrian bridges • Correspond with bridge construction projects 20 F~~R~~ Project Description oRD~NANCE No.18975-12-2009 TIF #9A 21 FoR_ T~ H Project Descript~an ORDINANCE N4.1$915-12-209 One of the keygoals in Fort worth's Comprehensive Plan and Downtown Plan is to attracta greater number of people to the Central City. The Central City Project will act as a catalyst to accomplish this goal. Furthermore, the Trinity River will serve as the City's recreational and entertainment focal point with a critical mass of mixed use development right in the heart of the City. Goals 1. Provide enhanced flood protection 2. Provide a higher constantwater level 3. Eliminate levees where feasible 4. Create an urban lake 5. Improve water quality and expand wildlife habit 6. Provide aesthetic and recreational focal pointy ~ t 7. Add a higher density of people living, working, play S. orient mixed-use development toward the river 9. Provide a continuity of urban trails through downto~+ Syste m 10. Create and enhance linkages to neighborhoods ~n: 11.Increase development and redevelopment potential' Trinity liver Vision T!F #9B~ n consi~~ nth the overall Trinity Trail istricts ~ ~~ntral City lands In addition to the flood improvement infr~ucture construe ~n the near northside area, the Central City Project also calls for imprt~ven~~pts within the existing Trinity River Corridor to manage flood waters and provide a better use of the fwd plain for the public. The project will address the efficiency of the new bypass channel with exca~rati~n fill and ecosystem restoration enhancements that will provide hydraulic ~~y Forage for the pr~j~t ~ an area immediately adjacent to the eastern edge of TRVTI~` A ~~t~~lr~~ea~t alongth~ ~e Fork of the Trinity Riverto Oakland Boulevard and East ~~~ street See pa ~.,~~ These multi-purpose sites will also provide recreation and transportatiQr~ ir`provements. The situ in~ude, but are not limited to, several city parks with the mayor beneficia~F~sbein~ Gateway and Rivers Parks. For ~~ inap ~~f the current Conditions see Attachment A 22 FORT~TF{ T Project Description ORDINANCE N0.18915-12-2DD9 Proposed recreational amenities within TIF #96 include items such as sports courts and fields, playgrounds, a splash park, water elements for kayaking and canoeing, an amphitheater and an equestrian trail facility. The project will also provide transportation improvements including a reconstructed Beach Street adjacent to Gateway Park, expanded public trail system, pedestrian bridges, interior park roads and public parking areas. Also associated with this project is the construction of a new East 1St Street bridge where it crosses the Trinity River on the north side of Gateway Park. Ecosystem restoration is another large compon~t of t~ central City Project. As a part of this project, over SO,OOC new trees will be planted. The restoration end clean up of the Riverside Oxbow will preserve beautiful, 200~year old trees and eourage the're~eJopment of a bottamland hardwood forest. A lake and wetland will be created in ~~ old dry~~g beds of h~. Riverside haste Vvater Treatment Plant. The goal is to return the river~~ridort~~ more natural ~tt~~~ vide an improved ecosystem for wildlife as well as expanded ~~+~tion facilities. Goals: 1. Provide enhanced flood protection and hydraulic valley storage ie 2. Provide community requested recreational ame~n~tl~es w~, 3. Create a 1,000 acre urban programmed park ~ regi~. destination aid one of the largest parks of th is type i n th e cou ntry} 4. Provide transportation improvements in~~ding better publ~e ~; to the River r w<<~ a ,~~ 5. Ecosystem restoration ~. 6. Spur economic developmentaround G~t~y P~~~~~'~ 1. Connect the east and southeast nei~hbori~ood~' ~~~ he Trinity'lrer Corridor -a~~ "~ ~' ~~. ~. ~~~ ~~ ~ ~a1~a~ ~~ For larger copy please see Attachment B d,' d'e`bt; a :, 3~, >° :~ '~ C^ '~, 3 tYg~ £'3:1 irs' ~¢, %; #_~ tf~~k"~% .rnn.w ~.~i~:~~~ un.. x4a`3saw 6~3ESYgq~1l9G4tl. ' ' ~~~ ' s ~. ~ ~ e;t~ [R'~i~~61ka ~ ~~~~ ~E iR ~ IP 0.Yd~1Eif1t3~4~4+tIp.MM!9'MICAY~ .r' ~~yy k'•~` ~ ~NMMNII wKaN~kwntQY~Mx1~~k1.~1ri~Nt. ~ 4wF hilR~PfZ 1f~KKAYtIN1~AA nt~ ~arr~~ ca~v r~ n..~ ~s ~~~:~ ~ r~ ~~i~ ~ rug w~~~~ ~vr- +~m~~~ ar trn~ cm +~~ ~xnr 1~U~k'rl'F f'nl`CC'~,. ~f .. ~ i ~:~ T~~~:I F~ w.. ~ ~ ~ ~ X1(1 23 FOR_ T~TF~ Economic Impact ORDINANCE N0.18915-12-2009 Economic Impact TIF #9A Quantifying the impact of a Tax Increment Financing ~TIF~ district begins with the identification of anticipated future real estate development that will occur on account of lawfully eligible projects constructed and financed with TIF funds. In certain cases, a TIF is put in place by a municipality or county to spur a specific real estate project that would not occur without significant infrastructure investment. In these instances, identifying the d~r~ct er~mic impact of a TIF is often straightforward and deals simply with projecting the appfa~ed~ue of a specific real estate project. In other cases, such as the Trinity RiverVision TIF} it is puti~ p~~;to help fund a significant infrastructure project, that seeks to provide an amenity't~~ entice f~~re ~~ipment and ~~apture previously undevelopable land. Without a specific deveipment project, ident~fyin,the pattial economic impact of a TIF is difficult because its precision relies upon the accuracy of numerous development assumptions that are often speculative. The df~l~ult nature of making these economic impact projections has lead the TRVA Board to seek two opini~r~ as to the potential direct impact of the TIF. The first set of projections were completed by Gide~~ Toil ire 2nd quarter of 2QQ8, while the second set of estimates were developed by TXP in the ~~~ quarter ~f ~!