HomeMy WebLinkAboutOrdinance 12323ORDINANCE NO.
AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCREMENT
REINVESTMENT ZONE NUMBER TWO, CITY OF FORT WORTH, TEXAS,
ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMENT ZONE,
AND OTHER MATTERS RELATED THERETO.
WHEREAS, the City Council of the City of Fort Worth, Texas
(the "City") was presented a petition submitted by the owners
constituting at least fifty percent (50~) of the appraised value of
the property hereinafter described requesting that said property be
designated as a "reinvestment zone," as authorized by the Tax
Increment Financing Act, Chapter 311 of the Texas Tax Code,
Vernon's Texas Codes Annotated (the "Act"); and
WHEREAS, the City Council of the City desires to promote the
development of the property hereinafter described and within the
City's jurisdiction, by the creation of a reinvestment zone as
authorized by the Act; and
WHEREAS, in compliance with the Act, the City called a public
hearing to hear public comments on the creation of the proposed
reinvestment zone and its benefits to the City and to the property
in the proposed reinvestment zone; and
WHEREAS, in compliance with the Act, notice of such public
hearing was published in the Fort Worth Star-Telegram, a daily
paper of general circulation in the City, such publication date
being December 11, 1995, a date not later than seven (7) days prior
to the date of the public hearing; and
WHEREAS, in compliance with the Act, notice of such public
hearing, in required form and substance, was provided in writing
not later than sixty (60) days before the date of said public
hearing to the governing body of each taxing unit that levies real
property taxes in the proposed reinvestment zone ; and
WHEREAS, in compliance with the Act, the City made a formal
presentation, in required substance and form, to the governing body
of each county or school district that levies real property taxes
in the proposed reinvestment zone; and
WHEREAS, in compliance with the Act, the City prepared a
preliminary reinvestment zone financing plan and timely sent a copy
of the plan to the governing body of each taxing unit that levies
taxes on real property in the proposed reinvestment zone; and
WHEREAS, the public hearing was convened at the time and place
mentioned in the published notice, to wit, on the 19th day of
December, 1995, at 10:00 a.m., at the Council Chamber in the City
Hall of the City of Fort Worth, Texas, which hearing was then
closed; and
WHEREAS, the City, at such hearing, invited all owners of
property located within the proposed reinvestment zone,
representatives of all other taxing units, and any other interested
persons and/or their attorneys to appear and contend for or against
(1) the creation of the reinvestment zone, (2) the boundaries of
the proposed reinvestment zone as described in the boundary
description and depicted in the map, both of which together are
attached hereto as Exhibit "A", (3) the concept of tax increment
financing, and (4) the appointment of a board of directors for the
proposed reinvestment zone; and
WHEREAS, the proponents of the reinvestment zone offered
evidence, both oral and documentary, in favor of all of the
foregoing matters relating to the creation of the reinvestment
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zone, and opponents, if any, of the reinvestment zone appeared to
contest matters relating to the creation of the reinvestment zone;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
SECTION 1: That the facts and recitations contained in the
preamble of this ordinance are hereby found and declared to be true
and correct.
SECTION 2: That the City Council, after conducting such
hearing and having heard such evidence and testimony, has made the
following findings and determinations based on the evidence and
testimony presented to it:
(a) That the public hearing on adoption of the reinvestment
zone has been properly called, held, and conducted and
that notice of such hearing has been published as
required by law.
(b) That all taxing units levying real property taxes within
the reinvestment zone properly received notice of the
City's intention to create the reinvestment zone and of
the public hearing as required by the Act.
(c) That all taxing units levying real property taxes within
the reinvestment zone timely received a preliminary
reinvestment zone financing plan from the City as
required by the Act.
(d) That the City timely made formal presentations to all
counties and school districts that levy real property
taxes within the reinvestment zone as required by the
. Act, and that each taxing unit which levies real property
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taxes within the reinvestment zone was notified of each
such presentation.
(e) That creation of the proposed reinvestment zone and
improvements made therein will significantly enhance the
value of all the taxable real property in the
reinvestment zone and will be of general benefit for the
City.
(f) That the reinvestment zone, as described in Exhibit "A",
meets the criteria for the creation of a reinvestment
zone as set forth in the Act, including Section 311.005
thereof, in that:
(1) It is a contiguous geographic area located wholly
within the corporate limits of the City; and
(2) The boundaries of the reinvestment zone are located
entirely within the area described in a petition
submitted to the City Council by the owners of
property constituting at least fifty percent (50~)
of the appraised value of the property in the
reinvestment zone according to the most recent
certified appraisal roll for Denton County, Texas.
