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HomeMy WebLinkAboutOrdinance 14795ORDINANCE NO. / ~ / /~ AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXA5; 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 (the "Zone"); and WHEREAS, pursuant to Section 311 005(a)(5), the area within the onginal boundanes of the Zone was eligible for designation as a reinvestment zone because, among other things, the owners of property constituting at least fifty percent (50%) of the appraised value of the property in the Zone petitioned the City Council for such a designation (the "Petition"), and WHEREAS, the appraised value of the Property at the time the Zone was created was such that the Property, which is entirely surrounded by the onginal boundanes of the Zone, was eligible for inclusion in the Zone on account of the Petition, and WHEREAS, the appraised value of the Property has not increased to a degree that would nullify the Property's eligibility for inclusion in the Zone on account of the Petition, and WHEREAS, Section 311 007 of the Texas Tax Code (the "Code") allows the City Council to reduce or enlarge the boundanes of an existing reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311 006 of the Code; and Page 1 Ordinance Expanding Tax Increment Reinvestinent Zone Number Three, City of Fort Worth, Texas WHEREAS, the City wishes to enlarge the Zone by adding certain real properly which is surrounded by the existing Zone and is more specifically described in Exhibit "A" of this Ordinance (the "Property"); and WHEREAS, Section 311 006 of the Code allows a municipality to change the boundanes of an existing reinvestment zone so long as (i) less than ten percent (10%) of the property within the amended boundanes of the reinvestment 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 boundanes of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property m the municlpallty and m the industnal dlstrlcts created by the municipality; and (iii) the amended boundanes 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 2, 2001 the City Council held a public hearang 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, nonce of the public heanng was published in a newspaper of general circulation In the City on September 24, 2001, which date was more than seven (7) days prior to the date of that hearing; and WHEREAS, pnor to the public heanng the City provided wntten nonce to all taxing units levying real property taxes wltlun the Zone of the City's intention to add the Property into the Zone and of the public heanng. Page 2 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas 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 rt regarding the enlargement of the Zone and after conducting a public heanng 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 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. Development of the Property will not occur solely through pnvate investment In the reasonably foreseeable future. 1.3. Improvements nn the Zone, including the Property, as specifically outlined nn the project plan adopted by the Zone's board of directors, will significantly the value of all the taxable real property In the Zone and will be of general benefit to the City 1.4. The Property is subject to inclusion in the Zone pursuant to Section 311 005(a)(5) of the Code. Page 3 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas 1.5. With the addition of the Property, less than ten percent (10%), if any, of the property within the Zone, excluding any property dedicated to public use, will be used for residential purposes, as defined in Section 311 006(d) of the Code. 1.6. With the addition of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of taxable real property in the mumcipality and m the industraal distracts created by the mumcipality 1.7. With the addition of the Property, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school distract. Section 2. DESIGNATION OF PROPERTY FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundanes 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 shall continue