~;. The two studies, explored further below, have taken impact of the TIF and produced figures that vary sib to provide an exact depiction of the impact ofth~T~ TRVA board with a framework from which to word. Following an overview of the studies, the discu~~n is expanded to include the reasoning used to stile ,: the preferred increment projections. ~-~~e~t;approaches to d~~rmine the economic ~~c~ntr ~~ tk~er of these studies were intended ~. lnste~ they wire initiated to provide the Gideon Toal -~ Trinity River ilision TIF Upda~ 5..:. •3 A full copy of the Trinity River Vision TIF Update Study can ~e provided upon request The projections are for 35 years in addition to t~~e 5 years of increment already generated 24 FORT WORTH ~. Economic Impact Short-term X2009 - 2012 ORDINANCE NQ.18915-12-2~~9 TI F #9A Within the short-term projections category, all developments were either under construction or in the advanced planning stages and are projected to come online between 2408 and 2012. The short-term projections are the most concrete of the three categories and in almost every scenario will be constructed in the time frame set forth in the projectior~~ Total projections for short-term developments are 1,568,700 square feet with a taxable value der X287,000,000. Short-term projects under construction include the Sou~~ of Sev~~t~ ~Sa~ d~ve,lopment, and the Arthouse Condos in Zone 17 along with the Trinity ~~~ffs development in ~n ,~ Projef ;, in the advanced planning stage include the LaGrave ~~~d redev~opment in Zone ~, a t~ Stayton retirement center in Zone 17. While there is a ~~gn~fie~t amount of retail within the Sod` development, the majority of early development within the Tl~ re residential. 25 F()RT WORTH ~. Economic Impact ORDINANCE N0.18975-12-2DD9 TIF #9A Mid-term ~2~13 - 2a2~} The mid-term category is composed of parcels that have cohesive ownership, are generally unaffected by public improvements and have some development momentum in ar near the Zone. Zone 1,13 and 18 contain the majority of the development projected to come online between 2413 and 2424. These areas have high development potential because the majority of the land mass within the Zones is awned by a single entity, channel constructi~r~ wil'I i~~ve little to no effect on development timing and all of the zones contain or are near signific~nf enities such as the West 7th Corridor, LaGrave Field, downtown and the Trinity Rider. a~ While these develop~r~ents are not as tangible as that ~teg~ried as short-terrt~ ~r~j~~~ns, mid- term development estimates are likely to occur in ar nor t~ ears in which they are projected to come online. The mid-term projections contain the largest p~rt~~~ of projected development within the TIF totaling 7,904,554 square feet with a taxable valpe ove~r`~..~ billion. Zone 1 Zone .~ } ~'1 D'ES',?.~' ~~`~~~ `;J11 y ~ ~G2fi~1 .~I F j ~: ~. 3 < a;; >>~~ ~ y:' s d; ~ ~~ 26 Zone 18 FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A Long-term ~202~- 2o2S~ The long-term development category contained projections for properties that have fragmented ownership, are inhibited by public improvements and where there is a lack of development momentum in or near the Zone, Zones 4, 6 and 16 contain the majority of projected long-term developments, These areas are expected to benefit the most from chancel construction due to their proximity to the newly created water features. with the Central qty P~~ct expected to be completed in 2622, development within these zones should occur towards the end ~f the 25 year projections. Zone 4 2z FoR_ T~ -~ Economic Impact ORDINANCE N0.18975-12-2009 TI F #9A Total TIF Development & Increment Projections Combined development projections total approximately 12 million square feet of new development with a taxable value of over $1.$ billion dollars and provides over $$40 million in revenue to the TIF. While there have been a number of significant shifts in the economy, specifically the financial and real estate industries, following the completion of the development projections, the development assumptions used during this "boom" period were fundamentally sour~~ end provide an accurate picture of the economic impact of the Trinity River Vision TIF Annual Development Projections by SF 1,sao,ooa 1,6ao,aoa 1,4aa,aoo 1,2ao,aaa 1,ooo,aao sao,aaa aao,aaa 4aa,aoa ~oo,aoo a o~ o~ do titi tiry ti~ tip` ti`' ti~° ti1 ti~ ti~ ~° oti ~~' ry`~ ~,~` ~`' ~~° ~'~ ~o ~yo ~o ~yo ~o ~o ~o ryo ~o ryo ~o ~o ~o ~o ~o ~o ~o ryo ryo ~o -~ RESIDENTIAL*, 7',497,07'5 , 62~ TOTAL DEVELOPM~" ASSUMPTIONS ~`Q~~.. REF,~IL 1.5~~,~ RE5IDE~TU1Ly 7,497,0~5 (~;=FICE ?,1~19,33Q RETIREMENT 300,c~c)D NOTE. 51U,UDU TOTAL 11,99.205 I RETAIL, 1,502,800. / J ~ 13q, I l HOTEL, 510,000, f, 4~ _ ...- -- - 2$ '~ I OFFICE, 2,149,330, `RETIREMENT, 18% 300,000 , 3~6 ~I F()RT WORTH Economic Impact ORDINANCE No. 1897x-12-209 TXP -Economic Impact Study4 l~fluence on the o:~ ~r homeo~ners arc ward fessure on t Realignment of the Trinity River followed by the successful implementation of the Trinity River Vision Central City Project will have a dramatic impact on Fort Worth's economic development future. A number of important projects such as Sol and Trinity Bluff are nearing completion. These developments provide tangible evidence that greater downtown Fort Worth market demands mixed- use projects, . However, external economic conditions will have a stroi future of the TRV TIF. The tightening of credit standard with heightened concerns about oversupply will put ~~ financing for new real estate projects. Meanwhile, the retail outlets closing or reducing the number of stores rate only exacerbates the situation. TIF #9A & #9B ar-term development d~r~lopers cprtbined re act consumer spend~ng~ resulted in ~~ration. The nation's rising unemployment Gideon Toal produced two TRV financing plans`~r'~~I"~~~;~o in this document as GT 2005 and GT Plan 200?