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HomeMy WebLinkAboutOrdinance 19203-06-2010Ordinance No 19203-06-2010 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE SPECIALLY FUNDED CAPITAL PROJECTS FUND IN THE AMOUNT OF $2,200 000 00 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING CONSTRUCTION OF NORTH RIVERSIDE DRIVE FROM SOUTH OF HERITAGE TRACE PARKWAY TO JUST SOUTH OF DALTON ROAD PROVIDING FOR A SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES REPEALING ALL ORDINANCES IN CONFLICT HEREWITH, AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH TEXAS SECTION 1 That in addition to those amounts allocated to the various City departments for Fiscal Year 2009-2010 in the Budget of the City Manager there shall also be increased estimated receipts and appropriations in the Specially Funded Capital Projects Fund in the amount of $2,200 000 00 from available funds, for the purpose of funding the construction of North Riverside Drive from south of Heritage Trace Parkway to just south of Dalton Road SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid inoperative or void for any reason by a court of competent jurisdiction such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3 That this ordinance shall be cumulative of Ordinance No 18809 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed SECTION 4 This ordinance shall take effect upon adoption ORDINANCE NO 19203-06-2010 RESOLUTION Resolution 2010-O1 Date: April 30, 2010 Board of Directors Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas (North Tarrant Parkway TIF) Antltoriziug Exeactiorc of Tax Isccrefnent Finaricir:g Developrner2t Agreernertt betaveen the NortlT Tarrant Parkway TIF Board of Directors and the City of Fort Worth forlsrrprovcnzents to North Riverside Drive (Old Denton Road) WHEREAS, the North Tarrant TIF Parkway TIF Project Plan includes the widening of North Riverside Drive (Old Denton Road} into a four (4)-lane divided roadway between Heritage Trace Parkti~ay and North Tarrant Parkway and WHEREAS, Hilhnrooc~ Alliance GP LLC or an affiliate thereof ("Hillwood) and the City of Fort Worth (the City') jointly wish to initiate such improvements, as generally outlined in Exhibit A of the attached Tax increment Financing Development Agreement; and WHEREAS, the improvements will be undertaken by Hillwood pursuant to a Community Facilities Agreement between Hillwood and the City and WHEREAS, under the City s subdivision ordinance, Hillwood is only required to construct a portion of these improvements, as depicted i.n Exhibit !~ of the attached Tax increment Financing Development Agreement; and WHEREAS, the City desires Hillwood to construct additional improvements recommended by the City s Master Thoroughfare Plan, and WHEREAS, in order to Lund this regional transportation protect, the City has requested that the 'TIF Board authorize the use of tax increment to fund or reimburse the cost of the improvements for which the City is responsible, not to exceed $2.2 million, NOW 'THEREFORE, BE IT RESOLVED BY THE I30ARD• Section 1. `T'hat the Board hereby authi~rizes the Chairman to execufe a `Tax Increment Financing Development Agreement between the $oard and the City that allows the use cif tax increment to fund or reimburse the cost of such improvements for which the City is responsible, not to exceed X2.2 million, in substantially the same form as that attached hereto Section 2. That this Resolution shalt take effect immediately from and after its passage ORDINANCE NO 19203-06-2010 Approved Danny Scarth Chairman ORDINANCE NO 19203-06-2010 TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT This TAh INCREMEi'VT FINANCING DEVELOPMENT :~CREEMENT ("Agreement") is entered inta by and between the BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUIVIBER SEVEN CITY OF FORT WORTH, TEXAS (the Board"), an administrative body appointed in accordance with Chapter 311 of the Texas Tax Code (the 'TIF Act") to oversee the administration of Tax Increment Reinvestment Zone Number Seven, Ctty of Fort Worth, Texas, a reinvestment zone designated by ordinance of the City of Fort Worth m accordance with the TIF Act, and the CITY OF FORT WORTH ("City"), a home rule municipality organized under the laws of the State ofTexas. "The Board and City hereby agree that the following statements are true and correct and constitute the basis upon which the Board and