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HomeMy WebLinkAboutOrdinance 144411 . ~~ ! ORDINANCE NO. ~ y y yo AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER FIVE, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE AND TERMINATION DATES FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHERAS, the City Council of the City of Fort Worth, Texas (the "City") desires to promote the development of a certain contiguous geographic area in the Crty, which is more specifically described m Exhibit "A" of this Ordinance (the "Zone"), through the creation of a reinvestment zone as authorized by and in accordance with the Tax Increment Financing Act, codified in Chapter 311 of the Texas Tax Code (the "Code"); and WHEREAS, on or about November 14, 2000 the City provided written notice to the governing body of each taxing umt that levies real property taxes in the Zone of (i) the Clty's intent to establish the Zone; (ii) a description of the boundaries of the Zone; (iii) -the Crty's tentative plans for development of the Zone; and (iv) an estimate of the general impact of the Zone on property values and tax revenues, and WHEREAS, the governing body of each county and school district that levies real property taxes m the proposed reinvestment zone has waived the requirement unposed by Section 311 003(e) of the Code that the City provide such written notice at least 60 days prior to the date of the public hearing; and Page I Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas ~ i WHEREAS, the City has prepared a preliminary financing plan for the Zone and provided a copy of that plan to the governing body of each taxing umt that levies taxes on real property in the Zone, as required by Section 311 003(b) of the Code; and WHEREAS, in accordance with Section 311 003(f) of the Code, the City previously made a formal presentation to the govermng body of each county and school district that levies real property taxes In the Zone (as well as all other real property taxing ~unsdlctions In the Zone) which, among other things, included (i) a description of the proposed boundaries of the Zone; (ii) the City's tentative plans for development of the Zone; and (iii) an estimate of the general impact of the Zone on property values and tax revenues, and WHEREAS, on December 5, 2000 the City held a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, as required by Sections 311 003(c) and (d) of the Code; and WHEREAS, notice of the public heanng was published in a newspaper of general circulation in the City on November 22, 2000, which satisfies the requirement of Section 311 003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Page 2 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas Section 1. FINDINGS. That after reviewing all information before it regarding the establishment of the Zone and after conducting a public heanng regarding the creation of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportumty for (i) all interested persons to speak for or against the creation of the Zone, its boundanes or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, the City Council hereby makes the following findings of fact: 1.1. The statements and facts set forth in the recitals of this Ordinance are true and correct. Therefore, the City has met the notice and procedural requirements established by the Code for creation of a reinvestment zone. 1.2. Development of the Zone will not occur solely through private investment in the foreseeable future. 1.3. Improvements in the Zone, including, but not limited to, those previously outlined to the City Council and the governing bodies of all other taxing amts that levy real property taxes in the Zone, will sigmficantly enhance the value of all the taxable real property in the Zone and will be of general benefit to the City 1.4. The area within the Zone is contiguous, predominantly open and is located between the central city area of the City and Fort Worth Alliance Airport, a corridor of the City that is likely to become increasingly vital to the City's future development and economic well-being. However, the area lacks adequate infrastructure and methods of ingress and egress, and attempts at pnvate Page 3 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas development in the area have not been successful. Because of these and other factors, the area within the Zone substantially impairs and arrests the sound growth of the City The area within the Zone therefore meets the cntena for designation of a reinvestment zone and satisfies the requirements of Section 311 005 of the Code. 1.5. No more than ten percent (10%) or less of the property in the Zone is used currently for residential purposes. 