HomeMy WebLinkAboutOrdinance 11289! a i u
ORDINANCE NO. /~
AN ORDINANCE AMENDING THE CODE OF THE CITY OF FORT
WORTH, TEXAS (1986), AS AMENDED, BY DESIGNATING PARTS OF
THE 0. ODUM SURVEY, ABSTRACT N0. 1884; THE ALLEN BEARD
SURVEY, ABSTRACT N0. 137; AND THE MARY JOHNSON SURVEY,
ABSTRACT NO. 858, ALL IN TARRANT COUNTY, TEXAS, AS THE
FORT WORTH TAX ABATEMENT REINVESTMENT ZONE N0. 14;
PROVIDED THAT THIS ORDINANCE SHALL BE CUMULATIVE; PRO-
VIDING A SEVERABILITY CLAUSE; PROVIDING FOR ENGROSSMENT
AND ENROLLMENT; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Fort Worth, Texas
("City"), desires to promote the development or redevelopment of a
certain contiguous geographic area within its jurisdiction by the
creation of a reinvestment zone for commercial/industrial tax
abatement, as authorized by the Property Redevelopment and Tax
Abatement Act, V.T.C.A., Tax Code, Chapter 312, as amended; and
WHEREAS, the City Council has elected by City Resolution
No. 1401 to become eligible to participate in tax abatement; and
WHEREAS, the Property Redevelopment and Tax Abatement Act
further provides that property within a reinvestment zone may be
eligible for, inter alia, commercial/industrial tax abatement,
subject to the governing body of the municipality establishing by
resolution the requirements for such eligibility and entering into
a written tax abatement agreement with the owner of taxable real
property that is located in the reinvestment zone; and
WHEREAS, a public hearing in a regularly scheduled meeting
before the City Council was held at 10:00 a.m. on the 30th day of
March, 1993, such date being at least seven (7) days after the
date of publication of the notice of such public hearing as
required by the Tax Code; and
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WHEREAS, notice of the public hearing was delivered to the
presiding officer of the governing body of each affected taxing
unit at least seven (7) days before the date of the public
hearing; and
WHEREAS, the City, at such hearing, invited all interested
persons or their representatives to appear and speak for or
against the creation of the proposed reinvestment zone, the
boundaries of the proposed reinvestment zone, whether all or part
of the territory described in this ordinance should be included in
such proposed reinvestment zone, and the concept of tax abatement;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
SECTION 1.
That the Code of the City of Fort Worth, Texas (1986), as
amended, is hereby amended by adding to Chapter 32, Taxation,
Article III, a new Division 14, entitled Tax Abatement Reinvest-
ment Zone No. 14, which shall read as follows:
DIVISION 14. TAX ABATEMENT REINVESTMENT ZONE NO. 14
Section 32-39.22. Findings and Determinations.
The facts and recitations contained in the preamble
of this ordinance are hereby found and declared to be
true and correct. the City, after conducting such
hearings and having heard such evidence and testimony,
has made the following findings and determinations based
on the testimony and evidence presented to it:
(a) That a public hearing on the designation of
' Tax Abatement Reinvestment Zone No. 14 has
been properly called, held and conducted and
that notices of such hearing have been pub-
lished as required by law and delivered to
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all taxing units overlapping the territory
inside the proposed reinvestment zone; and
(b) That the boundaries of the reinvestment zone
shall be the boundaries as described in
Exhibit "A", which is attached hereto and
made a part hereof; and
(c) That the creation of the reinvestment zone
for commercial/industrial tax abatement, with
boundaries as described in Exhibit "A", and
the improvements sought are feasible and
practical and will be a benefit to the land
included in the zone and to the City after
the expiration of any Tax Abatement Agreement
entered into under V.T.C.A., Tax Code,
Section 312.204; and
(d) That the reinvestment zone as described in
Exhibit "A" meets the criteria for the cre-
ation of a reinvestment zone as set forth in
V.T.C.A. Tax Code, Section 312.202, as
amended, in that it is reasonably likely as a
result of the designation to contribute to
the retention or expansion of primary employ-
ment 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.
Section 32-39.23. Designation of Zone..
Pursuant to the Property Redevelopment and Tax
Abatement Act, V.T.C.A., Tax Code, Sections 312.001
through 312.209, the City hereby creates a reinvestment
zone for commercial/industrial tax abatement encom-
passing the area described in Exhibit "A", attached
hereto, and such reinvestment zone is hereby designated
and shall hereafter be designated as Tax Abatement
Reinvestment Zone No. 14, City of Fort Worth, Texas.
