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HomeMy WebLinkAboutResolution 4589-02-2016 A Resolution NO. 4589-02-2016 STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE ACQUISITION OF PERMANENT AND TEMPORARY EASEMENTS FROM VARIOUS LANDOWNERS FOR THE TRINITY RIVER VISION — CENTRAL CITY AND THE TRINITY UPTOWN SERVICE AREA — PHASE 4 PROJECT WHEREAS, the City of Fort Worth, Texas (the "City") is a home- rule municipality and political subdivision of the State of Texas; and WHEREAS, the City expects to pay expenditures in connection with the acquisition of permanent and temporary easements for the Trinity River Vision - Central City and the Trinity Uptown Service Area - Phase 4 Project as shown on the attached map (the "Project") prior to the issuance of obligations by the City in connection with the financing of the Project from available funds; and WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the payment of such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. The City reasonably expects debt, as one or more series of obligations, may be issued or incurred by the City with an aggregate maximum principal amount not to exceed $250,000.00 for the purpose of paying the aggregate costs of the Project. Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No obligations will be issued by the City in furtherance of this Statement after a date which is later than 18 months after the later of (1) the date the expenditures are paid or (2) the date on which the property, with respect to which such expenditures were made, is placed in service. qW Section 3. The foregoing notwithstanding, no obligation will be issued pursuant to this Statement more than three years after the date any expenditure which is to be reimbursed is paid. Adopted this 16th day of February, 2016. IF , ATTEST: jjjyyy o By: $ 00 ZY Mary J. ser, City Secretary O 4 N All a Koko no L, ,i r -Al 2 - Salvador Esping ' - 45 19�=jAnhiZ8:deh- \ *: `�•� ���� � •� 'l { 1 1 11 f1 I II 111 � ' ; City of Fort Worth, Texas Mayor and Council Communication COUNCIL.ACTION: Approved on 211612016 - Resolution No. 4589-02-2016 DATE: Tuesday, February 16, 2016 REFERENCE NO.: **L-15868 LOG NAME: 21 PMD 00969 TRV WATER/SEWER RELOCATIONS-PART 4 SUBJECT: Authorize Acquisition of Permanent Sanitary Sewer Easements in a Total of 0.588 Acres, Permanent Water-Sanitary Sewer Easements in a Total of 0.223 Acres and Temporary Construction Easements in a Total of 0.964 Acres from Various Landowners for the Trinity River Vision - Central City and the Trinity Uptown Service Area Phase 4, Project No. 00969 in the Amount of$202,745.60 and Pay Estimated Closing Costs in an Amount Up to $8,500.00 for a Total Cost of$211,245.60 and Adopt Reimbursement Resolution (TRV-RELATED EXPENSES ELIGIBLE FOR REIMBURSEMENT FROM THE TRWD) (COUNCIL DISTRICT 2) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the acquisition of permanent sanitary sewer easements in a total of 0.588 acres, permanent water-sanitary sewer easements in a total of 0.223 acres and temporary construction easements in a total of 0.964 acres from various landowners for the Trinity River Vision - Central City and the Trinity Uptown Service Area Phase 4 Project No. 00969; 2. Find that the total purchase price in the amount of$211,245.60 is just compensation; 3. Authorize the City Manager or his designee to accept the conveyance, pay just compensation, record the appropriate instruments and pay the estimated closing costs up to $8,500.00; and 4. Adopt the attached resolution expressing official Intent to Reimburse expenditures with proceeds of future debt for the Trinity River Vision - Central City and the Trinity Uptown Service Area Phase 4 Project. DISCUSSION: These easements are needed for the relocation of utilities to accommodate the proposed United States Army Corps of Engineers Bypass Channels Segment B located north of the West Fork of the Trinity River, south of the Trinity River Vision (TRV) Main Street Bridge, west of North Houston Street and east of the Fort Worth and Western Railroad. An independent appraisal established the fair market value for each parcel and each property owner has agreed to the appraised or negotiated amounts for the needed interest in each parcel of land. The City will pay closing