1.6. According to the most recent appraisal roll of the City, the total appraised value of all taxable real property m the Zone and in existing reinvestment zones m the City does not exceed fifteen percent (15%) of the total appraised value of taxable real property in the City and m industnal distracts created by the City, if any 1.7. The Zone does 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 ZONE. That the City Council hereby designates the Zone described in the boundary descnption and depicted in the map, both attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with the Code. This reinvestment zone shall be known as "Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas." Page 4 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas Section 3. ZONE BOARD OF DIRECTORS. That a board of directors for the Zone (~~Board") is hereby created. The Board shall consist of thirteen (13) members who shall serve terms of two (2) years each. Of these thirteen (13) members, each taxing umt other than the City that levies taxes on real property in the Zone may, but is not required to, appoint one (1) member to the Board. After each taxing umt other than the City designates to the City either the name of the member that the taxing umt wishes to appoint or the fact that the taxing umt wishes to waive its nght to appoint a member, the City Council shall appoint whatever number of members are necessary to fill the remaimng positions on the Board. Such members may be members of the City Council. section 4. TERM OF ZONE. That the Zone shall take effect upon the adoption of thus Ordinance and terminate on the earlier of (i) December 19, 2040 or an earlier termination date designated by an ordinance adopted after the effective date of this Ordinance or (ii) the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full. Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base for the Zone, as defined by Section 311 012(c) of the Code, shall be the total appraised value of all real property in the Zone taxable by a Page 5 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas taxing umt for the year 2000, which is the year in which the Zone was designated as a reinvestment zone. Section 6. TAX INCREMENT FUND. That a tax increment fund for the Zone (the "TIF Fund") is hereby established. The TIF Fund may be divided into additional accounts and sub-accounts authorized by resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311 012(a) of the Code, that each taxing umt which levies real property taxes in the Zone has elected to dedicate to the TIF Fund under an agreement with the City authorized by Section 311 013(f) of the Code plus (ii) the percentage of the tax increment that the City elects in a given year to dedicate to the TIF Fund, subject to any binding agreement that the City has entered into regarding the amount of this deposit. The TIF Fund shall be maintained in an account at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. In addition, all revenues from (i) the sale of any obligations hereafter issued by the City and secured In whole or in part from the tax increments, (ii) revenues from the sale of any property acquired as part of a tax increment financing plan adopted by the Board, and (iii) other revenues dedicated to and used In the Zone shall be deposited into the TIF Fund. TIF Funds will be used solely m accordance with Section 311 014 of the Code. Page 6 Ordinance Designating Tax Increment Reinvestment Zone Number Five, 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 with taxing amts that levy real property taxes in the Zone. Section 8. SEVERABILITY. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent ~unsdiction, the remauung 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, opimon 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 ~ ~ `~ ~ 'O ~ Page 7 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY By Peter Vaky Assistant City Attorney Date: /2-/9-~l'D M&c G-/3io~ Page 8 Ordinance Designating Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas y9~ _ C t~~.