The designation of this zone expires five (5) years
after the effective date of this division and may be
renewed for periods not to exceed five (5) years.
Section 32-39.24. Effective date..
This division shall take effect on March 30, 1993.
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SECTION 2.
This ordinance shall be cumulative of all provisions of
ordinances and of the Code of the City of Fort Worth, Texas
(1986), as amended, except where the provisions of this ordinance
are in direct conflict with the provisions of such ordinances and
such Code, in which event conflicting provisions of such ordi-
nances and such Code are hereby repealed.
SECTION 3.
It is hereby declared to be the intention of the City Council
that the sections, paragraphs, sentences, clauses and phrases of
this ordinance are severable, and, if any phrase, clause, sen-
tence, paragraph or section of this ordinance shall be declared
unconstitutional by the valid judgment or decree of any court of
competent jurisdiction, such unconstitutionality shall not affect
any of the remaining phrases, clauses, sentences, paragraphs and
sections of this ordinance, since the same would have been enacted
by the City Council without the incorporation in this ordinance of
any such unconstitutional phrase, clause, sentence, paragraph or
section.
SECTION 4.
The City Secretary of the City of Fort Worth is hereby
directed to engross and enroll this ordinance by copying the
caption and effective date in the minutes of the City Council and
by filing the ordinance in the ordinance records of the City.
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SECTION 5.
This ordinance shall take effect and be in full force and
effect from and after its passage, and it is so ordained.
APPROVED AS TO FORM AND LEGALITY:
v
ity Atto ey
Date : ~~ Y/~--3
ADOPTED: ~~~
EFFECTIVE: ~ `~ ' ~~
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EXHIBIT "A"
Page 1 of 8
EAST TRACT
Parts of the D. ODUM SURVEY, Abstract No. 1884, the ALLEN BEARD
SURVEY, Abstract No. I37 and the MARY JOHNSON SURVEY, Abstract No.
858, situated in the north part of Fort Worth in Tarrant County,
Texas.
Beginning at the intersection of the east line of Interstate
Highway No. 35-W with the northerly line of the right of way for
the St. Louis and Southwestern Railway Company.
THENCE North 09 degrees 47 minutes 00 seconds East along said east
line of Highway for a distance of 2071.50 feet.
THENCE continuing along said east line of Highway, along a curve to
the left having a radius of 5904.58 feet and an arc length of
259.20 feet, whose long chord bears North 08 degrees 31 minutes 32
seconds East for a distance of 259.18 feet.
THENCE South 89 degrees 46 minutes 00 seconds East for a distance
of 308.34 feet.
THENCE South 00 degrees 05 minutes 56 seconds West for a distance
of 76.60 feet.
THENCE North 89 degrees 57 minutes 00 seconds East for a distance
of 21.2.90 feet.
THENCE North 00 degrees 15 minutes 18 seconds East for a distance
of 553.43 feet.
THENCE North 89 degrees 48 minutes 12 seconds East for a distance
of 281.16 feet.
THENCE North 00 degrees 00 minutes 00 seconds East for a distance
of 576.27 feet to the south line of McMillan Parkway.
THENCE South 89 degrees 48 minutes 12 seconds West and said south
line of Parkway for a distance of 682.79 feet.
THENCE continuing along said south line of Parkway, along a curve
to the left having a radius of 90.00 feet and an arc length of
82.07 feet, whose long chord bears South 63 degrees 40 minutes 43
seconds West for a distance of 79.26 feet to the said east line of
Interstate Highway No. 35-W.
THENCE North 00 degrees 45 minutes 19 seconds East-along said east
- line of Highway, for a distance of 331.51 feet to the north line of
said McMillan Parkway.
EXHIBIT "A"
Page 2 of 8
THENCE continuing along said north line of Parkway, along a curve
to the left having a radius of 90.00 feet and an arc length of
98.11 feet, whose long chord bears South 58 degrees 57 minutes 58
seconds East for a distance of 93.33 feet.
THENCE North 89 degrees 48 minutes 10 seconds East continuing along
said north line of Parkway, for a distance of 956.42 feet.
