The proposed Tax Abatement Reinvestment Zone No. 98, City of Fort Worth, Texas will facilitate construction of a new manufacturing facility for Ben E. Keith. or an affiliated entity (Company). The proposed project will result in the investment of $22 million in real property improvements for the expansion of facilities and operations .
As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation of a Reinvestment 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 expansion of primary employment and 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 ten years from the date of adoption of the attached ordinance and may be renewed for periods not to exceed five years each.
The proposed Zone is located in COUNCIL DISTRICT 8.
This M&C does not request approval of a contract with a business entity.