~q /1 EXHIBIT A LEGAL DESCRIPTION TIF DISTRICT Being a tract of land situated in the William McCowen Survey, Abstract No 99, Tarrant County, Texas, and being more particularly described by metes and bounds as follows. BEGINNING at the an axle found at the southwest corner of that Tract 1 as described in a Deed to Ellesmere Investments Corporation, N V as recorded in Volume 6617, Page 99 of the County Records of Tarrant County, Texas, said point being called the southwest corner of said McCowen Survey therein, THENCE northerly along the west line of said Ellesmere Tract and along the west line of said McCowen Survey at 2466 71 feet pass a 5%8 inch iron rod in the southerly nght-of--way line of Harmon Road where it turns north, and continue on passing the southerly right-of--way line of State Highway No 287 and there leaving said Ellesmere tract and continuing northerly across said Highway 287, and along Harmon Road and along the West line of said McCowen Survey passing Hicks Road to an ell corner in said McCowen Survey, and being the point where Harmon Road turns to the East and is then called Golden Heights Road, said point also being in the south line of the Josiah Walker Survey, Abstract No 1063, THENCE Easterly 2671 feet, along the line common to said McCowen Survey and Walker Survey, and along Golden Heights Road to the southeast corner of said Josiah Walker Survey, said point being the most northerly northeast corner of that Tract 2, as described in a Deed to Guy Foley and A.A. Allen as recorded in Volume 1663, Page 208 of said County Records, said point also being the point of beginning of City of Fort Worth Annexation Ordinance No 9689, THENCE Southerly 4068 feet leaving said common survey line, and leaving said road along the easterly west line of said Foley and Allen Tract and along the boundary of said Annexation Tract. THENCE easterly 1576 feet along the boundary of said annexation tract to the westerly right-of--way line of Interstate Highway 35W, said point being the northwest corner of a judgment filed in Volume 4186, Page 386 of said County Records, THENCE continuing easterly across Highway 35W, 350 feet to the easterly right-of--way line of said Highway 35W, THENCE northerly 4845 feet more or less along the easterly right-of--way line of said Highway 35 W, to the southerly right-of--way line of Golden Triangle Boulevard, ,~ ~ ` , '" ~- Thence Easterl 2420 feet more or less, alon the southerl ri ht of wa line ofb`''° `' Y g Y g Y ~,~ Grbldez%;T~~rari le Boulevard to the westerly right-of--way line of Old Denton Road, said point b in~y;t ~e~nor~h~' ~ s~,1co er of that tract of land described in a Deed to H.R. Perot as recorded in Volume 4~~~~?ag~; `~''• ~ ~~1'bf s id County Records, THENCE Southerly 11,140 feet more or less, along the westerly nght-of--way line of said Old Denton Road to a point in the northerly line of that tract of land described in a Deed to L.W Lobb as recorded in Deed Volume 2221, Page 413 of said County Records, THENCE westerly along the north line. of said Lobb tract 990 feet to the northeast corner of Tract 2 of those tracts of land described in a Deed to Hillwood/2500, LTD As recorded in Deed Volume 9409, Page 1403 of said County Records, and being the northwest corner of said Lobb tract; THENCE southerly along the line common to said Lobb and Hillwood tracts 1775 feet, more or less, to the northwest corner of that tract of land described in a Deed to Lowell Hughes as recorded in Deed Volume 4389, Page 780 of said County Records, THENCE easterly along the northerly boundary lme of said Hughes tract 533 feet to an ell corner of said tract; THENCE southerly along the boundary line of said Hughes tract 180 feet; THENCE easterly along the boundary line of said Hughes tract 440 feet to the westerly right-of--way line of said Old Denton Road, THENCE southerly along the westerly nght-of--way line of Old Denton Road 1740 feet ,more or less, to the southerly lme of that certain Tract 8 of said Hillwood/2500, LTD Tracts (Volume 9409, Page 1403), THENCE Westerly 2945 feet along the southerly line of said Hillwood/2500, LTD Tract 8, to the easterly right-of--way line of said Highway 35 W, THENCE Southerly along the easterly right of way line 1500 feet more or less, to the south line of said McCowen Survey; THENCE Westerly along the south line of said McCowen survey crossing said Highway 35W, and then crossing to the westerly right-of--way line of said Highway 287, passing the southeast corner of said Ellesmere Investments Tract and continuing along the south lme of said McCowen Survey and along the south line of said Ellesmere tract 3876 76 feet from the southeast corner of said Ellesmere tract as called for in said Deed to the POINT OF BEGINNING, and containing 2,476 acres of land, more or less. `j._ ~7: f. ra s .. ~i r,~~l :f` ~.il,7i``%i:{i'll~~!I~Y'1 i(~~~~~~T This document was prepared under 22 TAC 663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which rt was prepared. ~' _, • :_ ~.