THENCE along a curve to the left having a radius of 90.00 feet and
an arc length of 141.95 feet, whose long chord bears North 44
degrees 37 minutes 08 seconds East for a distance of 127.69 feet to
the west line of Sylvania Avenue.
THENCE North 00 degrees 33 minutes 54 seconds West along said west
line of Sylvania Avenue, for a distance of 149.02 feet.
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the right having a radius of 289.50 feet and an arc length
of 28.28 feet, whose long chord bears North 02 degrees 13 minutes
42 seconds East for a distance of 28.27 feet.
THENCE North 05 degrees O1 minutes 19 seconds East continuing along
said west line of Sylvania Avenue, for a distance of 95.94 feet.
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the left having a radius of 270.00 feet and an arc length
of 26.33 feet, whose long chord bears North 02 degrees 13 minutes
43 seconds East for a distance of 26.32 feet.
THENCE North 00 degrees 33 minutes 49 seconds West continuing along
said west line of Sylvania Avenue, for a distance of 63.43 feet.
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the left having a radius of 90.00 feet and an arc length
of 140.38 feet, whose Long chord bears North 45 degrees 14 minutes
57 seconds West for a distance of 126.57 feet.
THENCE North 89 degrees 55 minutes 59 seconds West continuing along
said west line of Sylvania Avenue, for a distance of 7.63 feet.
THENCE North 00 degrees 04 minutes 00 seconds East continuing along
said west line of Sylvania Avenue, for a distance of 60.00 feet.
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the left having a radius of 70.00 feet and an arc length
of 126.23 feet, whose long chord bears North 38 degrees 24 minutes
26 seconds East for a distance of 109.81 feet.
EXHIBIT "A"
Page 3 of 8
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the left having a radius of 1102.36 feet and an arc length
of 23.26 feet, whose long chord bears North 13 degrees 51 minutes
24 seconds West for a distance of 23.26 feet.
THENCE continuing along said west line of Sylvania Avenue, along a
curve to the right having a radius of 1210.81 feet and an arc
length of 304.47 feet, whose long chord bears North 07 degrees 15
minutes 26 seconds West for a distance of 303.67 feet.
THENCE North 00 degrees 03 minutes 12 seconds West continuing along
said west line of Sylvania Avenue, for a distance of 30.99 feet.
THENCE along a curve to the left having a radius of 90.00 feet and
an arc length of 140.68 feet, whose long chord bears North 44
degrees 50 minutes 07 seconds West for a distance of 126.79 feet to
the south line of Meacham Boulevard.
THENCE North 89 degrees 37 minutes 02 seconds West along said south
line of Meacham Boulevard, for a distance of 150.00 feet.
THENCE North 85 degrees 02 minutes 34 seconds West continuing along
said south line of Meacham Boulevard, for a distance of 150.48
feet.
THENCE North 89 degrees 37 minutes 02 seconds West continuing along
said south line of Meacham Boulevard, for a distance of 14.94 feet.
THENCE continuing along said south line of Meacham Boulevard, along
a curve to the left having a radius of 90.00 feet and an arc length
of 142.05 feet, whose long chord bears South 45 degrees 09 minutes
59 seconds West for a distance of 127.76 feet.
THENCE North $8 degrees I9 minutes 11 seconds West continuing along
said south line of Meacham Boulevard, for a distance of 60.03 feet.
THENCE continuing along said south line of Meacham Boulevard, along
a curve to the left having a radius of 90.00 feet and an arc length
of 140.69 feet, whose long chord bears North 44 degrees 50 minutes
O1 seconds West for a distance of 126.80 feet.
THENCE North 89 degrees 37 minutes 07 seconds West continuing along
said south line of Meacham Boulevard, for a distance of 2.28 feet.
THENCE continuing along south line of Meacham Boulevard, along a
curve to the right having a radius of 3761.50 feet and an arc
length of 150.45 feet, whose Long chord bears North 88 degrees 28
minutes 17 seconds West for a distance of 150.44 feet.
EXHIBIT "A"
Page 4 of 8
THENCE continuing along said south line of Meacham Boulevard, along
a curve to the left having a radius of 3741.50 feet and an arc
length of 149.65 feet, whose long chord bears North 88 degrees 28
minutes i7 seconds West for a distance of 149.64 feet.
THENCE North 89 degrees 37 minutes 02 seconds West continuing along
said south line of Meacham Boulevard, for a distance of 23.30 feet.