(g) That the total appraised value of all taxable real
property in the reinvestment zone according. to the most
recent appraisal roll of the City, together with the
total appraised value of taxable real property in all
other existing reinvestment zones within the City,
according to the most recent appraisal roll of the City,
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does not exceed fifteen percent (15~) of the current
total appraised value of taxable real property in the
City and in the industrial districts created by the City,
if any.
(h) That the reinvestment zone does not contain:=~ more than
fifteen percent (15g) of the total appraised value of
real property taxable by Denton County or any school
district.
(i) That the development or redevelopment of the property in
the reinvestment zone will not occur solely through
private investment in the reasonably foreseeable future.
SECTION 3: That the City hereby creates a reinvestment zone
containing the area described in the boundary description and as
depicted in the map, both of which are together attached hereto as
Exhibit "A", and such reinvestment zone shall hereafter be
identified as Tax Increment Reinvestment Zone Number Two, City of
Fort Worth, Texas (the "Zone" or "Reinvestment Zone").
SECTION 4: That there is hereby established a board of
directors for the Zone which shall consist of nine (9) members. The
board of directors of the Reinvestment Zone shall be appointed and
shall serve as follows:
(a) The Northwest Independent School District, and Denton
County each may appoint one member of the board if such
school district or county has approved the payment of all
or part of the tax increment produced by the unit. The
member of the state senate in whose district the Zone is
located is a member of the board (the "State Senate
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Member"), and the member of the state house of
representatives in whose district the Zone is located is
a member of the board, except that either may designate
another individual to serve in the member's place at the
pleasure of the member. If the Zone is or shall become
located in more than one senate or house district then
the foregoing shall apply only to the senator or
representative in whose district a larger portion of the
Zone is located. The remaining members of the board
shall be appointed by the City Council. A vacancy on
the board shall be filled as set forth in the Act. If a
taxing unit waives its right to appoint a member of the
board, the City may then appoint such board member. The
initial board of directors shall be appointed by
resolution of the governing bodies of the City and the
taxing units as provided herein within sixty ( 60 ) days of
the passage of this ordinance or within a reasonable time
thereafter. All members appointed to the board shall
meet eligibility requirements as set forth in the Act.
{b) The board members shall serve two year terms; provided,
however, such terms shall be staggered as provided
herein. The initial directors appointed by the City and
the State Senate Member or the designee thereof shall
serve initial terms commencing on the date of appointment
and expiring on December 31, 1997, and all other
directors shall serve initial terms commencing on the
date of appointment and expiring on December 31, 1996.
Each year on or before December 31 the City Council shall
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designate a member of the board to serve as chairman of
the board of directors) for the next succeeding calendar
year, and the board shall elect from its members a vice
chairman and other officers as it deems appropriate. The
term of the chairman shall begin on January 1 of the year
immediately following the year the City Council so
designates the Chairman.
(c) The board of directors shall make recommendations to the
City Council concerning the administration of the Zone.
It shall prepare and adopt a project plan and
reinvestment zone financing plan for the Zone and must
submit such plans to the City Council for its approval.
The board of directors shall possess all powers necessary
to prepare, implement and monitor such project plan for
the Zone as the City Council considers advisable, The
board of directors shall prepare an annual report on the
status of the Zone and shall submit such report to the
City as required in the Act.
(d) The board of directors shall adopt goals for the
participation of disadvantaged business enterprises with
respect to the purchase of supplies, materials, services
and equipment in accordance with and subject to the
provisions of the Act.
SECTION 5: That the Zone shall take effect on January 1,
1996, and that the termination of the Zone shall occur on December
31, 2035, or at an earlier time designated by subsequent ordinance
of the City Council in the event the City determines that the Zone
should be terminated due to insufficient private investment,
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accelerated private .investment or other good cause, or at such time
as all project costs and tax increment obligations, if any, and the
interest thereon, have been paid in full.
SECTION 6: That the Tax Increment Base for the Zone, which is
the total appraised value of all taxable real property located in
the Zone, is to be determined as of January 1, 1995, the year in
which the Zone was designated a reinvestment zone. See attached
Exhibit "B" for information involving the appraised value of the
property.
SECTION 7: That there is hereby created and established a Tax
Increment Fund for the Zone which may be divided into such accounts
and subaccounts as may be authorized by subsequent resolution or
ordinance, into which all Tax Increments, less any of the amounts
not required to be paid into the Tax Increment Fund pursuant to the
Act, are to be deposited. The Tax Increment Fund and any accounts
and subaccounts are to 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
the sale of any obligations hereafter issued by the City secured in
whole or in part from the Tax Increments, revenues from the sale of
any property acquired as part of the tax increment financing plan,
and other revenues to be dedicated to and used in the Zone shall be
deposited into such fund, account or subaccount from which money
will be disbursed to pay project costs for the Zone or to satisfy
the claims of holders of such obligations issued for the Zone.