}that identify the ~ir~sd:v~~ep~+nt potential, pl~ojeted market demand by land use, and absorption rate, The ~~reseen econ~rnie ~~cession and collapse of the real estate market may alter the development~c~,~dule and revenuefocatenvisioned by Gideon Toal, In addition, thisfinancial model iteration i based on extending the TIC` f~m 25-years to 40-years. This analysis also assumes the TRV TIF boundaries are expanded to include tie area around Gateway Park. This analysis builds on the existing financipg plans and addition docui~nents prepared for the TRV, The result of this assessment is an updated TRV TIF model ba~~~~~n the most recent data and economic trends. The following sections highlig~ ~ ~~~tors ~t have either changes or will materially impact the 40- yeartax revenue stream of the T~`~~~rf model. '° A full copy of the TXP Economic Impact Study can be provided upon request 29 F()RT WORTH Economic Impact ORDINANCE ND. 1$975-12-20Q9 TIF #9A & #9B Modified Trinity River Vision TIF Boundary The updated financial model does not assume any new real estate development in the Gateway Park area during the duration of the TIF because the area is fully developed. Instead, the TIF model takes a conservative approach and only incorporates appreciation of the existing tax base. Historic Growth in the Trinity River Vision TIF X2404 to 2449} During the first six years of the TIF, over $145.4 million in new c average, $24.2 million in newtaxable real propertyvall+asad of new construction activity and tax base appreciation s gener in total tax revenue. Three properties are responsible ,,the b~l Trinity Bluffs, and Chesapeake Plaza formerly Pier 1 P~~~~~ If the TRV develops at the same rate over the next 34 years a~~r development will occur X34 years x $24.2 million}. ~st~u~ion activity has occurred. Dn ed'ty ~x rolls. The combination tad approi~n~t~ly $5.9 i~ion of th is constru~ti~n ;~tivi~y: Sol, mately $823.1 million in new Taxable Construction Activity in the Trinity l~trer Vision TIF by'yar millions} ~o ................. .. ............. ................. .. ............. ~~s ~~o .. ........ ........ Y ...... .. ............... I { a ~` 0 .~ ................... ........... ...................... .. ~, ...... . ~ 15 ....................... . I 1Q ~ ......... ............ ... ~0 .............. ?044 2445 . .. __ X005 ..................................... . 2007 ?008 Z00~ Source: l'arrar~t Rppraisal b~~t~ 3o FoR_ T~ y Economic Impact ORDkNANCE N~.18975-12-2009 Residential Real Estate Demand in Greater Dctown ~''~ Worth TIF #9A & #9B 200 ?010 As part of the TRV financial model update: TXP re~ewed ~wntown F~ Worth housing data compiled by Downtown Fort Worth, Inc. Between 2 and 201D, aroximat ~~~~~ 1l1 units came online each F year. While nota perfectfitforthe propo~~ TRV, many oft~~rpies such as Trinity Bluffs and ;. So?', are consistent with the overall vi~n~~.~f. Since the data collected by Downtown Fort'Wel~, Inc. represents actual built product, TXP believes it is appropriate to build a long-term TRV scer~~i+o ~ a build out pattern ofi 1~~. units per year. This If the average of 17~. un~~ der year holds, then th'e TRV will add over 5,800 multi-family units over the TIF lifetime. 31 F~}RTV~QRTH Economic Impact ORDINANCE N0.18975-12-2009 Downtown Fort Worth Housing Starts~2a~~to 2410 TIF #9A & #9B N~m~ ~dd>r~ MM Cn~~ ~~~ Cassidy Corner 1st and Pecan 2 2001 Sale Pecan Place Condominium 601 E First 9 2004 Sale The Tower 500 Throckmorton 294 2004 Sale Houston Place Lofts 910 Houston 30 2005 Sale 959 West Bluff 959 Bluff 4 2005 Sale Flatiron 10g0 Houston 1 2005 Sale Versailles 409 North Henderson 7 2005 Sale The Depot 555 Elm 2q9 20g5 Rent Neil P Anderson 411 West 7th 60 2006 Sale Pecan Place Townhomes 612 to 726 E First 28 2006 Sale T&P Terminal renovation 221 West Lancaster 138 2006 Sale First Place 912 W First 8 2006 Rent Kress building 604 Main 24 2006 Rent Le Bijou 709 !ones 14 2007 Sale Palisades 616 E Bluff 40 2007 Sale Westview by Cityhames 1020 Texas ar 950 Henderson 4q 2007 Sale T&P Terminal new 201 West Lancaster 100 2007 Sale Lincoln at Trinity Bluff 701 E Bluff 304 2007 Rent The Pavilion at Samuels 1000-1021 Alcatel Lane 32 2008 Rent Trinity Terrace City Tower} 1600 Texas 80 2008 Rent Lincoln II Samuels at Gounah 70 2009 Rent Lincoln III 520 Samuels 299 2009 Rent River Tower at Trinity Terrace Next to 1600 Texas 85 : 2010 Rent . Source: Downtown Fart Worth, Inc A review of Tarrant C slowdown in reside lowest level since,: of roughly 2,5a~ area has capture ,,;, ,,;;~ . Iii ~~~ multi-family' building permit activity also reveals a 'building permi~~, III ~~~$, new single-family building permit activity was at its 3, Multi-family building, ~rmit activity has remained within its 1a-year average 32 Fc~R~ t{ Economic Impact ORDINANCE No. X8915-12-2449 Sa€~rce: Real Estate Center, Texas A&M University Sa~rce: Trinity River Vision TIE Update. Gideon Tao 33 TIF#9A&#9B ~ ~ ~ o ~ o FORT WORTH Economic impact ORDINANCE N0.18975-12-2009 Property Appreciation Assumption TIF #9A & #9B Separate from the actual purchase price, the appraisal process to determine the assessed value is a complex procedure that considers replacement cost, market value, rental income, and exemptions. In addition, commercial properties and residential properties do not appreciate or depreciate at the same rates and have different market cycles. To simplify the tax revenue forecast, the rate of property appreciation commercial and residential} is two percent per yr for the duration of the TIF. This value is based on data provided by the Federal Hous~ng,~~n~r~~ Agency for existing single- familyhomes inthe Fort Worth MSA. The average annual appre~~atin between 1990 and 2OG8 was ~.9 percent. Given the current uncertainty surround~l°g the read e~tae ~,arket, a lower ualue of two percent is a more conservative approach. Becaus~e,,ver two-th~~ds of tie T1` r~~ll be re~~ential property although probably multi-family}, the residents apprec~~tion rate was ap~l~e~ t~ '~I ,. properties. Fort Worth-Arlington MSA House Price Index ~Annuai ~prct~on} ~~u . . '~7 Gu~~ ... . ~~% ~~/u .. ~ ~ ~ ~ ~ ~ ~ C~ ~ CSI ~J +`d N J' 34 FORT~WORT._11 Economic Impact ORDINANCE N0.18975-~2-2009 Market Demand Assumptions for the Updated TRV TIF Model TIF #9A & #9 B Real estate development and tax revenue forecasting for the TRV TIF is complicated because the external economic environment is highly uncertain. When reviewing the existing TRV T1F model, a number of key issues emerged: • How long will the current economic recession last? • When will the credit markets for real estate developers and • Will residential and commercial property owners besucces their properties? • To what extent will other mixed-used projects in the Alas-F proximate to rail} compete with the TRV for market pare? • Should TRV employment and population estimates ~~ links North Central Texas Council of Government long-range ~Qr~ The above questions do not have simple answers. Aslig substantial impact on the financing plan. mebrs return to normal? ~p pealing the assessed value of or ~o sub-regional ast? ome of wlic~n are ch as the a key variable can have a Given the current economic uncertainty facing real estate developers, pr~sptf home buyers, and .