THENCE continuing along said south line of Meacham Boulevard, along
a curve to the left having a radius of 90.00 feet and an arc length
of 87.87 feet, whose long chord bears South 62 degrees 24 minutes
42 seconds West for a distance of 84.42 feet to the said east line
of Interstate Highway 35-W.
THENCE North O1 degrees 03 minutes 42 seconds East along said east
line of Highway, for a distance of 983.98 feet.
THENCE South 89 degrees 58 minutes 51 seconds East continuing along
said east line of Highway, for a distance of 89.84 feet.
THENCE North 06 degrees 58 minutes 46 seconds West continuing along
said east line of Highway, for a distance of 150.95 feet.
THENCE North 14 degrees 22 minutes 55 seconds West continuing along
said east line of Highway, for a distance of 154.78 feet.
THENCE North 07 degrees 42 minutes 42 seconds West continuing along
said east line of Highway, for a distance of 205.Oi feet.
THENCE North 89 degrees 42 minutes 48 seconds East for a distance
of 1019.50 feet.
THENCE South 88 degrees 42 minutes 38 seconds East for a distance
of 60.00 feet.
THENCE North 02 degrees 03 minutes 08 seconds West for a distance
of 1720.08 feet.
THENCE North 89 degrees 39 minutes 00 seconds East for a distance
of 60.00 feet.
THENCE North 24 degrees 43 minutes 57 seconds West for a distance
of 143.70 feet.
THENCE East for a distance of 5170.28 feet.
THENCE South 00 degrees 07 minutes 58 seconds West for a distance
of 370.00 feet.
EXHIBIT "A"
Page 5 of 8
THENCE South 89 degrees 52 minutes 02 seconds East for a distance
of 400.00 feet to the west line of Beach Street.
THENCE South 00 degrees 07 minutes 58 seconds West along the said
west line of Beach Street, for a distance of 278.70 feet.
THENCE South 04 degrees 42 minutes 30 seconds West continuing along
said west line of Beach Street, for a distance of 150.48 feet.
THENCE South 00 degrees 07 minutes 58 seconds West continuing along
said west line of Beach Street, for a distance of 150.00 feet.
THENCE continuing along said west line of Beach Street, along a
curve to the right having a radius of 90.00 feet and an arc length
of 141.06 feet, whose long chord bears South 45 degrees 02 minutes
O1 seconds West for a distance of .127.06 feet.
THENCE South 00 degrees 03 minutes 55 seconds East continuing along
said west line of Beach Street, for a distance of 112.00 feet.
THENCE North 89 degrees 56 minutes 06 seconds East continuing along
said west line of Beach Street, for a distance of 11..65 feet.
THENCE continuing along said west line of Beach Street, along a
curve to the right having a radius of 90.00 feet and an arc length
of 141.29 feet, whose long chord bears South 45 degrees 05 minutes
21 seconds East for a distance of 127.22 feet.
THENCE South 00 degrees 06 minutes 47 seconds East continuing along
said west line of Beach Street, for a distance of 1562.84 feet.
THENCE South 04 degrees 27 minutes 46 seconds West continuing along
said west line of Beach Street, for a distance of 150.48 feet.
THENCE South 00 degrees 06 minutes 47 seconds East continuing along
said west line of Beach Street, for a distance of 150.00 feet.
THENCE along a curve to the right having a radius of 90.00 feet and
an arc length of 141.65 feet, whose long chord bears South 44
degrees 58 minutes 36 seconds West for a distance of 127.48 feet to
the north line of Meacham Boulevard.
THENCE North 89 degrees 56 minutes O1 seconds West along the said
north line of Meacham Boulevard, for a distance of 2208.88 feet.
THENCE South 00 degrees 04 minutes 00 seconds West, to and along
the west line of Lot 1 in Block 6 of Northstar Addition, for a
distance of 739.99 feet.
EXHIBIT "A"
Page 6 of 8
THENCE South 89 degrees 56 minutes 00 seconds East along the south
line of said Lot 1, for a distance of 1003.22 feet.
THENCE continuing along said south line of Lot 1, along a curve to
the right having a radius of 450.00 feet and an arc length of
357.51 feet, whose long chord bears South 64 degrees 08 minutes 33
seconds East for a distance of 348.18 feet.
THENCE North 60 degrees 04 minutes 00 seconds East continuing along
said south line of Lot 1, for a distance of 40.01 feet.