SECTION 8: That the Zone is designated under Section
311.005(a)(5) of the Act.
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SECTION 9: That the City Manager and City Attorney are hereby
authorized to execute and deliver for and on behalf of the City tax
increment agreements with the Northwest Independent School District
and Denton County, pursuant to the provisions of Sections 311.008
and 311.013(g) of the Act.
SECTION 10: That if any section, paragraph, clause or
provision of this Ordinance shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause or provision shall not affect any
of the remaining provisions of this Ordinance.
SECTION 11: That this Ordinance shall take effect immediately
from and after its passage in accordance with the provisions of the
Charter of the City of Fort Worth and it is accordingly so
ordained.
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c ATTEST_• r
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Alice Church';; ~J
City Secretargj,~ `
[ SEAL ] `~ •~''~"
APPROVED AS TO FORM AN LEGALITY:
By:
Wade Adkins
City Attorney
Adopted: ~~ - ~ -` __ ~~
Effective:
9
EXHIBIT "A"
• TAX INCREMENT REINVESTMENT ZONE NUMBER TWO
(SPEEDWAY TIF)
BEING a tract of land and being all of the C. HAYDEN SURVEY,
Abstract No. 1662, and the N. PETERSON SURVEY, Abstract No.
1665, and being portions of the G. CARDINAS SURVEY, Abstract
No. 215, the H. ANDERSON SURVEY, Abstract No. 25, the J. SMITH
SURVEY Abstract No. 1149, the L.E. OLSON SURVEY, Abstract No.
1663, and the J. ARNOLD SURVEY Abstract No. 1659 all in Denton
County, Texas and being all that certain tract designated as
Tract VI, and parts of Tracts 1, IV, and V, as described in
deed to Hillwood/114 & I35 Ltd. recorded in Volume 2470 Page
696, Deed Records of Denton County, Texas and more
particularly described by metes and bounds as follows.
BEGINNING at a 7/8 inch steel rod at the base of a leaning 7/8
inch steel rod, the Northeast corner of said Peterson Survey,
and a reentrant corner of said Olson Survey, also being an
angle point in a North line of said Tract 1.
THENCE South 89 degrees 04 minutes 03 seconds East, and
passing the Southwest Corner of the A.M. Gualtney Survey,
M:\DEPTS\06\22004.FRM
Abstract No. 500, which is the Southwest corner of that
certain First Tract deeded to Herman Mitchell by deed recorded
in Volume 357 Page 214, Deed Records of Denton County, Texas
and continuing with the South line of said Gualtney Survey and
said Mitchell Tract and with a North line of said Olson
Survey, a distance of 952.76 feet;
i
THENCE South 37 degrees 57 minutes 42 seconds West, a distance
of 1296.15 feet to the beginning of a curve to the left whose
radius is 2640.0 and whose chord bears South 04 degrees 51
minutes 22 seconds West, 2883.84 feet;
THENCE in a Southerly direction with said curve through a
central angle of 66 degrees 12 minutes 39 seconds an arc
distance of 3050.77 feet to the North line of State Highway
No. 114.
THENCE North 89 degrees 12 minutes 43 seconds West, with the
North line of Highway No. 114, a distance of 621.95 feet to a
5/8 inch capped Huitt-Zollars capped steel rod, the Southwest
corner of before mentioned Tract IV, in the West line of said
J. Arnold Survey and the East line of the A.G. Peterson Survey
Abstract No. 1664.
THENCE North 00 degrees 00 minutes 44 seconds East, with the
common line between said Surveys a distance of 1388.16 feet to
M:~DEPTS~06~22004.FRM
a 7/8 steel rod, the Northeast corner of said A.G. Peterson
Survey, and the most southerly Southeast corner of before
mentioned Tract 1.
THENCE North 89 degrees 11 minutes 25 seconds West, with the
common line between said. Peterson Surveys, a distance of
2458.80 feet to a 7/8 inch .steel rod the Southwest corner of
said N. Peterson Survey, the Northwest corner of said A.G.
Peterson survey in an East line of the before mentioned Smith
Survey, and Southwest corner of said Tract 1.
THENCE North 00 degrees 33 minutes 21 seconds East, generally
with a wire fence, a distance of 824.34 feet to a 7/8 inch
steel rod at the base of a steel fence post, a reentrant
corner of said Tract 1.