costs in an amount up to $8,500.00. r OWNERSHIP PARCEL PROPERTY LOCATION PROPERTY INTEREST ,AMOUNT Texas Midstream Gas 02-PSFE- John Baugh Survey, Permanent Sanitary Sewer Services, LLC I 1 P Abstract No. 115 0.412 Acres Texas Midstream Gas 02-PSFE- John Baugh Survey, Permanent Sanitary Sewer Services, LLC 2 Abstract No. 115 Easement/0.053 Acres —I Logname: 21PMD 00969 TRV WATER/SEWER RELOCATIONS-PART 4 Page I of 5 Texas Midstream Gas 02-TCE-1 John Baugh Survey, Temporary Construction Services, LLC I Abstract No. 115 E Easement/0.196 Acres I Texas Midstream­Gas`_ —I 2-TCE- _Constrc_tion__________ Services, LLC r2 _Abstract No. 115 jEasement/0.022 Acres -Fri-'-- Texas Midstream Gas 02-TCE- U-6-h-n-B—augh Survey, Temporary Construction IServices, LLC 13 Abstract No. 115 l 0.009 Acres _[02-7-5—ohn Baugh Survey, Temporary Construction Texas Midstream Gas TCE- Services, LLC A 1�bstract No. 115 Easement/0.126 Acres - Parcel 2 Total $113,628.00 rLot`A, Block 1, Gifford-Hill & Argos Ready Mix (South 03- Co., Permanent Sanitary Sewer Central) Corp. IPSFE-1 Plant No. 41 [Easement/0.118 Acres Site Lot A, 1, Gifford-H_ Permanent Sanitary Sewer Central) Corp. No. 41 Site Easemen t/0.005 Acres rgos Ready Mix (South IPSFE-2 03- Co 'I' & F Plant t Argos Ready Mix (South (—03________[Cot A, Block 1, Gifford-Hill_& -TC," �Co.' Temporary Construction Central) Corp. 11 Plant No. 41 Site Easement/0.059 Acres Argos Ready Mix (South 103-TCE- Lot A, Block 1, Gifford-Hill & Temporary Construction Temporary Central) Corp. Plant No. 41 Site FEasepmes Easement/0.015 Acres Parcel 3 Total =$45yOl 7.00 Argos Ready Mix 5 Lot C, Block 1, Gifford-Hill 8t (South Central) � Co., Permanent Water/Sanitary P Corp. SFE-1 Plant No. 41 Site Sewer Easement/0.150 Acres Block C' Blo Gifford & Argos Ready x 5- Permanent Water/Sanitary (South Central) FE-2 N 0. 4 1 Sewer Easement/0.073 Acres Corp. PWS Co.,Ct Plant Site Parcel­5 Total ­ [$:16,577.00] Peter W. —Rokkas, et al and V7-_TCE­- V6hn Baugh Survey, — emporary Construction Barbara Rokkas I Abstract No. 115 rEasemenrt�/O.10,47 Acres Peter W. Rokkas, et al and 0_7-TCE_ John Baugh Survey, emporary Construction Barbara Rokkas 0 bstract No. 115 �Easement/0.114 Acres R12 FParcel 7 Total ----[-$14,914.00 Richard Crowley Temporary Construction AB Investment 08- Survey, Abstract Easement/.276 TCE No. Acres 313 —Parcel 8 Tot a1 _j$—12,610.00 Closing Cost —1$ 8,500.00 Total — [ Acquisition Cost $211,246.00 Logname: 2 1 PMD 00969 TRV WATER/SEWER RELOCATIONS-PART 4 Page 2 of 5 Appropriations for the Trinity RiverVision - Centra| CityandthaThnityUptownQamioe Area Phase 4 Area Project will consist of the following: Engineering-­ $14,222,727.00 1 $ 573,634.00-1 $14,796,361.00 Management, Real Property $ 4,106,071.00 $ 344,175.00 $ 4,450,246.00 Inspection, Testing and Contingencies *Numbers rounded for presentation Appropriations for the Trinity River Vision - Central City and the Trinity Uptown Service Area Phase 4 Area Project will consist of the following by fund (amounts assume passage of M&C 60WSTRVA4-KHA): Water and Sewer Bond 2015A, 56007 6,167,422.00 lWater Capital Fund 59601 4,404,709.00 lsewWCaital Fund - Legacy 59607 7,328,473.00 *Numbers rounded for presentation Water and sanitary sewer program costs associated with the TRV project inc|udabothooeteneueee)tated by the TRV project and000tora|otadtobetternnentoendoperodono| conaiderationo. Upon approval ofthis Mayor and Council Communication (N1&C). the total of water, sanitary sewer and major stormduain appropriations for the Trinity River Vision - Central City Project and the Trinity Uptown Service Area Phase 4 project vvi|| be $8S.OM5.975.00. This project vvi|| havenoimpo(tontheVVoterDepartrnenteC)penating Fund. Upon City Council approval, Staff will proceed with acquiring the easement interest on each property. Having met its $2O.G million commitment to the TRV project, theCityvvi|| bereimburoedthefu|| omountof $211.245.6Oby the Tarrant Regional Water District /TRWD\ upon project comp|atiun. inaouordanoevvith the provisions of the executed Interlocal Agreement between the City and the TRWD (City Secretary Contract (CSC) No. 43425\. Staff will record a receivable every month for reimbursable expenses and the TRV Program Manager in the Planning and Development Department