THENCE South 29 degrees 56 minutes 00 seconds East continuing along
said south line of Lot 1, for a distance of 419.49 feet.
THENCE along a curve to the left having a radius of 563.86 feet and
an arc length of 253.36 feet, whose long chord bears North 72
degrees 24 minutes 19 seconds East for a distance of 251.24 feet.
THENCE North 59 degrees 3i minutes 58 seconds East continuing along
said south line of Lot 1, for a distance of 78.41 feet.
THENCE continuing along said south line of Lot 1, along a curve to
the right having a radius of 617.62 feet and an arc length of
327.22 feet, whose long chord bears North 74 degrees 42 minutes 34
seconds East for a distance of 323.41 feet to the west line of
Beach Street.
THENCE South 00 degrees 06 minutes 47 seconds East along said west
line of Beach Street, for a distance of 112.00 feet.
THENCE North 89 degrees 53 minutes 12 seconds East continuing along
said west line of Beach Street, for a distance of 44.50 feet.
THENCE continuing along said west line of Beach Street, along a
curve to the right having a radius of 90.00 feet and an arc length
of 141.37 feet, whose long chord bears South 45 degrees 06 minutes
47 seconds East for a distance of 127.28 feet.
THENCE South 00 degrees 06 minutes 46 seconds East continuing along
said west line of Beach Street, for a distance of 58.46 feet to the
north line of the Texas Electric Service Company (hereinafter
called TESCO) right of way.
THENCE South 89 degrees 48 minutes 21 seconds West along said north
line of TESCO right of way, for a distance of 5304.11 feet to the
east line of Sylvania Avenue.
THENCE South 06 degrees 14 minutes 14 seconds East along the said
east line of Sylvania Avenue, for a distance of 140.97 feet to the
south line of said TESCO right of way.
EXHIBIT "A"
Page 7 of 8
THENCE South 00 degrees 11 minutes 52 seconds East along said south
line of Sylvania Avenue, for a distance of 54.00 feet.
THENCE continuing along said east line of Sylvania Avenue, along a
curve to the left having a radius of 90.00 feet and an arc length
of 141.95 feet, whose long chord bears South 44 degrees 37 minutes
07 seconds West for a distance of 127.69 feet.
THENCE South 00 degrees 33 minutes 54 seconds East continuing along
said east line of Sylvania Avenue, for a distance of 149.02 feet.
THENCE continuing along said east line of Sylvania Avenue, along a
curve to the right having a radius of 290.00 feet and an arc length
of 28.28 feet, whose long chord bears South 02 degrees 13 minutes
42 seconds West for a distance of 28.27 feet.
THENCE South 05 degrees O1 minutes 18 seconds West continuing along
said east line of Sylvania Avenue, for a distance of 43.77 feet.
THENCE North 89 degrees 21 minutes 10 seconds West for a distance
of 20.23 feet to the common line of the said Beard and Johnson
Surveys.
THENCE South 00 degrees 11 minutes 39 seconds West along said
common survey line for a distance of 2217.30 feet to the said north
line of the right of way for the St. Louis and Southwestern Railway
Company.
THENCE South 63 degrees 43 minutes 24 seconds West along said right
of way line, for a distance of 1861.09 feet to the place of
beginning and containing approximately 638 acres inclusive of
public streets and thoroughfares, SAVE and EXCEPT Lot 1, Block 1 of
Northstar Addition and Lot 1-R, Block 6-A of Mercantile Center.
WEST TRACT
Part of the DAVID ODUM SURVEY, Abstract No. 1184, situated in the
northeasterly part of Fort Worth in Tarrant County, Texas; and
embracing a portion of the First Tract described in the deed to
Julius Bruner recorded in volume 2012, page 303 of the Tarrant
County Deed Records.
Beginning in the north line of said Bruner tract at the northwest
corner of the First Tract described in the Judgement to the State
of Texas for Interstate Highway 35-W recorded in book 65, page 473
of the Civil Minutes of the County Court at Law of Tarrant County
and said iron rod also being the southeast corner of Block 6 of
Great Southwest Industrial Park of Fort Worth - G.S.C. Mark IV as
said block appears upon the map recorded in volume 388-42, page 8
of the said Deed Records.