THENCE North 89 degrees 13 minutes 39 seconds West, generally
with a wire fence, a distance of 1064.23 feet to a 7/8 inch
steel rod at the base of a steel fence post, a Southwest
corner of said Tract. 1.
THENCE North 00 degrees 20 minutes 44 seconds East, generally
with a wire fence, a distance of 1083.48 feet to a 7/8 inch
steel rod 0.6 feet North of an old wood fence corner, a
reentrant corner of said Tract 1.
M:~DEPTS~06~22004.FRM
THENCE North 89 degrees 21 minutes 10 seconds West, generally
with a wire fence, a distance of 606.04 feet to a 7/8 inch
steel rod 0.5 feet North of a steel fence corner, a southwest
corner of said Tract 1.
THENCE North 00 degrees 08 minutes 14 seconds East, generally
with a wire fence, at a distance of 1193 feet an old wood
fence corner bears east 2 feet, in all a distance of 2583.17
feet to a 7/8 inch steel rod at the East base of an old wood
fence corner, a reentrant corner of said Tract 1.
THENCE North 63 degrees 18 minutes 02 seconds East, a distance
of 2738.12 feet.
THENCE South 88 degrees 53 minutes 00 seconds East a distance
of 1518.61 feet to a point in a curve to the right whose
radius is 900.00 feet and whose chord bears South 34 degrees
34 minutes 53 seconds East, 137.91 feet.
THENCE in a Southeasterly direction with said curve through a
central angle of 08 degrees 47 minutes 19 seconds, an arc
distance of 138.05 feet to a 5/8 inch Huitt-Zollars capped
steel rod at the beginning of a curve to the left whose radius
is 900.00 feet and whose chord bears South 59 degrees 52
minutes 40 seconds East, 891.58 feet.
M:\DEPTS\06\22004.FRM
THENCE in a Easterly direction with said curve through a
central angle of 59 degrees 22 minutes 54 seconds, an arc
distance of 932.77 feet to a 5/8 inch Huitt-Zollars capped
steel rod at the South base of an old wood fence corner in the
North line of the before mentioned Hayden Survey and the South
line of said H. Anderson survey.
THENCE South 89 degrees 34 minutes 07 seconds East, with said
Survey line, and generally with an old wire fence, a distance
of 75.19 feet to an old wood fence corner, the Northeast
corner of said Hayden Survey, the Northwest corner of said
Gualtney Survey in the South line of said Anderson Survey.
THENCE South 00 degrees 08 minutes seconds East, passing the
Northwest corner of Country Lane Subdivision, a Subdivision to
Denton County, recorded in Cabinet D, Page 342 in the Plat
Records of Denton County, Texas, and continuing with its West
line, generally with a wire fence, in all a distance of
1350.43 feet to a wood fence corner, a reentrant corner of
said Subdivision.
THENCE with the West lines of said Subdivision, the following
courses and distances:
North 89 degrees 16 minutes 06 seconds West, a distance
of 15.20 feet to a 5/8 inch Huitt-Zollars capped steel
rod 1 foot North of a railroad tie fence corner. South
M:~DEPTS~06~22004.FRM
00 degrees 51 minutes 20 seconds West, a distance of
384.90 feet to a 1/2 inch steel rod 17 feet east of a
wire fence.
South 16 degrees 39 minutes 07 seconds West, a distance
of 61.01 fee to a 5/8 inch Huitt-Zollars capped steel rod
2.5 feet North and 3 feet East of a fence corner.
South O1 degrees 17 minutes 52 seconds West, a distance
of 322.79 feet to a 5/8 inch Huitt-Zollars capped steel
rod 3 feet East and 9 feet South of a fence corner.
North 89 degrees 10 minutes 35 seconds West, a distance
of 64.04 feet to a 5/8 inch Huitt-Zollars capped steel
rod 7 feet South and 2 feet East of a fence corner.
South 01 degrees 27 minutes 49 seconds West, a distance
of 296.71 feet to a 1/2 inch steel rod 2.5 feet East of
a fence.
South 35 degrees 50 minutes 58 seconds West, a distance
of 73.00 feet to a 1/2 inch steel rod 4.4 feet Northeast
of a fence corner.
South 88 degrees 56 minutes 40 seconds East, with the
South line of Country Lane Circle (a 60 foot wide public
right-of-way), a distance of 93.90 feet to a 1/2 inch
M:~DEPTS\06\22004.FRM
steel rod.
South 15 degrees 02 minutes 59 seconds West, 205.20 feet
to a 5/8 inch Huitt-Zollars capped steel rod 5 feet east
of a fence, said iron lying in the North line of said N.