~~ lenders, it is unlikely that large-scale developments w~C~ ~~ ground in the ~'~~Fover the next few years. However, many developers are already plann~~ng for th!~e re~~gence by master planning large sites, purchasing distressed properties, and as~~bling a~~er~ tr~~ts~ The recommended methodology for forecasting ~V tax revenue uses the historic number of new households added each year in greater downto~~~ort l~c~~h 4171 unit per year}. The benefit of this ~~ approach is that it is based on historical re:~;i,dent~l sup~,and dem ~ ~ forces in the general area x~ and comparable product mix. Because the '~V land use ~~,n is heaver weighted towards residential uses, the household forecast will serve ase driver of na~es~d~~ial demand. The mixed-use orientation of the project suggests a r~tiv~y greater concentration in residential development will likely occur, with much of the non-resinti instruction built in response to demand created from proximate new housing in the TIF. In additior~~ t~ f~~ancial model is easily updateable by adjusting the annual household forecat~ • For every residential unit`~uilt 4~,~~ q.uare feet per wit}, 624 square feet of additional commercial sp~~ ~~ added • Total blended ~~~struction value per re~idtial unit 4residential plus commercial? = M$195,004 • Each year ~~',~ ~inits x $195,000 = $33.4 ~i~on in new TRV development 420oS dollars} • Note, $33f ~~l~~n in new development is hider than the average during the first six years of the TRV TIF 35 FOR~ F~ Economic Impact ORDINANCE N0. X8975-~2-2009 Key Issues, Gpportunities, and Challenges Influencing Future TRW Growth TIF #9A & #9B Separate from the TRV build out scenarios presented in the previous section, TXP has identified a number of key issues that may influence the financing plan or development pattern within the TRV. Policymakers and stakeholders should monitor these factors each year. Three key areas of development within the TRV will affect the long-term, financial position of the TiF either positively or negatively. For example, the delay in redvelop~t, changes in density assumptions, or attraction of catalytic users will alter the taxably vale of these areas. The three areas include: ~.. Section A, Zone 13 ~"Left Bank" owned largely ~y ~hesape~~ Energy ~..4: million square feet of development 2. Section B, Zone 1 ~"LaGrave Redevelopment"} - ~.~~ rn~li~n square feet of development 3. Section B, Zone 18 ~"TCG Properky"~ -1.4 million`sq~r~eetof development Each year, stakeholders should monitor these three zones end dpd~ the TRV financial model. ~.: Ongoing regional transportation planning efforts are considering adding ~~~ mass transit options to the TRV. Depending on the type of transit, location a~~ network connectlviy~ his could accelerate development and significantly increase properties ~~~s~ Large-scale mixed-used developments are incre~~igly seeing ~~bi sector assistance for infrastructure. Since local taxing jurisdictions f~~~ already ~mmitte~ ~rcent of funds to the TRV TIF, there is not much financial flexibility to ince~~~rize iarg~Wscale pr~~~ts or traditional economic projects. r,. Comparison of Economic Impact Studie The different perspectives outlined ire flee ~~on Toal and TXP economic impact studies have provided the TIF with projections that differ by r~~e than $354 million dollars. while both of these ...............................::.. ..................................... analyses utilize reasonable approaches and asu~~ti~ons, it is necessary for local leaders to select a baseline for financial plar~nin~pup~~s~ , y:: The local redeveloprent perspective tk ,Gideon Toal during the first quarter of 2DO8 provides a uni ue look into the development possi~~it~~ that can be spurred by the timely implementation of q the TIF project p~* The TXP projections take ~',storic look at urban residential development within the central city ~h,extrapolate those numbers into future projections. In an effort to remain fiscally conservative, to ~~~rs have chosen to us't~ TXP increment projections to plan the timing and extent of future reveu ~nditures. 36 FORT~WORT__F~ Tax Increment Pro~ect~ons~RDINANCE No. 18975-12-2099 TIF #9A & #9B Tax Increment Projections Given the complexity of the TRV and its corresponding TIF plan, afour-step tax increment projection methodology was created. A series of interrelated tables form the foundation of the model's output. An overarching goal of the analysis was an easily understandable and updateable tax revenue projection that is adaptable to changing market conditions. The following four steps were performed to yield the final TRV financial forecast. ~~~ Step 1-Review existing taxable development within the ARV and p~ect future values based on two ercent a reciation ~tf~ p pp ' " ~r Step 2 -Add new TIF parcels near Gateway Park and pct appreciation Step 3 -- Adjust baseline property tax value that takes into ion TRV that are not taxable Step 4 -Forecast annual new developmentwithin and assumptions re values based tin t~~ percent :;,property purchased by the n by a select r~`mber of key variables The model assumes , ~~y ~~~y before any ~~~ major developments break ground. A number of forces:.. ~~~t~-ding exsti~n ~op.l;y, tight credit`markets, and weak consumer sentiment will dampen n~ar~term growth. The impct~f this decision reduces net new development over the next 34 y~r as well as TIF tax rever~~~ wer the next three years, the TRV only experiences property appreciation of existing developr~nt. • Consistent with tl~e exiting TRV growth mod and Fort 1North specific data, property appreciation remains two percent +~~~r ~~e duration of ~~ TRV TIF. liver the next few years, two percent is a reasonable estimate. Over tie I~ng-term properties will likely appreciate at a higher rate. 37 F()RT WORTH Tax Increment PI'~JeCtIOn~~RDINANCE N~.189?5-12-009 TI F #9A & #9 B • The analysis holds tax rates constant using the 2008 values. These values might increase or decrease over time if the local jurisdiction adjusts the overall rate. ~ur~~d~n Rate..