-~1-.,I~' `---(- ------ - ~=------ .r. ,~',~ GOLDEN TRIAN LEi BLVD. ~. ,TrF .. _ .: ~F----f---~L ~ LI I j ~~'-===Tom.=..' ~~ .::1 ~,_•; _ I -•--, y~ ~, I; t - 1i.._..__-_, lr~ul do-ih 1 -m ~'^~ Ii f.i ~~~~~~~ ~-. ._ :.~~...-r'r~-_i ~__ " _ _- qf-----,-- ~ - - - 'r ---- _ 1 __. ~1. 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' '' i tiD'~ q - C~~~~ EXHIBIT A LEGAL DESCRIPTION TIF DISTRICT Being a tract of land situated m the William McCowen Survey, Abstract No 99, Tarrant County, Texas, and being more particularly described by metes and bounds as follows BEGINNING at the an axle found at the southwest corner of that Tract 1 as described in a Deed to Ellesmere Investments Corporation, N V as recorded in Volume 6617, Page 99 of the County Records of Tarrant County, Texas, said point being called the southwest corner of said McCowen Survey therein, THENCE northerly along the west line of said Ellesmere Tract and along the west line of said McCowen Survey at 2466 71 feet pass a 5/8 inch iron rod in the southerly right-of--way line of Harmon Road where it turns north, and continue on passing the southerly right-of--way line of State Highway No 287 and there leaving said Ellesmere tract and continuing northerly across said Highway 287, and along Harmon Road and along the West line of said McCowen Survey passing Hicks Road to an ell corner in said McCowen Survey, and being the point where Harmon Road turns to the East and is then called Golden Heights Road, said point also being m the south line of the Josiah Walker Survey, Abstract No 1063, THENCE Easterly 2671 feet, along the line common to said McCowen Survey and Walker Survey, and along Golden Heights Road to the southeast corner of said Josiah Walker Survey, said point being the most northerly northeast corner of that Tract 2, as described in a Deed to Guy Foley and A.A. Allen as recorded in Volume 1663, Page 208 of said County Records, said point also being the point of beginning of Crty of Fort Worth Annexation Ordinance No 9689; THENCE Southerly 4068 feet leaving said common survey line, and leaving said road along the easterly west line of said Foley and Allen Tract and along the boundary of said Annexation Tract. THENCE easterly 1576 feet along the boundary of said annexation tract to the westerly right-of--way line of Interstate Highway 35W, said point being the northwest corner of a judgment filed in Volume 4186, Page 386 of said County Records, THENCE continuing easterly across Highway 35W, 350 feet to the easterly right-of--way line of said Highway 35W, THENCE northerly 4845 feet more or less along the easterly right-of--way line of said Highway 35 W, to the southerly right-of--way line of Golden Triangle Boulevard, .:: ~ _- .-- L~'~"CL a'J ' hi~1 Thence Easterly 2420 feet more or less, along the southerly right of way line of(~sajd .C~:b1'deriT;r~~n le U L L c';~ ~ ~ 1 `` Boulevard to the westerly right-of--way line of Old Denton Road, said point b m~~the .north' s co er of that tract of land described in a Deed to H.R. Perot as recorded m Volume 4~~ ~1Pag~; rl6°~~' f s id County Records, THENCE Southerly 11,140 feet more or less, along the westerly nght-of--way line of said Old Denton Road to a point in the northerly line of that tract of land described in a Deed to L.W Lobb as recorded m Deed Volume 2221, Page 413 of said County Records, THENCE westerly along the north line of said Lobb tract 990 feet to the northeast corner of Tract 2 of those tracts of land described in a Deed to Hillwood/2500, LTD As recorded in Deed Volume 9409, Page 1403 of said County Records, and being the northwest corner of said Lobb tract; THENCE southerly along the line common to said Lobb and Hillwood tracts 1775 feet, more or less, to the northwest corner of that tract of land described in a Deed to Lowell Hughes as recorded in Deed Volume 4389, Page 780 of said County Records; THENCE easterly along the northerly boundary line of said Hughes tract 533 feet to an ell corner of said tract; THENCE southerly along the boundary line of said Hughes tract 180 feet; THENCE easterly along the boundary line of said Hughes tract 440 feet to the westerly nght-of--way line of said Old Denton Road, THENCE southerly along the westerly right-of--way line of Old Denton Road 1740 feet ,more or less, to the southerly line of that certain Tract 8 of said Hillwood/2500, LTD Tracts (Volume 9409, Page 1403), THENCE Westerly 2945 feet along the southerly line of said Hillwood/2500, LTD Tract 8, to the easterly right-of--way line of said Highway 35 W, THENCE Southerly along the easterly