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26-story mixed-use tower planned at Taylor & Fifth in downtown Fort Worth

Jetta Operating Co., a 24-year-old privately held oil and gas company in Fort Worth, and a related entity plan a 26-story mixed-use tower downtown at Taylor and Fifth streets on a site once owned by the Star-Telegram.

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UPDATE: Six candidates file for two Water Board seats

Six candidates have filed for the two open seats on the Tarrant Regional Water Board, setting up a battle that could potentially shift the balance of power on the board and the priorities of one of the largest water districts in Texas.

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Fort Worth breaks ground on $8.6 million South Main renovation

Fort Worth Near Southsiders and city officials broke ground Monday on the 18-month rebuild of South Main Street between Vickery Boulevard and West Magnolia Avenue.

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Fort Worth Chamber names Small Business of the Year winners

A trampoline recreation business; an oilfield services company; a longtime aviation maintenance firm; a maker of electrical wiring harnesses. Those were the wide variety of businesses that received the 2015 Small Business of the Year Award from the Fort Worth Chamber of Commerce.

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Body-camera maker has financial ties to former Fort Worth police chief, others

IOWA CITY, Iowa (AP) — Taser International, the stun-gun maker emerging as a leading supplier of body cameras for police, has cultivated financial ties to police chiefs whose departments have bought the recording devices, raising a host of conflict-of-interest questions.

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Trademark asking Fort Worth for $18.5M in incentives

Rendering of Trademark Property's LMRA development.

Scott Nishimura
snishimura@bizpress.net

Trademark Property Co. of Fort Worth is asking the city for up to $18.5 million in incentives over 15 years, to help with the costs of building roads, bridges, and utilities on the 63-acre Lockheed Martin Recreation Association site it plans to redevelop into a riverfront collection of cafes, stores, offices, apartments, hotel and public spaces.
“There’s really no infrastructure on the site,” Jay Chapa, the city’s housing and economic development director, told City Council members this morning.
Trademark asked for the “Chapter 380” grant, which the city calls a last-resort gap financing tool to help improve developers’ return or bring a project up to lending standards.


City Council members will vote March 4 on the agreement.
“It’s going to be a great project, and we’re excited about the development,” Mayor Betsy Price said.
The incentives would be over three phases, but Terry Montesi, Trademark’s CEO, said in an interview that actual buildout should take six or seven years.
“Hopefully, sooner,” he said.
Trademark estimated buildout at $185 million, excluding the land.


A first phase would be $90 million, and a minimum 465,000 square feet of space, including 140,000 commercial and 325,000 residential.
A second $35 million phase would be a minimum 150,000 square feet of commercial or residential. If residential, it would be about 400 units.
A $60 million third phase would be a minimum 200,000 square feet of commercial or residential.
The actual amount of the Chapter 380 grant would be based on an average 75 percent of the property tax gain added by the improvements, and 75 percent of the city’s one-cent sales tax.
The highest grant percentage - 80 percent - would be for development costs incurred in the first five years. Seventy five percent would be for the second five years and 70 percent for the final five years.
Trademark also committed to spend 30 percent of hard construction costs with Fort Worth contractors, for 25 percent of the grant.

It committed to spend 25 percent of construction costs with Fort Worth women and minority-owned businesses, for 25 percent of the grant.
It agreed to spend $200,000 annually on supply and service contracts with Fort Worth companies and $100,000 annually on supply and service contracts with Fort Worth women and minority enterprises.
Trademark agreed to reduce its grant by $200 per residential unit - an estimated $2.25 million - that will go to the Fort Worth Housing Finance Corp.
The city would still receive a projected $7.7 million in property tax and $4.5 million in sales tax from the development over the 15-year term.
 

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