~~ ~~~ Pai~i~t~ " Tax ~~ ~+' ~~Y city of Fort worth o.s~~ooo 80°~° X0.684000 Hospital District 0,227897 80°~0 $0.182318 TCC 0.137960 80% $0.110368 Fort 1North ISD 1.257000 0% ~o.ooooo0 Tarrant County 0.264000 80 % $0.211200 TRWD 0.020000 ~,.,~ 80°~° $0,016000 ,.. .., • Using data provided by the TRWD, `~ ~1 removes the taxable value of projected land purchases between the years 2010 and ~~ from the TRW tax base. • TRV landowners b~vr~uhly ~ ~~~i~n in prope~t Eder protest with the appraisal district. Dnce the appeals process is finished, tle taxable value for 2010 will likely be lower. • The TRV TIF ~~~cast estimates $450.0 mil#~~n in tax revenue over the next 40 years. The following fog ~~es detail the 40 year TX~'ta~c increment projections. The projections are divided into two sections a~ ~e~- , 1. Estimated Baseline App~~pn • Fort Worth Portion - two ~~~~t grtrth of the current taxable value excluding properties receiving special tax treatm+~ by ~"he City of Fort Worth} • Dther Taxing Jurisdiction -two percent growth of the current taxable value including properties receiving special tax treatment by the City of Fort Worth} 2. Baseline appreciation in addition to new development 38 Foe t~ Tax Increment Praject~on~°R°iNANCE rvo. ~s97~-~2-zoos TIF #9A & #9B Estimated Annual Appreciation o~ Trinity River Vision TIF Excluding Fort 1North Portion} Feed ~'~~r ~tne r~ Gnat ~~~~~re anew Pc ~~ ~~~ "~ rt~~e Value N~~ ~e~be ~~~ '~~ Tic ~~eriue 1 2005 $128,628,104 $0 $128,625,104 $168,794,363 $40,166,259 $138,776 2 2006 $128,628,104 $0 $128,628,104 $209,154,864 $50,526,760 $278,223 3 2007 $111,601,748 $0 $111,601,748 $240,360,400 $128,758,652 $443,836 4 2008 $111,601,748 $0 $111,601,748 $247,931,618 $136,329,870 $464,481 5 2009 $111,601,748 $0 $111,601,748 $272,015,504 $160,413,756 $833,968 6 2010 $111,601,748 $22,258,463 $133,860,211 $339,105,072 $205,244,861 $1,067,038 7 2011 $111,601,748 $22,258,463 $133,860,211 $340,836,096 $206,975,885 $1,079,083 8 2012 $111,601,748 $22,258,463 $133,860,211 $340,156,950 $206,296,739 $1,078,658 9 2013 $111,601,748 $22,258,463 $133,860,211 $344,942,366 $211,082,155 $1,106,705 10 2014 $111,601,748 $22,258,463 $133,860,211 $347,358,503 $213,498,292 $1,122,497 11 2015 $111,601,748 $22,258,463 $133,860,211 $354,305,673 $220,445,462 $1,161,910 12 2016 $111,601,748 $22,255,463 $133,860,211 $361,391,786 $227,531,575 $1,202,112 13 2017 $111,601,748 $22,258,463 $133,860,211 $368,619,622 $234,759,411 $1,243,117 14 2018 $111,601,748 $22,258,463 $133,860,211 $375,992,014 $242,131,803 $1,284,943 15 2019 $111,601,748 $22,258,463 $133,860,211 $383,511,855 $249,651,644 $1,327,605 16 2020 $111,601,748 $22,258,463 $133,860,211 $391,182,092 $257,321,881 $1,371,121 17 2021 $111,601,748 $22,258,463 $133,860,211 $399,005,734 $265,145,523 $1,415,507 18 2022 $111,601,748 $22,258,463 $133,860,211 $406,985,548 $273,125,637 $1,460,780 19 2023 $111,601,748 $22,258,463 $133,860,211 $415,125,565 $281,265,354 $1,506,959 20 2024 $111,601,748 $22,258,463 $133,860,211 $423,425,076 $259,567,865 $1,554,062 21 2025 $111,601,748 $22,258,463 $133,860,211 $431,596,638 $298,036,427 $1,602,106 22 2026 $111,601,748 $22,258,463 $133,860,211 $440,534,571 $306,674,360 $1,651,112 23 2027 $111,601,748 $22,258,463 $133,860,211 $449,345,262 $315,485,051 $1,701,097 24 2028 $111,601,748 $22,255,463 $133,860,211 $458,332,167 $324,471,956 $1,752,053 25 2029 $111,601,748 $22,255,463 $133,560,211 $467,498,811 $333,638,600 $1,804,088 26 2030 $111,601,748 $22,258,463 $133,860,211 $476,848,757 $342,988,576 $1,857,133 27 2031 $111,601,748 $22,258,463 $133,860,211 $456,385,763 $352,525,552 $1,911,239 28 2032 $111,601,748 $22,258,463 $133,860,211 $496,113,478 $362,253,267 $1,966,427 29 2033 $111,601,748 $22,258,463 $133,860,211 $506,035,748 $372,175,537 $2,022,719 30 2034 $111,601,745 $22,258,463 $133,860,211 $516,156,462 $352,296,251 $2,080,136 31 2035 $111,601,748 $22,258,463 $133,860,211 $526,479,592 $392,619,381 $2,138,703 32 2036 $111,601,748 $22,258,463 $133,860,211 $537,009,184 $403,148,973 $2,198,440 33 2037 $111,601,748 $22,255,463 $133,860,211 $547,749,367 $413,889,156 $2,259,372 34 2038 $111,601,748 $22,258,463 $133,560,211 $555,704,355 $424,844,144 $2,321,523 35 2039 $111,601,748 $22,258,463 $133,860,211 $569,878,442 $436,018,231 $2,384,917 36 2040 $111,601,748 $22,258,463 $133,860,211 $581,276,010 $447,415,799 $2,449,578 37 2041 $111,601,748 $22,258,463 $133,860,211 $592,901,531 $459,041,320 $2,515,533 38 2042 $111,601,748 $22,258,463 $133,860,211 $604,759,561 $470,899,350 $2,582,807 39 2043 $111,601,745 $22,258,463 $133,860,211 $616,854,753 $482,994,542 $2,651,427 40 2044 $111,601,748 $22,255,463 $133,560,211 $629,191,848 $495,331,637 $2,721,419 39 FORT WoRrE~ ~! Tax Increment Projection~oROiNANcE No. 18915-12-2aa9 TIF #9A & #9B Estimated Annual Appreciation of Trinity River Vision TIF City of Fort Worth only} ~er~d Year ~`~~al ~~~ir~~ '~~r~ a~ & P'~~t ~'~~~ Vue ~I~~~eaan ~r T~ Btu ~ie~ Taxa~l 1~a~ue T1 ~`€ R~u~ 1 2005 $128,628,104 $168,794,363 $0 $0 $40,181,539 $278,056 2 2006 $128,628,104 $209,154,864 $0 $0 $24,104,485 $166,803 3 2007 $111,601,748 $240,360,400 $64;912,38x} $0 $56,096,398 $385,943 4 2008 $111,601,748 $247,931,618 ~$65,352,x.5b} $0 $62,121,781 $424,913 5 2009 $111,601,748 $27'2,015,504 ~$64,912,38D} $0 $91,861,930 $628,336 6 2010 $133,860,211 $339,105,072 x$83,761,624} x$19,391,404} $102,281,835 $699,608 7 2011 $133,860,211 $340,836,096 ~~85,43~i,856} x$19,779,232} $101,504,629 $699,651 8 2012 $133,860,211 $340,156,950 x$87,14.5,594} x$20,174,817} $98,267,089 $682,973 9 2013 $133,860,211 $344,942,366 ($88,888,5x5} x$20,578,313} $100,442,942 $703,431 10 2014 $133,860,211 $347,358,503 ~$9a,666,276} ~$Zn,989,879} $100,197,326 $707',439 11 2015 $133,860,211 $354,305,673 x$92,479,601} x$21,409,677} $104,429,507 $742,188 12 2016 $133,860,211 $361,391,786 x$94,329,193} x$21,837,870} $108,746,332 $7'77,632 13 2017 $133,860,211 $368,619,622 {$96,Z15,77~7} ($22,274,628} $113,149,494 $813,785 14 2018 $133,860,211 $375,992,014 {$98,140,093} ~$Z2,7,~0,12D} $117,640,718 $850,661 15 2019 $133,860,211 $383,511,855 ~$1.OD,102,89 ($23,174,523} $122,221,768 $888,275 16 2020 $133,860,211 $391,182,092 x$102,1.04,95 {$23,638,013; $126,894,438 $926,641 17 2021 $133,860,211 $399,005,734 ~$1Q4;147,05 x$24,110,774} $131,660,562 $965,774 18 2022 $133,860,211 $406,985,848 {$106,229,99 x$24,592,989} $136,522,008 $1,005,690 19 2023 $133,860,211 $415,125,565 x$108,354,59 x$25,084,849} $141,480,683 $1,046,405 20 2024 $133,860,211 $423,428,076 x$110,521,68 x$25,586,546} $146,538,531 $1,087,933 21 2025 $133,860,211 $431,896,638 x$112,732,11 x$26,098,277} $151,697,537 $1,130,292 22 2026 $133,860,211 $440,534,571 x$114,986,76 x$26,620,242} $156,959,723 $1,173,499 23 2027' $133,860,211 $449,345,262 $0 ~$27,15,~,647} $279,613,647 $2,019,809 24 2028 $133,860,211 $458,332,167 $0 x$27,695,700} $287,434,155 $2,080,805 25 2029 $133,860,211 $467,498,811 $0 ($28,249,614} $295,411,073 $2,143,022 26 2030 $133,860,211 $476,848,787 $0 $0 $332,362,136 $2,403,575 27 2031 $133,860,211 $486,385,763 $0 $0 $341,237,613 $2,472,247 28 2032 $133,860,211 $496,113,478 $0 $0 $350,290,601 $2,542,292 29 2033 $133,860,211 $506,035,748 $0 $0 $359,524,648 $2,613,738 30 2034 $133,860,211 $516,156,462 $0 $0 $368,943,375 $2,686,613 31 2035 $133,860,211 $526,479,592 $0 $0 $378,550,478 $2,760,946 32 2036 $133,860,211 $537,009,184 $0 $0 $388,349,722 $2,836,766 33 2037 $133,860,211 $547,749,367 $0 $0 $398,344,952 $2,914,101 34 2038 $133,860,211 $558,704,355 $0 $0 $408,540,086 $2,992,984 35 2039 $133,860,21.1 $569,878,442 $0 $0 $418,939,122 $3,073,444 36 2040 $133,860,211 $581,276,010 $0 $0 $429,546,140 $3,155,513 37 2041 $133,860,211 $592,901,531 $0 $0 $440,365,297 $3,239,224 38 2042 $1.33,860,211 $604,759,561 $0 $0 $451,400,838 $3,324,609 39 2043 $133,860,211 $616,854,753 $0 $0 $462,657,090 $3,411,702 40 2044 $133,860,211 $629,191,848 $0 $0 $474,138,467 $3,500,536 ~ „ 4o FoR_ T~ x TaX Ir1Cr~n1~nt ProJ~Ct~onS~RDINANCE N~.18975-12-2x09 TIF #9A & #9B Estimated Annual Appreciation o~ Trinity River Visian TIF ~No New Develap~~ent7 r~~a~ ~ __ 1 2005 $138,776 $278,056 $416,832 2 2006 $278,223 $166,803 $445,026 3 2007 $443,836 $385,943 $829,779 4 2008 $464,481 $424,913 $889,394 ~ S 2009 $833,968 $628,336 $1,462,304 6 2010 $1,067,038 $699,608 $1,766,646 7 2011 $1,079,083 $699,651 $1,778,734 8 2012 $1,078,658 $682,973 $1,761,631 9 2013 $1,106,705 $703,431 $1,810,136 10 2014 $1,122,497 $707,439 $1,829,936 11 2015 $1,161,910 $742,188 $1,904,098 12 2016 $1,202,112 $777,632 $1,979,744 13 2017 $1,243,117 $813,785 $2,056,903 14 2018 $1,284,943 $850,661 $2,135,605 15 2019 $1,327,605 $888,275 $2,215,881 16 2020 $1,371,121 $926,641 $2,297,762 17 2021 $1,415,507 $965,774 $2,381,281 18 2022 $1,460,780 $1,005,690 $2,466,470 19 2023 $1,506,959 $1,046,405 $2,553,364 20 2024 $1,554,062 $1,087,933 $2,641,995 21 2025 $1,602,106 $1,130,292 $2,732,398 22 2026 $1,651,112 $1,173,499 $2,824,610 23 2027 $1,701,097 $2,019,809 $3,720,906 24 2028 $1,752,083 $2,080,805 $3,832,888 , 25 2029 $1,804,088 $2,143,022 $3,947,109 26 2030 $1,857,133 $2,403,575 $4,260,707 ' 27 2031 $1,911,239 $2,472,247 $4,383,485 28 2032 $1,966,427 $2,542,292 $4,508,719 29 2033 $2,022,719 $2,613,738 $4,636,457 30 2034 $2,080,136 $2,686,613 $4,766,750 31 2035 $2,138,703 $2,760,946 $4,899,649 32 2036 $2,198,440 $2,836,766 $5,035,205 33 2037 $2,259,372 $2,914,101 $5,173,473 34 2038 $2,321,523 $2,992,984 $5,314,507 35 2039 $2,384,917 $3,073,444 $5,458,361 36 2040 $2,449,578 $3,155,513 $5,605,092 37 2x41 $2,515,533 $3,239,224 $5,754,757 38 2042 $2,582,807 $3,324,609 $5,907,416 '~ 39 2043 $2,651,427 $3,411,702 $6,063,128 'I 40 2044 $2,721,419 $3,500,536 . .. $6,221,955 , i . 41 FORT~TIi Tax Increment Projection~QRD1NANCE No.1$975-12-2009 TIF #9A & #9B Estimated Total Tax Revenue of TRV TIF Baseline Appreciation + New Development} ~~ '~e~ ea~e~i~ ~ e~~k~pren~ `~~ c~~h t~ ~r~~n~ ~`~ TIC ~~ ~v+~ ~'ax ~~~~~e __ 1 2005 $416,832 $0 $0 $416,832 2 2D06 $445,026 $0 $0 $445,026 3 2D07 $829,779 $0 $D $829,779 4 2008 $889,394 $D $0 $889,394 5 2009 $1,462,304 $0 $0 $1,462,304 6 2010 $1,766,646 $D $0 $1,766,646 7 2011 $1,778,734 $Q $0 $1,778,734 8 2D12 $1,761,631 $0 $D $1,761,631 9 2013 $1,810,136 $D $0 $1,810,136 10 2014 $1,829,936 $35,394,957 $426,115 $2,256,051 11 12 2015 2016 $1,904,098 $1,979,744 $72,205,713 $110,474,740 $869,214 $2,773,372 $1,329,989 $3,309,734 13 2017 $2,D56,903 $150,245,647 $1,SDS,786 $3,865,688 14 2018 $2,135,605 $191,563,200 $2,3D6,202 $4,441,806 15 2019 $2,215,881 $234,473,356 $2,822,791 $5,038,671 16 2D20 $2,297,762 $279,023,294 $3,359,121 $5,656,883 17 2021 $2,381,281 $325,261,440 $3,915,776 $6,297,057 18 2022 $2,466,470 $373,237,502 $4,493,353 $6,959,823 19 2023 $2,553,364 $423,D02,5D3 $5,092,466 $7,645,830 20 2024 $2,641,995 $474,608,SD8 $5,713,747 $8,355,742 21 2025 $2,732,398 $528,110,164 $6,357,842 $9,090,241 22 2026 $2,824,610 $583,561,732 $7,025,416 $9,850,026 23 2027 $3,720,906 $641,020,117 $7,717,149 $11,438,055 24 2028 $3,832,888 $700,543,414 $8,433,741 $12,266,629 25 2029 $3,947,109 $762,191,235 $9,175,911 $13,123,020 26 2030 $4,26D,707 $826,024,75D $9,944,393 $14,205,100 27 2031 $4,383,485 $892,106,730 $10,739,944 $15,123,430 28 2032 $4,508,719 $96D,501,580 $11,563,340 $16,072,059 29 2033 $4,636,457 $1,031,275,380 $12,415,376 $17,051,833 30 2034 $4,766,750 $1,104,495,932 $13,296,867 $18,063,617 31 2035 $4,899,649 $1,180,232,796 $14,208,653 $19,1D8,301 32 2036 $5,035,205 $1,258,557,336 $15,151,591 $20,186,796 33 2037 $5,173,473 $1,339,542,765 $16,126,562 $21,300,036 34 2038 $5,314,507 $1,423,264,188 $17,134,473 $22,448,979 35 2039 $5,458,361 $1,509,798,651 $18,176,249 $23,634,609 36 2040 $5,605,092 $1,599,225,186 $19,252,842 $24,857,933 37 2041 $5,754,757 $1,691,624,863 $20,365,228 $26,119,985 38 2042 $5,907,416 $1,787,D80,838 $21,514,409 $27,421,825 39 2043 $6,063,128 $1,885,678,401 $22,701,411 $28,764,539 40 2044 $6,221,955 $1,987,505,035 $23,927,287 $30,149,242 42 FOR~Tt~ Public Infrastructure Cost~~412!