Authorize Execution of Tax Increment Financing Development Agreements with the Board of Directors of Tax Increment Reinvestment Zone No. 7 TIF 7 or North Tarrant Parkway TIF for the Construction of Transportation Improvements to North Riverside Drive, the Intersection of North Riverside Drive and North Tarrant Parkway, Harmon Road, the Intersection of Harmon Road and Heritage Trace Parkway, Sidewalk Along Heritage Trace Parkway, and the Intersection of Tehama Ridge Parkway and Heritage Trace Parkway, Authorize Advance Funding by the City of Fort Worth, Texas, of These Specified Transportation Improvement Projects Within TIF 7 North Tarrant Parkway, with TIF Funding Collected Through the Remaining Life of TIF District 7 as the Receivable, Estimated at $21,975,000.00 and Adopt Appropriation Ordinance (COUNCIL DISTRICTS 2, 4, and 7)

It is recommended that the City Council:

1. Authorize execution of Tax Increment Financing Development Agreements with the Board of Directors of Tax Increment Reinvestment Zone No. 7 TIF 7 or North Tarrant Parkway TIF for the construction of transportation improvements to North Riverside Drive, the Intersection of North Riverside Drive and North Tarrant Parkway, Harmon Road, the intersection of Harmon Road and Heritage Trace Parkway, sidewalk along Heritage Trace Parkway, and the Intersection of Tehama Ridge Parkway and Heritage Trace Parkway; and

2. Authorize advance funding by the City of Fort Worth, of these specified transportation improvement projects within TIF 7 North Tarrant Parkway, with TIF funding collected through the remaining life of TIF 7 as the receivable, estimated at $21,975,000.00, and

3. Adopt the attached appropriation ordinance upon receipt of the executed Agreement increasing estimated receipts and appropriations in the Developer Contribution Fund in the amount of $21,975,000.00.

On April 12, 2016, City Council received a briefing on Staff's recommendation to include the TIF 7 priority projects in the City's Five Year CIP, utilizing TIF funds as receivables available to advance construction projects on an accelerated schedule. The City will enter into development agreements with the TIF Board to construct all of the identified projects with TIF revenues committed as a major component of project funding.

Continued development is increasing congestion along North Riverside Drive, North Tarrant Parkway, Harmon Road, and Heritage Trace Parkway. To alleviate this problem, the TIF 7 Board of Directors approved funding for improvements to these roads on February 10, 2016 and April 20, 2016, through execution of Development Agreements with the City of Fort Worth for the following:




1. North Riverside Drive Phase 4 and Intersection Improvements at North Tarrant Parkway (CPN100453)
This project involves the reconstruction of North Riverside Drive between North Tarrant Parkway and Shiver Road from the existing two-lane county-type roadway to a four lane divided arterial roadway. In addition, this project provides for a proposed roundabout, or other intersection improvements including signalization, at the intersection of North Tarrant Parkway and North Riverside Drive. The recommended Tax Increment Financing Development Agreement provides funding for the full estimated project cost in the amount of $6,400,000.00 for design, right-of-way and construction. This project is anticipated to begin construction in summer of 2018.

2. Intersection of Tehama Ridge Parkway and Heritage Trace Parkway (CPN C02529)
This project provides for construction of a multi-lane roundabout intersection improvement to improve intersection capacity. The recommended Tax Increment Financing Development Agreement provides funding in the amount of $2,500,000.00 for construction. Intersection improvements are currently under construction.

3. Harmon Road Design and Design of Intersection at Harmon Road and Heritage Trace Parkway (CPN 100459)
This project provides for the design of Harmon Road from the US 81/US 287 Frontage Road to Golden Triangle Boulevard as a four-lane divided arterial roadway. The recommended Tax Increment Financing Development Agreement provides funding in the amount of $4,500,000.00 for surveying, engineering design, utility coordination, right-of-way evaluation, and project management for the arterial roadway and intersection improvements. Roadway improvements design is scheduled to start in early 2017.

4. Sidewalk along Heritage Trace Parkway from Interstate 35 to Hillwood Parkway (CPN100460)
The project provides for the installation of sidewalk along the south side of Heritage Trace Parkway from Interstate 35 to Safe Meadow Trail. The project will improve pedestrian access and mobility for the existing commercial area. The recommended Tax Increment Financing Development Agreement provides funding in the amount of $175,000.00 for design and construction. This project is anticipated to begin construction in spring of 2017.

5. Harmon Road Right-of-Way Acquisition and Portion of Construction (CPN100459)
This item provides for right-of-way acquisition and partial funding for construction of Harmon Road from the US 81/US 287 Frontage Road to Golden Triangle Boulevard as a four-lane divided arterial roadway, using all remaining TIF 7 funds. The recommended Tax Increment Financing Development Agreement provides funding in the estimated amount of $8,400,000.00 towards the total estimated project cost of $17,500,000.00.

Staff recommends entering into Development Agreements with the TIF 7 Board to allow the City to move forward with design and construction of road infrastructure improvements. In addition, the recommended actions establish the final use of all funds remaining in the TIF 7 Fund by designating the Harmon Road right-of-way acquisition and construction as the final project, to receive all available remaining funding. The Transportation and Public Works staff will be responsible for seeking reimbursement from the TIF Board of Directors as each project is completed.

This M&C does not request approval of a contract with a business entity.