City have entered into this Agreement: A. On December 9 ?003 the City Council adopted Ordinance No 15774 establishing Tax Increment Financing Reinvestment Zone Number Seven, Crty of Fort Worth, Texas (the `TIF District"), and establishing the tax increment fund of the T[F Distnct (the `TIF Fund") B On February 3 2005 the Board adapted a praject and financing plan far the TIF Distnct, as amended on September 29 2005 (the 'TIF Project Plan"). The TIF Protect Plan was approved by the City Council an October 25 2005 pursuant to Ordinance No t 6667 10- 20(15 C The TIF Protect Plan includes the widening of North Riverside Drive (Old Denton Road) into a four (4)-lane divided roadway between Heritage Trace Parkway and North Tarrant Parkway Hillwood Alliance, GP LLC or an affiliate thereof ("Hillwood") and the City Jointly wish to initiate these impravements in accordance with the general plan attached hereto as Exhibit A ,which is hereby made a part of this Agreement for all purposes (the Pro,jeet") In accordance with the City s powers set forth m Section 311 008 of the T[F Act, and with the Board s consent, as authorized by the Board during its meeting on April 30 2010 the City wishes to use up to $2,200,000 00 of revenues in the TiF Fund to pay far or reimburse the City for the casts of the Protect. The Board and the Crty wish to enter rnto this Agreement to memorialize the manner in which such funds will be transferred from the TIF Fund to other appropriate funds or accoants of the City D The casts of the Protect qualify as lawful `protect casts as that term is defined in Sectian 311 0()2(1) of the TIF Act (`Project Cost''}. NOW THEREFORE, the Board and the City £ar and in consideration of the terms and conditions set forth herein, do hereby caiitract, covenant and agree as falIaws. !'ale l Development agreement for North Rivervzde Drive (()ld Denton Koad) (tYtprc~vejnents hetwren N €'drrant Parkvvav "fiF anti ('itv zf Fort Worth ORDINANCE NO 19203-06-2010 CITY'S OBLIGATIONS. Htllwood will oversee and be responsible for all aspects of the Project m accordance wtth a Community Factltttes Agreement between the City and Htllwood. The costs of the Project wttl be borne by the Ctty and Htllwood substantially m accordance wtth the summary sot forth to Exhibit A The Pro~eet will be constructed m accordance with all applicable Legal Requtrements. 2 TIF FUND CONTRIBUTIONS PRIORITY OF PAYMENT The Board hereby acknowledges and consents to the transfer from the TIF Fund of up to $2,200 000 00 to whole or to part, to other funds or accounts of the Ctty that have been tdenttfied as the fitndmg source for the Project. Notwtthstandtng anything to the contrary herein, such transfers shall be subject and subordinate to the followtng existing contractual obligations of die Board. (i) The retentton by the Board of up to five percent (5%) of the tax increment annually depostted into the "CIF Fund to order to pay actual admmtstratrve and operating expenses of the TIF Distract; (ti) The obligation of the Board to pay any Reimbursement Amount required pursuant to and to accordance with that certain Tax Increment Financing Development Agreement by and between the Board, the City and AIL Investment, L.P dated on or about December 20 2005 (City Secretary Contract No 33002) and (iu) The obltgahon of the Board to pay any Reimbursement Amount or to retain any tax increment pursuant to and m accordance with that certain Tax Increment Financing Development Agreement by and between the Board, the City and Prestdto Vista I, Ltd. dated on or about March 21 2006 (City Secretary Contract No 33343) 'T'ERM. The term of this Agreement shall commence on the later date of execution by both the Board and City and expire upon the earlier of (tj the complete performance of all obligations and conditions precedent by the Board and Ctty• (u) termination by either the Board or Ctty as permitted by this Agreement: or (tit) termcnatic?n of the TtF Dtstnc:t to accordance with Seaton 311 017 of the T1F Act. Pane t)e~eloprnent Agreement tier .North Riverside [)rive (Old L)enton Road1 hnpmvemesNs between ti. Tarrant Parkway T1f= and City of Futt W`i>rth ORDINANCE NO 19203-06-2010 4 NOTICES. All written notices called fir or required by this Agreement shall be addressed tv the following, or such other party or address as either party designates m writing, by certt6ed mail, postage prepatd, or