On May 19, 2015, the City Council adopted Ordinance No. 21757-05-2015, designating Tax Abatement Reinvestment Zone No. 90, City of Fort Worth, Texas, and approved execution of a Tax Abatement Agreement with Winner LLC, (City Secretary Contract No. 46727). Under the Tax Abatement Agreement, the City agreed to abate 10 percent of the incremental ad valorem taxes on real and business personal property owned by Winner LLC, (Company) provided that Company expended at least $250,000,000.00 on construction and equipment of a Facebook data center located on property in the reinvestment zone.
The Tax Abatement Agreement also provides a mechanism for Company to acquire additional land adjacent to the site in order to expand the project footprint. On October 16, 2016, the City Council adopted Ordinance No. 22473-10-2016, designating Tax Abatement Reinvestment Zone No. 90-A, City of Fort Worth, Texas, and approved amendment of the Tax Abatement Agreement with Winner LLC, (City Secretary Contract No. 46727) to include additional improvements on property it acquired at 14101 and 14217 Independence Parkway.
Winner LLC, now wishes to add additional improvements on property located at 14100 Park Vista Boulevard for the expansion of an existing Data Center facility. This land is adjacent to the current site and is eligible for Tax Abatement, as allowed under the Agreement, but the City Council must also designate this property as a reinvestment zone.
As required by Chapter 312 of the Texas Tax Code, a Public Hearing must be conducted regarding the creation or expansion 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 likely, as a result of the designation, to contribute to the expansion of the Company's 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 the existing Tax Abatement Agreement to be amended, has expired.
The term of the proposed Zone will be five 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 7.
This M&C does not request approval of a contract with a business entity. |