to be lrnown 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 shall remain unchanged and shall continue to conform to the requirements of Section 311 009 of the Code. Page 4 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas 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 Properly added to the Zone shall be the total appraised value of the Property taxable by a taxing 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 unit 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. Page 5 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas 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 amts that levy real property taxes on the Property 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 Iunsdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain m full force and effect and shall not in any way be impaired or affected by such decision, opimon or judgment. Section 9. That this Ordinance shall take effect and be in full force and effect from and after rts adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE ~~ 2 U/ Page 6 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY By. Peter Vaky Assistant City Attorney Date: 9-2 8-Ol M&c~ -/3397 Page 7 Ordinance Expanding Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas '° • • • Exhibit "A" Legal Description of Property to be Added to Fort Worth Tax Increment Reinvestment Zone Number Three BEING a tract of land situated in the City of Fort Worth, Tarrant County, Texas, and being all or portions of Blocks K-7, L and M-1 ofFIELDS-HILLSIDE ADDITION to Fort Worth, according to the plat recorded in Volume 63, Page 63, Deed Records of Tarrant County, Texas, and being all or portions of Blocks E, F, G, H, I, J, K, L-1 and M, ofFIELDS-HILLSIDE, an unrecorded addition to the City of Fort Worth, Tarrant County, Texas, and being portions of LAND 500 ADDITION, an unrecorded addition to the City of Fort Worth, Tarrant County, Texas, and being portions of vacated Valley Street as vacated by City Ordinance number 7727, said tract being more particularly described by metes and bounds as follows. BEGINNING at the intersection of the northerly nght-of--way line of Belknap Street with the westerly nght-of--way lines of Taylor Street, said point being a City of Fort Worth brass monument stamped #98, found, THENCE S 60°00'00" W, 1230 00 feet along the northerly nght-of--way line of said Belknap Street to a "Y" cut in a concrete sidewalk and being in the easterly line of Henderson Street; THENCE N 30°00'00" W, 450 00 feet along the easterly line of said Henderson Street to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess," set; THENCE N 60°00'00" E, 10 00 feet along the easterly line of said Henderson Street to a 5/8 inch iron rod with yellow cap stamped "Carter& Burgess," set; THENCE N 30°00'00" W, 210 00 feet along the easterly nght-of--way line of said Henderson street to a 5/8 inch iron rod found for the southwest corner of that tract of land described m a Deed to the City of Fort Worth `as recorded in Volume 4150, Page 351, of the Deed Records of Tarrant County, Texas, THENCE N 60°00'00" E, 90 00 feet along the south line of said City of Fort Worth tract leaving said Henderson Street to a 5/8 mch iron rod with yellow cap stamped "Carter & Burgess" set for the southeast corner of said City of Fort Worth tract; THENCE N 30°00'00" W, 210 00 feet along the east hne of said City of Fort Worth tract to a P.K. Nail set for the northeast corner of said city tract; THENCE S 60°00'00" W, 10 00 feet along the north line of said tract to a P.K. Nail set; THENCE S 36°02'00" W, 98 50 feet along the north hne of said tract to a 5/8 mch iron rod with yellow cap stamped "Carter & Burgess" set for the northwesterly corner of said City tract; Page 1 of 2 ~ t. ~~. y THENCE N 30°00'00" W, 70 00 feet to a P.K. Nail found, THENCE N 60°00'00" E, 738.90 feet to a point; THENCE S 30°00'00" E, 57 00 feet to a P.K. Nail set in Franklin Street; THENCE N 77°13'00" W, 39.56 feet to a P.K. Nail set in Franklin Street; THENCE S 60°00'00" W, 46.31 feet to a P.K. Nail set in the southerly right-of--way