`~~~i~~'(~t~~~mmary TIF #9A & #9B Project Plan Expenditures Land Acquisition, Demolition, Relocation .................... $ 226,213,500 Environmental Remediation ............................................ $ 38,355,100 Preliminary Design ................................ . .......................... $ 25,598,900 Ecosystem Restoration .................................................... $ 10,915,200 Recreation ........................................................................ $ 8,?85,400 Valley Storage ................................................................... $ 95,8~~~~0~ ; ;, Utility Relocation .............................................................. $ 88,~~~~SC~ Bridges and Roadway ....................................................... $: 18,855~~'0 ki .. „ Pump Station .................................................................... $ '::i 8,857,~~4 Bypass Channel ............................................................... 112,?,300 ~, Waterfront and Pedestrian Bridges ................................ $ 29~3~,200 Gates ................................................................................ $ 8~.~3~,800 Dam .................................................................................. $ ~~~~ Program Management ..................................................... $ ,50~, Tota! Project Costs ........................................................... $ 9Q9,877,2D4 1. The above project categories include provisions for con management, design, engineering, permitting and tesi construction costs and inflation to mid-point ofconstr~ 2. It is estimated that the TIF would need to contribute towards these casts. ro~ect r~~~t~asea on €~~ ,.. ~on~. 20,054,30 in func~i~` 3. The expenditures estimates are from the 2009 Free nd IV~hls report. Financing Plan Summary ~A&B Comb Based on discussions with local govern have been estimated: federal agencies, the following sources of funds $ 2 6, 600, 000 $ 11,000,000 ~ ~4a4o0,00C $102,000,000 $~20=Q~4.300* $422,054,300 ~4~?,$22,900 $9C9,$77,2C4 * An estimated $320,054.300 is needed from the TIF To fulfill the public purposes of the Project. the TIF District and Tarrant Regional Water District ~~~ay agree to enter into a tax increment funding agreement pursuant to which TRWD will be rei~»bursed far certain costs of the Project incurred or expended by TRWD. 43 FOR~ F~ Public Infrastructure Cost~°~4I~~~i1~~'r~~~mmary TIF #9A & #9B Proposed Trinity Vision T1F #9A & #9B In addition to the improvements listed in the Project Plan above, there are a number of improvements that are recommended to be included in the Project Plan contingent upon the amount of incremental revenue generated by the TIF. A Project Plan amendment will be required to include the projects below and would require individual amendments to taxing jurisdiction participation agreements. 1. inland Vvater Feature Environmental Cleanup Project - ~~~ ~~rnletion of the Central City Project, X2022},the existing levees can be removed. At thi~~~e', environmental remediation can begin on the area adjacent to the inland water,~~~ature wl~~ thre~ is known soil and groundwater contamination. Required remediat~an!~cludes~il excav~t~n and rem~vl, roundwater cutoff wall with concrete cap to fora .,walk ~A.Fadjacentto the rt~~ gr~ndwater g extraction wells and groundwater monitoring wei~~.!~ 29 estimated cost for ~opletion of these components is $29,D99,DDD. 4. Participation ~ +~lice ~C Fire Training ~~ter -The driving course and firing range for the Center must be rel~c~~d in the early years for th~ construction of the Bypass Channel. The Modern training ce~ers needs are ~~ore complicae and expensive than those available at the existing Center. ~"he'stt~~ied capacity examined a~' ~penditure of $2D,DDD,DDD in 2DD9 dollars to pay fo land acq~isitior~ its or other eligible p~ject costs associated with the use of this property or the relocation oi~ ~~~es. 44 FORT~WORT_t~ Terms and Conditions ORDINANCE N0.18975-1Z-ZOO9 TIF #9A & #9B Length of TI F i n Years: Trinity River Vision TIF #9A was originally created with a 25-year term and was scheduled to end on December 3~, 2028. The revised TIF term will be extended by 16 years and scheduled to stop collecting revenue on December 31, 2044 in order to receive tax increment for a total of 40 years. The Gateway Expansion TIF #9B will begin January 1, 2010 and will last for 34 years which will schedule the expansion to cease collecting revenue contermin~usly on cember 31, 2044. Both TIF #9A and #~B will be scheduled to end upon completion of all ~jc~~ outlined within the Project Plan including potential additional projects, or upon the collection and d~tr~~tion of incremental revenue ,; from tax year 2044. ` ~ ~, Proposed Changes to Zoning Ordinance: At this time it is anticipated that no changes will be m to the implementation of the TIF. Financing Issues: All revenue generated by theTlFshall goto pay for Plan. At this time it is not anticipated that TIF bond in the Project Plan. Tax Increment Participation Rates: It is expected that all participating taxing jurisdi remaining 35 years. However the jurisdlc~,s v agreements to included revenue from th'',_ ter zoning within TIF #9A or TIF #9B due oject costs as oed in the Project ~, to fund any of the projects outlined 'rticipate at 80 percent for the `; ~~d their existing participation nded boundaries. 45 FOR, T~WORTH s U CO Q m w 0 0 U .~ w ORDINANCE ND. 18975-12-2009 ~~ ~-~ E• x w ~t Q~ L.L W U Q m C L Q~ 0 a 0 L Q L ~.. m F- x F CC ~t EXHIBIT "B" PROPERTY TO BE ADDED TO ZONE (THE EXPANDED AREA) nI'(.