right of way line 1500 feet more or less, to the south line of said McCowen Survey; THENCE Westerly along the south line of said McCowen survey crossing said Highway 35W, and then crossing to the westerly right-of--way line of said Highway 287, passing the southeast corner of said Ellesmere Investments Tract and continuing along the south line of said McCowen Survey and along the south line of said Ellesmere tract 3876 76 feet from the southeast corner of said Ellesmere tract as called for in said Deed to the POINT OF BEGINNING, and containing 2,476 acres of land, more or less. '`:~ L ,~ ms's: ~' _:~}~~l'i"~,L~`U ~ar~ ~ ' I ~~ fait::,., ~ :;,.i ~5, ~.:~~~~ This document was prepared under 22 TAC 663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which rt was prepared. ,._ - '~ ' --'~u , ,.,, ~ II `G._-•_-- • ,_ i _ ~ _:-' I ----'I----' _ '~ /r ''~~._G_OLDE~J TRIAN¢LEiBLVD. ~• .,. I~ '^ s. I .. i _ - - ~ I I i 1 •-r"f^-_~ : _ i I i .~' _ -_ - m'. .......... --- -=-of---- ~ --~±~.: '! - - - - ~ - ~ _ .`.._._ _ =: --- -'-I • -. I ,... y ~ y y . . y w I I ~L% a I'' I n.,;.' . _ I, -- '. i i ~ -}- --h-- .jai{~'tf:rk{±~~;- ._ .I ~---- ,; ;E ~ - : _~~ ;. is ti -F - I i ~ -----f----- ~ ` ` -w~ : . ' I ~; - I i ~. r ;. • :.. _, i f 9 .... • _- - x ~ - _ ~. r = -- - ~---- - iC:., y [~: 1. ~ ~ .r. ~ ~ 7 ,f., ~ i i - .~ !/ I. 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TROMPS N RD. , _.. ~. f ~}. \ ~ .,,tom. `1 ~ _ .`__.v i a z ~ n i•.j. v 9.2: a..P` ' Y 9 ' 2~J. 3' in ~ ~ ~ ,~ "... i ~ . _ ~ ti.-:..~.~: ----fir-- T------ - ~ I . :'... a\ 1, FORT ~~j ~,~'H:;;~i;'-i~~i~ ~~ ^''~ .~. ~ ~ i --` s":r, ',~,.~ , ~ ' !~ TI F DIST IC ;:~ E~(~IIS~Tat..:~~,: ~i I. ~~ ~ r s m /' ~~ I I \ l ~ ~~ - - -- _ ~ .1 ! r City of Fort Worth, Texas M,~A~or and Caancil Con~n~un~cAtion DATE REFERENCE NUMBER LOG NAME PAGE 12/19/00 G-13109 02DESIGNATE 1 of 2 SUBJECT ORDINANCE DESIGNATING TAX INCREMENT REINVESTMENT ZONE NUMBER FIVE, CITY OF FORT WORTH. TEXAS RECOMMENDATION It is recommended that the City Council 1 Adopt the attached ordinance which designates Tax Increment Reinvestment Zone Number Five, and 2 Appoint Councilmember Jeff Wentworth as Chairman of the Reinvestment Zone for a term of one year beginning January 1, 2001 DISCUSSION The proposed Tax Increment Reinvestment Zone Number Five, City of Fort Worth, Texas is located in north Fort Worth The exact boundaries of the property are described in Exhibit A of the attached ordinance In order to provide incentive for the Dell Computer Corporation (Dell) to locate a future expansion in the City (the Dell site), staff and Dell officials have negotiated a Memorandum of Understanding (MOU) The MOU outlines a basic economic development program under which the City has agreed to use its best efforts to create a reinvestment zone that includes the Dell Site (the TIF) The TIF will be funded by the City and other participating taxing entities through incremental property tax revenue that is created in the TIF as a result of increased property values through the development of the Dell Site (TIF Funds) TIF Funds will in turn be used to pay for infrastructure to support the development of the Dell Site and surrounding areas The proposed area meets the criteria for the designation of a reinvestment zone in that the area is reasonably likely, as a result of the designation, to contribute to the retention or expansion of primary employment or to attract major investment in the Zone that would be a benefit to the property and that would contribute to the economic development of the City Further, the improvements sought in the Zone are feasible, practicable and would be a benefit to the land to be included in the Zone and to the City Section 311 010(f) of the Texas Tax Code requires the City Council to appoint a chairperson to the TIF's Board of Directors each year for cone-year term beginning the following January 1 It is recommended that Councilmember Jeff Wentworth, Chair of the City Council's Economic Development Committee, be appointed as the initial chairman of the TIF board City of Fort Worth, Texas ~1-~A~a~ and C,aunc~l C,a~n~tun~cA~ian DATE 12/19/00 REFERENCE NUMBER G-13109 LOG NAME 02DESIGNATE PAGE 2 of 2 SUBJECT ORDINANCE DESIGNATING TAX INCREMENT REINVESTMENT ZONE NUMBER FIVE, CITY OF FORT WORTH, TEXAS 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 ~1TY COU~CI~ Originating Department Head: . DEC 19 2000 Tom Higgins 6192 (from) ~~~ ~ Additional Information Contact: w~l ~~` ' = f cif tPlH City SQCSAtBE Citp of Foxt ~FOatie, ^cexas Ardina Washington 8003 Ac!Ot~t~c~ Q~~4r~anr~ No. /yy~!!