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POLICY PROPOSAL
DATE FILE NUMBER SUBJECT Lake Worth Lease Policy PAGE 1 OF
PROPOSAL I PROPOSED BY: Councilman TY MANAGE 'S REVIEW
Dwaine Johnson L , w
On Wednesday, May 13, 1981, at 6:30 p.m. a meeting was held between the City staff
and Lake Worth leaseholders. The meeting was held for the purpose of the staff's
explaining the process used to determine the market value of Lake Worth lots and
to give the leaseholders opportunity to present information they consider relevant
to the establishment of market values.
An estimated 325 people attended this meeting with 30 people speaking in opposi-
tion to the present rate increase and 205 people submitting written comments con-
cerning their individual leases.
Some of the concerns voiced at this meeting are:
(1) Whether or not the appraisal method utilized by the City was
suitable for determining an equitable market value for property
at Lake Worth.
(2) The fiscal impact on the leaseholders of having to pay the entire
amount of an increased rate by the due date of June 1.
(3) The application of the penalty clause contained in the lease for
accounts not paid by June 1 pending a final determination by the
Council concerning the proposed increases.
Recommendations
Recognizing the need for further review by the staff and the City Council of the
Lake Worth leases, I recommend that:
(1) The City Manager be authorized to secure the services of an
independent real estate appraiser to provide an appraised market
value of a sampling of Lake Worth lots using the following
selection criteria:
4 lots having a City appraised value of $3,000 to $10,000
4 lots having a City appraised value of $10,000 to $17,000
4 lots having a City appraised value of $17,000 to $24,000
4 lots having a City appraised value of $24,000 and over
-' LEGALITY 191
FISCAL NOTE
CITY MANAGER'S COMMENTS
POLICY PROPOSAL (cont'd) PAGE_OF
(2) Authorize staff to honor written requests by leaseholders to
pay annual lease rates in quarterly or semi-annual install-
ments based on the renewal date of their lease.
(3) Authorize staff to suspend the application of the late payment
penalty until July 1, 1981, or until a final determination is
made by Council concerning the proposed rate increases, which-
ever occurs first.
Legality
The Department of Law imposes no objection to this proposal.
Fiscal Note
Funds are available to pay the estimated $500 per lot fee to engage an independent
real estate appraiser from savings in the Finance Department.
City Manager's Comments
The staff concurs with this proposal.
Dwaine Jo son, Councilman
CITY OF FORT WORTH