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CC June 25, 2024

District: 2 | Fort Worth Stockyards

The Fort Worth City Council has enthusiastically expressed support for the proposed Phase 2 development in the Fort Worth Stockyards from Hickman Companies and Majestic Realty Co. This mixed-use product, situated on approximately 20 non-contiguous acres, is set to transform the area with a 295-unit multifamily product, a minimum of 300,000 SF of new commercial space, a 500-key full-service hotel, and at least 1,300 parking spaces in two or more below-grade garages.

The economic structure of this project is noteworthy. Developer commits to a minimum of $630 million in Total Development Costs, with at least $472.5 million in Hard Construction Costs. In return, the City will purchase the parking garages from the Developer for a combined amount not to exceed $126.15 million and reimburse up to $15 million for improvements supporting the Cowtown Coliseum. The City will also provide annual grants to the Developer, capped at $75 million total, based on incremental property taxes.

To finance the garage purchase and Coliseum improvements, the City intends to issue debt instruments supported by various incremental revenues, including 80% of the City's 1% sales tax from the project and property subject to an existing agreement with the developer, up to 100% of Project Financing Zone revenues, shared net parking profits, and funding from Tax Increment Reinvestment Zone 15.

The City Council adopted an ordinance establishing Project Financing Zone No. 2, recognizing the Cowtown Coliseum as a Qualified Project eligible for PFZ financing. This designation allows the City to pledge certain incremental state and municipal tax revenues to pay for obligations related to the project.

Former Mayors Mike Moncrief and Betsy Price spoke in strong support of the project, praising the public-private partnership and its potential economic impact.

District 2 Council Member Carlos Flores highlighted the balance between old and new, emphasizing:

Mayor Mattie Parker noted the lack of opposition to the project at this meeting, in contrast to previous votes related to the Stockyards development, which had been highly contentious. Council Member Flores’ motion to approve passed unanimously.

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