EXHIBIT "A"
Page 8 of 8
Thence along the west line of said State of Texas tract for the
west line of said Interstate Highway:
south 7 degrees-49 minutes-16 seconds west 212-88/100 feet;
south no degrees-12 minutes-i8 seconds east 99-84/100 feet;
south 4 degrees-41 minutes-40 seconds east 401-66/100 feet;
and
south no degrees-25 minutes-35 seconds east 659-33/100 feet
for the northeast corner of Lot 1 in Block 1 of the J. Bruner
Subdivision as said Lot appears upon the map recorded in
volume 388-46, page 249 of said Deed Records.
Thence north 89 degrees-19 minutes-35 seconds west, along the north
line of said Lot 1, a distance of 175 feet to its northwest corner.
Thence south no degrees-25 minutes-35 seconds east, along the west
line of said Lot 1, a distance of 252-.55/100 feet to the north line
of the tract described in the Agreed Judgement to the City of Fort
worth for Meacham Boulevard recorded in volume 7030, page 1949 of
the said Deed Records for the southwest corner of said Lot 1.
Thence westerly along the said north line of said City tract for
the north line of Meacham Boulevard:
along a curve to the left with a radius of 4795-63/100 feet,
a distance of 57-70/100 feet to its end and the beginning of
a curve to the right with a radius of 4795-63/100 feet, the
chord of said 57-70/100 feet arc is south 88 degrees-19
minutes-O1 second west 57-70/100 feet;
then along said curve to the right 230-17/100 feet to its end,
the chord of said 230-17/100 feet arc is south 89 degrees-20
minutes-50 seconds west 230-15/100 feet; and
north 89 degrees-16 minutes-39 second west 991-43/100 feet to
a point for corner.
Thence north no degrees-O1 minute-07 seconds west 1603-41/100 feet
to the north line of said Bruner First Tract and the south line of
said Block 6 of G.S.C. Mark IV.
Thence north 89 degrees-37 minutes-57 seconds east, along the said
north line of Bruner First Tract and the said south line of Block
6 of G.S.C. Mark IV, a distance of 1443-65/100 feet to the place of
beginning and containing 52-43/100 acres.
1~A,STER FILE 1 F
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uw• SUBJECT PUBLIC HEARING AND ORDINANCE DESIGNATING THE FORT WORTH TAX ABATEMENT
~1 i ~ .REINVESTMENT ZONE NUMBER 14
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning designation of the Fort Worth Tax Abatement
Reinvestment Zone Number 14, and
2. Adopt the attached ordinance which designates the Fort Worth Tax Abatement
Reinvestment Zone Number 14 pursuant to Texas Property Redevelopment and Tax
Abatement Act, Tax Code, Sections 312.001 through 312.209, as amended.
DISCUSSION:
The proposed zone includes parts of the D: ODUM SURVEY, Abstract Number 1884, the ALLEN
BEARD SURVEY, Abstract Number 137, and'the MARY JOHNSON SURVEY, Abstract No. 858.
These tracts are situated in north Fort Worth in an area generally described as being
on both sides of I-35W with Meacham Boulevard to the north and Long Avenue to the
South.
Consideration of this issue as a part of today's agenda serves as a public hearing on
the designation of a reinvestment zone as required by the Property Redevelopment and
Tax Abatement Act. Notice of this public hearing was published in the newspaper and
delivered to the presiding officer of the governing body of each affected taxing unit
at least 7 days prior to this meeting as required by state law.
The proposed area meets the criteria for the designation of a reinvestment zone, as
required by the Tax Code, 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. In addition, the
improvements sought in the zone are feasible and practical and would be a benefit to
the land to be included in the zone and to the city after any tax abatement agreements
which may be entered in accordance with state law have expired.
The designation of a reinvestment zone expires after 5 years and may be renewed for
periods not to exceed 5 years.
The Code requires a city to designate a zone prior to entering into a tax abatement
agreement.
1-1~ Printed on recycled paper
• City of Fort Worth, Texas
Mayor .and Council Communication
DATE
03/23/93 REFERENCE NUMBER
G-10104 LOG NAME 02N014 PAGE 2 of 2
SUBJECT PUBLIC HEARING AND ORDINANCE DESIGNATING
REINVESTMENT ZONE NUMBER 14 THE FORT WORTH TAX ABATEMENT
FISCAL INFORMATION/CERTIFICATION:
No City funds are required for this action.
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Su ~tted for City Manager's
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