line of said Franklin Street said point being the westerly most point of that tract of land described in a Deed to the City of Fort Worth (for the widening of Franklin Street) as recorded in Volume 3885, Page 207 of the Deed Record of Tarrant County, Texas; THENCE along the southerly line of said City of Fort Worth tract and the southerly right- of-way line of said Franklin Street the following bearings and distances. S 79°36'00" E, 227.24 feet to a 5/8" iron rod with yellow cap stamped "Carter & Burgess," set; S 75°48'00" E, 95 79 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess," set; . S 72°00'00" E 65 00 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess," set for the beginning of a curve to the left; 270.33 feet along the arc of said curve, through a central angle of 38°00' 18", whose radius is 407.55 feet, the long chord of which bears N 88°59' 18" E, 265 40 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess," set and S 63°44'00" E, 88.36 feet to a "Y" cut, set in concrete in the westerly nght- of-way line of Taylor Street; THENCE S 30°00'00" E, 405.50 feet along the westerly line of Taylor Street to the POINT OF BEGINNING and containing 21 4647 acres or 935,004 square feet of land, more or less. Save and Except that 10' x 10' tract of land described in a Deed to Fort Worth Gas Company as recorded in Deed Volume 954, Page 95 of the Deed Records of Tarrant County, Texas and later conveyed to Lone Star Gas Company as recorded in Deed Volume 1138, Page 38 of the Deed Records of Tarrant County, Texas and containing 0 0023 acres or 100 square feet of land, more or less. • Page 2 of 2 ~o Q a o .~ w ~ m 0 0~5 \~ 2~ PPy ~~G PO ,y o ~ Q y5 ~ ~ ~O~ P P ~`~ ~°' PECPN r PP ~6 PP g ~ 06 ~2 GPV ~~ b ~ rn y~~ 6, Pp~ "~ 2~, ~ ~ o 6yo' ~~G ~P~~ ~~ ~~ __~ -~ Py OJT ,OOPS GP~POV~ m y ___~_._ - P~ ~P ~ o n. ~ y ~ pPP~~ vo, ~~~ ~~.~ ~ QP ~ ~ ~~ o o ~ ~~ y~~ N c7 y GP c SAMUELS G ~~~~ O~~ yea ~~ N GO ~P~~ O c v5~ ~ Obi' P o 0 D li in ~ v m ~O~ P O G~~O~P ~,~( ~ ~PPO ~~ Q ,pNPS ~Py~.OP C RRY M ON ~ E SvP X ~`P~~ '~ W GO~~PPGP PPy o2`~ o G L y ~ PPS L INGT N S~O~ ~ ~ ~ ~ 'rs Ov s~ > 2, o C'3 ~~ ~ `o ~ '~~ "y ~~ 11 wns Q E ~ ~ 6 m v> N w ~ gyp, ~ _ \ PENN ~+ ~ ~ Q WOODWA D d = .~ ~ V n ~ ~ O~ i cC ~ Z ~~PPSz NllSnb' ~ ~ X ~ a> ~~ g ~ ~ w 2 ~ W ~ N ~ b'IOIA ~ w ~~ib a~ ~ ~ ~ ~ ~ O ~ ~vloa3wwoo z N z~ 3 City of Fort Worth, Texas ~1~A~ar And C,aunc~l Cai»inun~cAt~ian DATE REFERENCE NUMBER LOG NAME PAGE 10/2/01 G-13397 02ZONE3 1 of 1 SUBJECT PUBLIC HEARING AND ORDINANCE ENLARGING THE BOUNDARY OF TAX INCREMENT REINVESTMENT ZONE NO 3, CITY OF FORT WORTH, TEXAS RECOMMENDATION It is recommended that the City Council 1 Hold a public hearing concerning the enlargement of the boundary of Tax Increment Reinvestment Zone No 3, City of Fort Worth, Texas by adding the property described and depicted in Exhibit A (the Property), and 2 Adopt the attached ordinance that enlarges Tax Increment Reinvestment Zone No 3, City of Fort Worth, Texas, pursuant to Section 311 007 of the Texas Tax Code, as amended DISCUSSION The Property described in Exhibit A of the attached ordinance was specifically excluded from the original boundary of Fort Worth Tax Increment Reinvestment Zone No 3 because of its tax-exempt status. However, to facilitate the future development of the Property, City staff recommends that the Property now be included in Tax Increment Reinvestment Zone No 3, City of Fort Worth, Texas Notice of this hearing was (1) delivered to the governing body of each affected taxing unit, and (2) published in a newspaper of general circulation at least seven days prior to this meeting FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that this action will have no material effect on City funds MG k Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by• (to) ~PP~OVED Mike Groomer 6140 ~~"~'~ /'~O! I ~G~~ Originating Department Head: I ! l~ U iICT 2 2001 Tom Higgins 6192 (from) ~i ~~ Additi l I f i C t t ~~~ ~"""° Q""i1 on ona n ormat on ac : f Cdty Serreffirp of the .city of far! VWort} T Ardina Washington 8003 s, exas ~~opf~~ Drtlu~~~ ~ ~^~ ~~~~ at-.