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HomeMy WebLinkAboutOrdinance 14839ORDINANCE NO. j `+~~~ AN ORDINANCE ENLARGING 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, which was subsequently enlarged pursuant to Ordinance No 14795, adopted by the City Council on October 2, 2001 (the "Zone"); and WHEREAS, Section 311 007(b) of the Texas Tax Code (the "Code"), subject to certain provisions of Section 311 006 of the Code, allows the City Council to enlarge the boundaries of an existing reinvestment zone to include an azea described in a petition requesting that the area be included m the reinvestment zone if the etrtion is submitted to the City Council by the P owners of property constituting at least fifty percent (50%) of the appraised value of the property m the area according to the most recent certified appraisal roll for the county in which the area is located, and WHEREAS, on October 19, 2001 the City Council was presented with a petition to enlarge the Zone by adding the real property specifically described in Exhibit "A" of this Ordinance (the "Property"), which petition was signed by the owners of property constituting at least fifty percent (50%) of the appraised value of the Properly according to the most recent certified appraisal roll for Tarrant County; and WHEREAS, Section 311 006 of the Code allows a municipality to enlagge the boundaries of an existing reinvestment zone pursuant to Section 311 007(b) of the Code so long • Page I Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas as (i) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property m the municipality and in the S industrial districts created by the municipality, and (ii) 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 October 30, 2001 the City Council held a public heanng regarding the enlargement 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 addition of the Property into the Zone; and WHEREAS, notice of the public heanng was published in a newspaper of general circulation in the City on October 23, 2001, a date not later than seven (7) days prior to the date of the public 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 add the Property into 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 enlargement of the Zone and after conducting a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons Page 2 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas to speak for or against the enlargement of the Zone, the City Council hereby makes the following findings of fact: 1.1. The statements and facts set forth m the recitals of this Ordinance are true and correct. 1.2. The .Property ns generally underdeveloped and blighted and substantially impairs the sound growth of the City because of the presence of (i) a substantial number of deteriorated and deteriorating structures, (ii) the predominance of inadequate sidewalks and sidewalk layouts, (iii) inadequate and/or deteriorated parking areas, lighting systems and related infrastructure, and (iv) faulty lot layouts that hinder accessibility and private reinvestment 1.3. Development of the Property will not occur solely through private investment m the reasonably foreseeable future. 1.4. Improvements nn the Zone, including the Property, as specifically outlined nn the project plan adopted by the Zone's board of directors, will significantly enhance the value of all the taxable real property in the Zone, nncludmg the Property, and will be of general benefit to the City 1.5. With the addntnon of the Property, the Zone wall not contann more than fifteen percent (15%) of the total appraised value of taxable real property m the muricnpahty and m the industrnal districts created by the municipality 1.6. With the addntnon of the Property, the Zone will not contann more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. .~ Page 3 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas Section 2. DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Property, specifically described in Exhibit "A", which is attached hereto and hereby made a part of this Ordinance for all purposes. The Zone, as enlarged, has been designated under Section 311 005(a)(5) of the Code and will continue to be known as "Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone will remain unchanged and shall continue to conform to the requirements of Section 311 009 of the Code. • Section 4 TERM OF ZONE. That the addition of the Property into Zone shall take effect upon the adoption of this Ordinance. The Zone, as enlarged, shall terminate in accordance with Section 5 of Ordinance No 12324 Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 311 012(c) of the Code, for the Property added to the Zone shall be the total appraised value of the Property taxable by a taxing Page 4 • Ordinance Enlarging Tax increment Reinvestment Zone Number Three, City of Fort Worth, Texas unit for the year 2001, which is the year in which the Property was added to the Zone. The tax increment base for the property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section 6. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Section 7 of Ordinance No 12324 (the "TIF Fund") shall include the percentage of any tax increment (as defined by Section 311 012(a) of the Code} produced by the Property that (i) the City dedicates to the TIF Fund and (ii) each taxing umt which levies real property taxes on the Property elects to dedicate to the TIF Fund under a participation agreement with the City, as authorized by Section 311 013(f) of the Code. Section 7. ' TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311 008 and 311 013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment agreements relating to the Property with taxing units that levy real property taxes on the Property r ` .t • Page 5 Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas Section 8. SEVERABILITY. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent ~urlsdiction, the remaimng portions, .sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or~udgment. Section 9. 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 / 0 -,3 d - b l APPROVED AS TO FORM AND LEGALITY By~ Peter Vaky Assistant City Attorney Date: /I - I - D l M&c Cr-13~Z~ is-3 n- 01 Page 6 • Ordinance Enlarging Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas EXHIBIT "A" BOUNDARY DESCRIPTION OF TAX INCREMENT REINVESTMENT ZONE NUMBER ONE EXPANSION CITY OF FORT WORTH, TEXAS Begimm~g at a point of the intersection of the south ROW line of 6`" St. and the east ROW line of Burnett St., thence Northeasterly along the south ROW line of 6~' St. to a point where said line intersects with the west ROW line of Main St., thence Northwesterly along the east ROW line of Main St. to a point where said line intersects `with the south ROW line of 5~' St., thence Northeasterly along the south ROW line of 5~' St. to a point where said line intersects with the west ROW line of Commerce St., thence Southeasterly along the west ROW line of Commerce St. to a point where said line intersects with the south ROW line of 7th St., thence Northeasterly along the south ROW line of 7~' St. to a point where said line intersects with the east ROW ime of the Santa Fe Railroad, thence South to southeasterly along the east ROW line of the Santa Fe Railroad to a point where said line intersects with the north ROW line of Lancaster Avenue, thence West along the north ROW line of Lancaster Avenue to a point where said line intersects with the east ROW line of Calhoun St., thence Northwesterly along the east ROW line of Calhoun St. to a point where said hne intersects the north ROW line of 7~' Street, thence Southwesterly, then west along the north ROW line of 7~' St. to a point where said hne intersects the east ROW line of Burnett Street, which is the point of beginning. • Q. W ~.L. m 0 Q. 0 a Y ~o o ~~ a ~~~ I~ZI~IIiI'1' ~~ ~~U ~~ ~R~ o°~Q~ o~~ o~~ o~~ ~m~ ~~~ ^~~ City of Fort Worth, Texas ~11~A~-ar And ~,c~unc~l Can~mun~cAt4ian ATE REFERENCE NUMBER LOG NAME PAGE 10/30/01 G-13423 02ZONE3 1 of 1 SUBJECT PUBLIC HEARING AND ORDINANCE ENLARGING THE TAX INCREMENT REINVESTMENT ZONE NO 3, CITY OF FORT WORTH, TEXAS (THE DOWNTOWN TAX INCREMENT FINANCING DISTRICT RECOMMENDATION It is recommended that the City Council 1 Hold a public hearing concerning the enlargement of Tax Increment Reinvestment Zone No 3, City of Fort Worth, Texas, (the Downtown Tax Increment Financing District) (the TIF), and 2. Adopt the attached ordinance that enlarges the Downtown T1F DISCUSSION On October 19, 2001, the City received a petition to enlarge the Downtown TIF by including property generally bounded by Sixth Street to the north, the Santa Fe Railroad line to the east, Lancaster Avenue to the south, and Calhoun Street to the west as well as a sliver of property generally bounded by Sixth Street to the north, Calhoun Street to the west, Seventh Street to the south, and Burnett Street to the west. This property is specifically described in the metes and bounds and depicted in the map of hibit "A" of the attached ordinance The petition received by the City was signed by the owners of roperty constituting more than 50% of the appraised value of all property in this area Pursuant to Section 311 007(b) of the Texas Tax Code, the City Council has legal authorization to enlarge the Downtown TIF as requested by the petitioners upon its making the findings set forth in the attached ordinance and otherwise in accordance with the terms and provisions of this ordinance Notice of the public hearing was (i) delivered to the governing body of each affected taxing unit and (ii) published in a newspaper of general circulation at least seven days prior to this public hearing FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that adoption of this ordinance does not require the expenditure of City funds MG•n Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by: (to) ~ ~'P~OVED Mike Groomer 6140 ~ + Originating Department Head: ClT~ CflUNCiL Tom Higgins 6192 (from) u:,i 2001 ~ ~ } itional Information Contact: ~~,~., ~~ ~J City ~cretary of the Ardina Washington 8003 City ~+f Fort ~}Vorth, Texas 1 r ~~ Re:l:; (:E ~Ci ~ fi d { 1'~d lit;` ~~, ---~.= °'