M&C Review

COUNCIL ACTION:  Approved on 12/13/2016 - Ordinance No. 22555-12-2016
DATE: 12/13/2016 REFERENCE NO.: G-18918 LOG NAME: 17ED TARIZ94
CODE: G TYPE: NON-CONSENT PUBLIC HEARING: YES
SUBJECT:   Conduct Public Hearing and Adopt Ordinance Designating Property Located at 1400 Intermodal Parkway  Within the City of Fort Worth as Tax Abatement Reinvestment Zone No. 94, City of Fort Worth, Texas for Occupancy of a Facility by Pure Renewables USA LLC (COUNCIL DISTRICT 7)
RECOMMENDATION:

It is recommended that the City Council:

1.  Conduct a public hearing concerning the designation of property at 1400 Intermodal Parkway that is located within the City of Fort Worth as Tax Abatement Reinvestment Zone No. 94, City of Fort Worth, Texas for occupancy of an 807,380 square foot facility for Pure Renewables USA LLC; and

2.  Adopt the attached ordinance designating Tax Abatement Reinvestment Zone No. 94, City of Fort Worth, Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
 
DISCUSSION:

The proposed Tax Abatement Reinvestment Zone No. 94, City of Fort Worth, Texas (Zone) encompasses certain property at and adjacent to 1400 Intermodal Parkway that is located entirely within the City of Fort Worth.  Pure Renewables USA LLC (Pure) is seeking to establish its business operations and intends to locate in a new facility. The proposed project will result in at least $266,800,000.00 in real and business personal property investment at the site.

As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation of the Zone. The exact boundaries of the proposed Zone are described in Exhibit A of the attached ordinance.  Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this hearing.

The area encompassing the proposed Zone meets the statutory criteria for designation as a Tax Abatement Reinvestment Zone, pursuant to Chapter 312 of the Texas 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. Further, the improvements sought in the Zone are feasible, 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 into, have expired.

The term of the proposed Zone will be five years from the date of adoption of the attached ordinance.

The proposed Zone is located in COUNCIL DISTRICT 7, Mapsco 6M.

This M&C does not request approval of a contract with a business entity.
 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that approval of the above recommendation will have no material effect on the Fiscal Year 2017 Budget.  Upon approval of this designation, any long term financial impacts will be included in the financial forecast.
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Submitted for City Manager's Office by:
Jay Chapa (5804)
Originating Department Head:
Robert Sturns (212-2663)
Additional Information Contact:
Brenda Hicks-Sorensen (870-0154)
 
 
ATTACHMENTS
  20161117_Pure_Renewables_RZ_Map1.pdf
  TA Reinvestment Zone 94.Pure Renewables.Clean.docx