~Ill~llll'e Ex~71}I1C~111~ B[)unc1~}ry, ExtellC~li7~ Tl'CiTI ail( A~~C[)ving A111L'tlL~eL~ ~'r[l~eet (}Il(.~ Flll~.}IlClll~ F~~}Ili t[1r Tax Iner[.'ment Re111Vetitmellt L[)ne NUlnher Nine, City [~t'F[~rt Wnrth, Texas ~Triility River Visicm TIF) 0 N a~ a 0 N u7 ti r 0 z w U Z Q _Z O 0 EXHIBIT "~" DESCRIPTION AND DEPICTION OF ZONE FOLLOWING ADDITION OF THE EXPANDED AREA ()rciinan~c E~c~an~iin~ Bc~unciary, E~ctcncfing ~Tcr-»~ anti A~~rc~~ ing An~cr~ciecl Prc~j~~~t anc~ Fir~an~in~ f'lar~s t~~r Ta~c In~:rcmcnt R~in~~~~tiner~t L~~nc; Nun~h~r nl~llll'., City cif Fart Werth, T~;~cas Trinity Ri~tr Vi~i~~n TIFF r 0 0 N h 0 z w z Q z 0 0 m (~ Q L.L H k~ 0 .~ 0 ~~ v a~ ~4 ~* .~ 0 .~ rn ti r... Z City of Fort Worth, Texas Mayor and Council Communication o''., .~a~ ;`:.~` ;:.?,i'"~'Cti>3F''~Cari\'hwfi••~?y'c'~SVit~RCi~~e~;i.'~i~~`~~'~c~^~.:~\~\\~~~`I~+RXe;' ,'S•~i?`tiN ~\~~~~~z.~:9a. ,.'k~'~"S~\r~rb..\~\\'~'U'~~4;~,•;SdA~ ~~ ,~'~'~~~~ew~`~ co~N~L AT~oN ~~~~Qy~~ an ~ ~ ~~~ao - ors. Na ~ ss~~~~ ~-200 ~~;`'.`t`\ ~av~~e~. ." ~s•s,~ ~'~y~E~~a~:~~~6~.k`,~ ;`~.~`~\`t`~`~`~~\\~`c~~• ~3 ~ ' , .~\`a\`~~`~~'k`~~.~~`\`Y ?G^~~^,9~{o,~~aiR\~~"a3';~~\`•~~~?"~4"~'~~\\\~~i~~s?£~~@$~ki~4E~":~°~'°e•;~~~~~.\a~S~~S~Y+~;c"\~ CONTINUED FROM A PREVIOUS 1NEEK DATE: Tuesday, December 08, 2409 REFERENCE N4.: G-16181 LOG NAME: 1lHEARINGTIF9TRV SUBJECT: Conduct Public Hearing and Adopt Ordinance Expanding the Boundaries and Extending the Term of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas and Approving Amended Project and Financing Plans for the Trinity River Vision TIF RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing concerning the expansion of the boundaries and extension of the term of Tax Increment Reinvestment Zone No. 9, City of Fort Worth, Texas, Trinity River Vision TIF} the approval of amended Project and Financing Plans for the Trinity River Vision TIF and the concept of tax increment financing generally; and 2. Adopt the attached Ordinance which ~i}expands the boundaries of the Trinity River Vision TIF to include certain property to the east and south of the current boundaries, as more specifically described in the attached Ordinance; iii}extends the expiration date of the Trinity River Vision TIF~to the earlier of December 31, 2044, or the date on which all TIF project costs, tax increment bonds and interest on those bonds cif applicable} have been paid in full; viii}approves amended Project and Financing Plans for the Trinity River Vision TIF, as previously approved by the TIF's Board of Directors; and Div} contains specific findings of fact in support of the foregoing. DISCUSSION: On December 16, 2003, the City Council adopted Ordinance No. 15191 designating the Trinity River Vision TIF. The TIF is located north and west of the downtown Central Business District in the vicinity of the Trinity River. The current boundaries of the TIF are described in Exhibit "B" of the attached Ordinance. The TIF was created to help fund public infrastructure improvements associated with needed flood protection and mitigation as well as to encourage development and redevelopment along the Trinity River. The City has agreed to contribute 8D percent of its tax increment to the TIF. The proposed expansion will add the property described in Exhibit "C" of the attached Ordinance to the TIF. This expansion will, among other things, allow Gateway Park to be used for hydraulic valley storage to provide the necessary flood protection associated with the bypass channel flood control project and for TIF funds to be utilised for public improvements on both the Northside and in the Gateway Park region. This area is eligible for inclusion in the TIF pursuant to Sections 311.405-311.001 of the Texas Tax Code. The current term of the TIF expires on the earlier of December 31, 2028, or the date as of which all TIF projects have been paid in full. In 2009, Freese and Nichols provided a more accurate calculation of the Logname: 17HEARINGTIF9TRV Pale 1 of 2 overall Trinity River Vision, Central City Project cost estimates, including costs of improvements to Gateway Park. The overall project cost is now estimated to be $909 million (2021 dollars). In order for the project to be fully funded, it is necessary that the TIF contribute approximately $320 million toward the project. Accordingly, pursuant to authority granted by Section 311.017(a)(1) of the Texas Tax Code, it is recommended that the term of the TIF be extended to expire on the earlier of December 31, 2044, or the date as of which all TIF project costs have been paid in full. Expansion of the TIF boundaries and extension of the TIF's term will enable the TIF to implement in full the Project and Financing Plans adopted by the TIF's Board of Directors, as amended by the Board on December 4, 2009. The amended Project and Financing Plans for the TIF are attached as Exhibit "A" to the proposed ordinance. The TIF's Board of Directors and City staff recommends that the City Council approve the amended Project and Financing Plans for the TIF. After conducting the public hearing regarding the proposed expansion of the TIF's boundaries, extension of the TIF's term, the amended Project and Financing Plans and the concept of tax increment financing in general and after affording a reasonable opportunity for all interested persons to speak for or against the same, it is recommended that the City Council adopt the attached ordinance expanding the boundaries and extending the term of the TIF and approving the amended Project and Financing Plans for the TIF. Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this meeting. The affected property is located in COUNCIL DISTRICTS 2 and 9 and the overall project benefits the entire City. FISCAL INF4RMAT14N I CERTiFICATI~N: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: T4 FundlAccountJCenters FRAM FundlAccountlCenters CERTIFiCATI~NS: Submitted. for City_Mana~r's 4ffice__b.~: Thomas Higgins X6192} originating Department Head: Jay Chapa X5804} Ossana Hermosillo X8618} Additional information Contact: Maggie Allen X2235} Logname: 17HEARINGTIF~TRV Page 2 of 2