Peterson Survey and a South line of said L.E. Olson
Survey.
THENCE leaving the West lines of Country Lane Subdivision,
South 89 degrees 00 minutes 00 seconds East, with the common
line between said Peterson and Olson Surveys, and with a North
line of said Tract 1, a distance of 45.55 feet to the POINT OF
BEGINNING and embracing 568.41 acres of land.
M:~DEPTS~06~22004.FRM
EXHIBIT "A"
BOUNDARIES OF
TAX INCREMENT ZONE
NUMBER TWO
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Tax Increment Reinvestment
~ Zone N~nber Two
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City of Fort Wordy Texas
Mayor and Council Communication
12/19/95 ~ G11349 ~ 02TIF ~ 1 of 2
SvBJECT PUBLIC HEARING AND ADOPTION OF ORDINANCE CREATING AND DESIGNATING
TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, CITY OF FORT WORTH,
TEXAS, IN NORTH FORT WORTH FOR TAX INCREMENT FINANCING PURPOSES
RECOMMENDATION
It is recommended that the City Council
1. Hold a public hearing concerning the creation and designation of Tax Increment
Reinvestment Zone Number Two, City of Fort Worth, Texas, in north Fort Worth, and
2 Adopt the attached ordinance which creates and designates the Tax Increment
Reinvestment Zone Number Two, City of Fort Worth, Texas, pursuant to the Texas Tax
Increment Financing Act, Tax Code, Sections 311 001 through 311 017, as amended
DISCUSSION
The proposed zone includes property in north Fort Worth which was included within a petition
signed by the certified owner of real property located within the proposed reinvestment zone and
delivered to the City The exact boundaries of the property are more fully described in Exhibit
"A" of the attached ordinance
Adoption of the attached ordinance will
(a) identify the boundaries of the proposed zone,
(b) create a nine member board of directors for the zone The composition of the board will
p ,.
include
(1) the state senator and state representative in whose district the zone is located (or
their designated representatives),
(2) each school district and county that levies taxes in the zone, provided that each has
approved the payment of all or part of their respective tax increment, and
(3) the remaining seats on the board will be appointed by the City,
(c) cause the zone to take effect on January 1, 1996,
(d) provide a date for termination of the zone,
(e) name the zone "Tax Increment Reinvestment Zone Number Two, City of Fort Worth,
Texas",
(f) .establish a tax increment fund for the zone,
(g) find that
(1) improvements in the zone will significantly enhance the value of all the taxable real
property in the zone and will be of general benefit to the city, and
(2) the area meets the requirements of Section 311 005 of the Act,
Ih) specify that this reinvestment zone is being designated at the petitioned request of property
owners within the zone
{~1 Printed on Recycle Paper
City of Fort Worth, Texas
Mayor and Council Communication
DATB
12/19/95 R8F1$RENCS NI7~BR
G11349 LOG NA>!~
02TIF PAGS
2 of 2
3USJ8CT PUBLIC HEARING AND ADOPTION OF ORDINANCE CREATING AND DESIGNATING
TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, CITY OF FORT WORTH,
TEXAS, IN NORTH FORT WORTH FOR TAX INCREMENT FINANCING PURPOSES
Consideration of this issue as part of today's agenda includes a public hearing on the designation
of this reinvestment zone as required by the Texas Tax Increment Financing Act As required
by state law, notice of this public hearing was (a) delivered at least 60 days prior to the date
of this hearing to the presiding officer of each taxing unit which levies taxes on real property
within the proposed zone, and (b1 published in the newspaper at least seven days prior to this
hearing.
Following adoption of this ordinance, the appraisal district will certify the zone's value as of
January 1, 1995, as the base value of the TIF district Any increase in value above the January
1, 1995, value will be considered as the increment Pending the outcome of negotiations
currently underway with other taxing jurisdictions, up to 100% of the taxes levied on this
increment may be contributed to the tax increment fund to be used for improvement projects
within the proposed zone
The property owner has requested City Council approval of this action before the end of the
1995 calendar year in order that the zone may take effect January 1, 1996 The purpose of the
zone is to promote the development of the Texas Motor Speedway
FISCAL INFORMATION/CERTIFICATION.
The Director of Fiscal Services certifies that the adoption of this ordinance does not require the
expenditure of City funds
BT a
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
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Mike Groomer 6140 nr r
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Originating Department Head: t,J 1 V V 1••
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Tom Higgins 6192 (from) ~~C
For Additional Information 12t~
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Contact: or4h, ?etas
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Cicyf oI F
Paul Cain 8003
Printed on Recycle Paper
Adopted Qrdinance No. ______