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HomeMy WebLinkAboutOrdinance 12324ORDINANCE NO. ~~ AN ORDINANCE DESIGNATING A CERTAIN AREA AS TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, 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 and/or redevelopment of the property described in such petition 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, notice of such public hearing, in required form and substance, was provided in writing to the governing body of each taxing unit that levies real property taxes in the proposed reinvestment zone, and each such taxing unit has adopted a resolution wherein they have agreed, pursuant to Section 311.003(e) of the Act, to waive the requirement for sixty days notice prior to such public hearing; 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 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 Chambers 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 2 foregoing matters relating to the creation of the reinvestment 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 received notice of the City's intention to create the reinvestment zone and of the public hearing and that all such taxing units, pursuant to Section 311.003(e) of the Act, have agreed by resolution to waive the requirement for sixty days notice prior to such public hearing. (c) That all taxing units levying real property taxes within the reinvestment zone received a preliminary reinvestment zone financing plan from the City. (d) That the City timely made formal presentations to all counties and school districts that levy real property 3 taxes within the reinvestment zone as required by the Act, and that each taxing unit which levies real property 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", hereof, 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 contain the same area as the area described in a petition submitted to the City Council by the owners of property constituting at least fifty percent (50g) of the appraised value of the property in the area according to the most recent certified appraisal roll for Tarrant 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, 4 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 Tarrant 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 Three, 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) Each of the Fort Worth Independent School District, Tarrant County Junior College District and Tarrant County 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 (currently Mike Moncrief) is a member of the 5 board (the "State Senate Member"), and the member of the state house of representatives in whose district the Zone is located (currently Doyle Willis) 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. 6 Each year on or before December 31 the City Council shall 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, 2025, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the Zone 7 should be terminated due to insufficient private investment, 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. 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. 8 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 Fort Worth Independent School District, Tarrant County, Tarrant County Hospital District, Tarrant County Junior College District and Tarrant County Water Control and Improvement District Number One 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. ay G n er Mayor 9 ATTEST : "" ' '~'°~~ w „~- rt ~ . ~~ M yl. Alice Church ~~~T City Secretary ~ ~ ~ ~. [ SEAL e] ~ `' r :~; .~, APPROVED AS TO FORM LEGALITY By: Wade Adkins City Attorney Adopted • ~- ~ `~ Effective: 10 EXHIBIT "A" TAX INCREMENT REINVESTMENT ZONE NUMBER THREE (DOWNTOWN TIF) Beginning at a point of the intersection of a projection of the south ROW line of 3rd St. and the west ROW line of Henderson St., thence Northwesterly along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of Weatherford St., thence Southwesterly along the south ROW line of Weatherford St. and what would be a projection of the said south line to a point where the projection of said line intersects v~nth the west ROW line of Penn St., thence Northerly along the west ROW line of Penn St. which transitions to the south ROW line of Forest Park Blvd. (where Forest Park Blvd. curves info Weatherford St. and Belknap St.), thence Follov~nng the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said line intersects with the north ROW line of 5th St., thence Due west along a due west projection of the north ROW line of 5th St. to a point where this due west lute intersects with the centerline of the Clear Fork of the Tnnity River, thence Follovv~ng the centerline of the Clear Fork of the Tnnity River northeasterly to a point of intersection with the centerline of the West Fork of the Truuty River, thence Southeasterly, then easterly, and then northeasterly along the centerline of the West Fork of the Trinity River to a point of intersection with the projection of the north ROW line of Cummings St. (Cummings St. turns westward as depicted on the TAD tax maps), thence Easterly along the said projection and north ROW line of Cummings St. to a point where said line turns southeasterly along the east ROW line of Cummings St., thence Southeasterly along the east ROW line of Cummings St. to a point where said line intersects with what would be the projection of the north ROW line of Peach St., thence Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad, thence South-southeasterly along the east ROW line of the Santa Fe Railroad to a point of intersection with what would be a straight projection of the south ROW line of 6th St., thence Begmmng at a point of the intersection of a projection of the south ROW line of 3rd St. and the west ROW hne of Henderson St., thence Northwesterly along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of Weatherford St., thence Southwesterly along the south ROW line of Weatherford St. and what would be a projection of the said south line to a point where the projection of said line intersects with the west ROW line of Penn St., thence Northerly along the west ROW line of Penn St. which transitions to the south ROW hne of Forest Park Blvd. (where Forest Park Bivd. curves into Weatherford St. and Belknap St.), thence Follov~nng the same Forest Park Blvd. ROW line as it curves to westerly, then to southwesterly to a point where said line intersects with the north ROW line of 5th St., thence Due west along a due west projection of the north ROW line of 5th St. to a point where this due west line intersects vv~th the centerline of the Clear Fork of the Tnmty River, thence ` Following the centerline of the Clear Fork of the Tnruty River northeasterly to a point of intersection with the centerline of the West Fork of the Tnruty River, thence Southeasterly, then easterly, and then northeasterly along the centerline of the West Fork of the