will be responsible for collecting the full reimbursement from TRWO upon project completion. Available resources in the 2O17 Water and Sewer Revenue Bonds Capital Project Fundwi|| baunodtoprovida interim financing until reimbursement occurs. Once reimbursement ie received, the revenue will ba raooiotodto the 2O17 Water and Sewer Capital Project Fund. This project ioendoipotedtobeinu|udadinafuturarevanuabondjoouafortheWeterand@avver Fund. Available cash within the Water and Sewer portfolio and the City's portfolio along with the appropriation authority authorized under the Direct Purchase Note (DPN) Program will be used to provide interim financing for this project unt)| debtieioeued. To the extent resources other than the Water and Sewer portfolio are used to provide interim financing, the Water and Sewer Fund will be charged interest that is equivalent to the overall rate of return being earned by the City portfolio (currently approximately one-percent annually). Should the City's portfolio not support the liquidity needed to provide an interim [oguome: 2l[,M[) 0046gTRV WATER/SEWER RELOCATIONS-PART 4 Page 3of5 short-term financing source, another funding source will be required, which could mean issuance of securities under the DPN Program or earlier issuance of Water and Sewer revenue bonds than is currently planned. Once debt associated with this project is sold, bond proceeds will be used to reimburse the Water and Sewer portfolio and the City's portfolio, in accordance with the attached Reimbursement Resolution. The City Council adopted the Water Department's FY2016-2020 Five-Year Capital Improvement Plan on February 2, 2016 (M&C G-18662). This City Council adopted plan includes this specific project, with funding identified through the DPN Program to be reimbursed with future revenue bonds. In accordance with the provisions of the Financial Management Policy Statements, Staff anticipates presenting revenue supported debt issuances to the City Council for consideration within the next three years. This debt must be issued within approximately three years to provide reimbursement for these expenses. If that does not occur, the costs will no longer be reimbursable by issuing tax-exempt debt and the funding source will have to be made whole through other budgetary methods. Adoption of this resolution does not obligate the City to sell bonds, but preserves the ability to reimburse the City from tax-exempt bond proceeds. This property is located in COUNCIL DISTRICT 2, Mapsco I D3. This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that funds are available as directed by M&C G-18375 in the Current Capital Budget of the 2017 Water and Sewer Revenue Bonds Capital Project Fund for funding the Trinity River Vision-Central City Project and the Trinity Uptown Service Area-Bridge and Channel Relocations, Part 4 Project to pay expenses which will be incurred for these acquisitions until reimbursement is received from the TRWD, in accordance with the executed Interlocal Agreement, CSC No. 43425, as depicted in the following tables: Existing Additional Future FUND p [Appropriations[Project Total Specially Funded $ 53129,971.00 $5,585,709.00 $10,715,680.00 Projects Fund 39007 ater/Sewer DPN Fund $ 6,855,400.00 $ 6,855,400.00 56005 _ /Water and Bond Sewer Sewer $ 6,167,423.00 $ 6,167,423.00 56007 _ r ater Capital 707.00 [$14,404,707.00 nd 59601 F$1 4,404, Sewer Capital Fund - Legacy $ 7,328,474.00 $ 7,328,474.00 59607 Project Total $39,885,975.00 J$0.00 $5,585,709.00 $_45,471,684.00 * Numbers rounded for presentation. (Amounts assume passage of M&C 60WSTRVA4-KHA.) Logname: 21PMD 00969 TRV WATER/SEWER RELOCATIONS-PART 4 Page 4 of 5 FUND IDENTIFIERS (FIDs): TO Fund Department lAccoun Project Program ctivity Budget Reference # mounl I ID ID Year (Chartfield 2) 1A FROM Fund Department Account Project ProgramActivity Budget Reference # Amount ID ID Year (Chartfield 2) E56005 b700430 5710010 C00969 C01441 2016 $202,610.00 56005 0600430 5710010 C00969 C01441 2016 $8,636.00 Submitted for City Manager's Office by: Jay Chapa (5804) Steve Cooke (5110 Originating Department Head: John Carman /8346\ Andrew VindeU (5489) Additional Information Contact: TonySho|o|a (0054) T.oguezue: 2lPMD00g69TRV WATER/SEWER RELOCATIONS-PART 4 Page jof5