Trinity River to a point of intersection with the projection of the north ROW line of Cummings St. (Cummings St. turns westward as depicted on the TAD tax maps), thence Easterly along the said projection and north ROW line of Cummings St. to a point where said line turns southeasterly along the east ROW line of Cummings St., thence Southeasterly along the east ROW line of Cummings St. to a point where said line intersects with what would be the projection of the north ROW line of Peach St., thence Northeasterly along the north ROW line of Peach St. to a point where said line intersects with the east ROW line of the Santa Fe Railroad, thence South-southeasterly along the east ROW line of the Santa Fe Railroad to a point of intersection with what would be a straight projection of the south ROW line of 6th St., thence Southwesterly along the south ROW line of 6th St. to a point where said line intersects with the west ROW line of Commerce St., thence Northwesterly along the west ROW line of Commerce St. to a point where said line intersects with the south ROW line of 5th St., thence Southwesterly along the south ROW line of 5th St. to a point where said line intersects with the east ROW line of Main St., thence Southeasterly along the east ROW line of Main St. to a point where said line intersects with the south ROW line of 6th St, thence Southwesterly along the south ROW line of 6th St. to a point where said line intersects with what would be a straight projection of the east ROW line of Burnett St., thence Northwesterly along what would be a straight projection of the east ROW line of Burnett St. (west line of Block 101) to a point where said line intersects with the south ROW line of 5th St., thence Southwesterly along the south ROW line of 5th St. to a point where said line intersects with what would be a straight projection of the west ROW line of Burnett St., thence Northwesterly along the west ROW lute of Burnett St. to a point where said line intersects with the south ROW line of 3rd St., thence Southwesterly along the south ROW line of 3rd St. to a point where said lute intersects with the west ROW line of Henderson St., which is the point of beginning. Save and except that the following blocks within said perimeter boundary are omitted and excluded from the Reinvestment Zone. Blocks 45R, Courthouse A, Block 27, Block 24, Block 58, Block 57, Block 8R, Block 64, Block 86, Block 87 (Lots 1, 2A, and 2B), m the Fort Worth Original Town Addition, and Save acid except that following area is omitted and excluded from the Reinvestment Zone• Beginning at a point where the north ROW line of Belknap St. intersects the east ROW line of Henderson St., thence northwesterly along the east ROW line of Henderson St. to a point where said line intersects the south ROW line of Peach St., thence northeasterly along said south ROW line to a point where said line intersects the south ROW line of Franklin St., thence easterly along the south ROW line of Franklin St. to a point where said line intersects the west ROW line of Taylor St., thence southeasterly along the west ROW line of Taylor Street to a point where said line intersects the north ROW line of Belknap St. thence southwesterly along the north ROW line of Belknap St. to point where said line intersects the east ROW line of Henderson St., which ns the point of begnnnnng, and Save and except that the following area ns omitted and excluded from the Reinvestment Zone• Beginning at a point where the north ROW line of Belknap St. nntersects the east ROW lane of Taylor St., thence northwesterly along the east ROW line of Taylor St. to a point where said lane nntersects the south ROW lane of Franklin St., thence easterly along the south ROW line of Franklin St. to a point where said lane nntersects the west ROW lane of Houston St., thence southeasterly along the west ROW lane of Houston St. to a point where said line intersects the north ROW lane of Belknap St., thence southwesterly along the north ROW lane of Belknap St. to a point where sand lane m a Zone Boundary ~o~~~ _t Major Government or Tax Exempt Omitted From Proposed Reinvestment done ~Sti The Proposed Reinvestment Zone TAX INCREMENT REINVESTMENT ZONE NUMBER THREE (DOWNTOWN TIF) Exhibit "A" City of 1~ort ~ortli, Texa.~ Mayor and Council Communication DATE RSFBRSNCE NU~SR I LOG NAME O2TIF-2 PAGE 1 Of Z 12/19/95 G1135O susJSCT PUBLIC HEARING AND ADOPTION OF ORDINANCE CREATING AND DESIGNATING TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS, IN DOWNTOWN FORT WORTH FOR TAX INCREMENT FINANCING PURPOSES RECOMMENDATION It is recommended that the City Council Hold a public hearing concerning the creation and designation of Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, in downtown Fort Worth, and 2. Adopt the attached ordinance which creates and designates the Tax Increment Reinvestment Zone Number Three, 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 properties in downtown Fort Worth which are included within a petition signed by the certified owners of real property located within the proposed reinvestment zone and delivered to the City on November 10, 1995 The exact boundaries of the property are more fully described in Exhibit "A" of the attached ordinance, and are substantially the same as the boundaries of Tax Increment Reinvestment Zone Number One, which terminated on December 16, 1995 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 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 Three, City of Fort Worth, Texas", (f) establish a tax increment fund for the zone, Printed on Recycle Paper City of Fort Worth, Texas Mayor and Council Communication DATB 12/19/95 RgF8R8NC$ NIIltBBR G11350 LOG NA>dR 02TIF-2 PAGE 2 of 2 s17s~cT PUBLIC HEARING AND ADOPTION OF ORDINANCE CREATING AND DESIGNATING TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS, IN DOWNTOWN FORT WORTH FOR TAX INCREMENT FINANCING PURPOSES (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 12) the area meets the requirements of Section 311 005 of the Act, Ih) specify thatthis reinvestment zone is being designated at the petitioned request of property owners within the zone 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) published in the newspaper at least seven days prior to this hearing; and (b) delivered 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 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 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, and private sector improvements in the zone will begin immediately after this date. 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: (,~) Mike Groomer 6140 APF~O~~~ , Originating Department Head: l~~~~~ ~~ ! ~ ~ 1 '~J a~ > . Tom Higgins 6192 (from) ~~~ '$~ ~~ For Additional Information ~i `~ [,~,r,,yo.e~,~ Contact: Cite Seeral4rp oQ ttt~ °fea~ f FozE aflorffi Cit l Paul Cain 8003 , o y Printed on Recycle Paper nrlnnio~l flrrl,rtanr~ ~1r4