by hand delivery Board: Citv• Attn. Director Attn. Ctty Manager Housing & Economic Development Dept. City Manager's Office 1000 Throckmorton 1000 Throckmorton Furl Worth, Texas 76102 Fort Worth, Texas 7b 102 5 CQMPLIANCE WITH LEGAL REQUIREMENTS. This Agreement and the Project are subject to all applicable federal, state and local laws, ordinances, rules and regulations, including, but not limned to all provisions of the City's Charter and ordinances, as amended, and violation of same shall constitute a default under this Agreement. In undertaking any work on the Project, City its officers, agents, sen~ants, employees, contractors and subcontractors shall comply with all federal, state and local laws and all ordinances, rules and regulations of the Ctty as such laws, ordinances, rules and regulations exist or may hereafter be amended or adopted (collectively `Legal Requirements ') 6 SEVERABILiTY If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity legality and enforceability of the remaining provisions shall not to any way be affected or impaired. COUiYTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. CAPTIONS. The captions to the various clauses of this !agreement are ti}r informational purposes only and shall not alter the substance of the teens and conditums of this Agreement. Page 3 Development Agreement for Vnnh Riverside 17rive (f11d C~enton Road) improvements bCttvicen N Tarrant Parkwav'T'IF and C`it+,~ of fort tiVnrth ORDINANCE NO 19203-06-2010 9 ENTIRETY OF AGREEMENT This Agreement, including any exhibits attached hereto and any documents Incorporated herein by reference, contains the entire understanding and agreement between the Board and City their assigns and successors m Interest, as to the matters contained herein. Any poor or contemporaneous oral or written agreement Is hereby declared null and void to the extent m contLct with any provision of this Agreement. This Agreement shall not be amended unless executed In writing by both parties and approved by the Board In an open meeting held In accordance with Chapter 551 of the Texas Government Code IN WITNESS WHEREOF the undersigned have caused this Agreement to he executed as of the later date below CITY OF FORT WORTH By• Date Tom Higgins Assistant City Manager APPROVED AS TO FORM AND LEGALITY By• Peter Vaky Assistant City Attorney M8rC none required BOARD OF DIRECTORS OF TAX REINVESTMENT 'LONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS By. Date: Danny Scarth Chairman Page d Development 4kreement f'or North Riverside Drive {Old Denton Read) tntprovernents between !~ Tarrant Parkway ~E~tF and City af' Fort Worth MAYOR AND COUNCIL COMMUNICATION MAP ORDINANCE NO. 19203-06-2010 06NORTHRIVERSIDEDRIVE -_ __ ~ ~~ ~ °' ~ ~ ~!.oeNTRIANGLE : GOLDEN I x TRIANGLE GOLDEN HEIGHTS 8... 1 ~ ~""""~~~~ F. .,~,,, ,,, ,,,,,,,,,,,,, r' ~ / ~ q~~, ~ JOSH pf PRESTIGE ~S { ~~ sq,.. ,,.. ~,. 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IF, ,~,~1 ~' _ ,,. ~ r~Rri o , ~ ~ . ~ ~ k _ _ r ~y 0 1000 2000 4000 ~ "' m I i SJU~lF~ ~ ~., i i iF,. ~ e ` DETAIL OF PROJECT LOCATION City of Fort Worth, Texas Mayor and Council Communication ,. COUNCIL ACTION: Approved on'6/22/201'0 -Ord.. No. 19203'.'.-06-2010 ~- ~~ ~ ~ - ~ --~v , ... .~ .. ~- DATE Tuesday June 22 2010 REFERENCE NO C-24299 LOG NAME 06NORTHRIVERSIDEDRIVE SUBJECT Authorize the Execution of a Community Facilities Agreement with Hillwood Alliance Services LLC with City Participation Not to Exceed $2,200 000 00 for the Construction of North Riverside Drive from South of Heritage Trace Parkway to Just South of Dalton Road and Authorize an Inter-Fund Loan and Adopt Appropriation Ordinance RECOMMENDATION It is recommended that the City Council 1 Authorize anon-interest bearing inter-fund loan from the General Fund to the Specially Funded Capital Projects Fund in the amount of $2,200 000 00 for interim financing for the construction of North Riverside Drive from south of Heritage Trace Parkway to just south of Dalton Road to be reimbursed over a two-year period from proceeds collected from the Tax Increment Financing District Number 7 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Specially Funded Capital Projects Fund by $2,200 000 00 from available funds and 3 Authorize the City Manager to execute a Community Facilities Agreement with Hillwood Alliance Services LLC with City participation in an amount not to exceed $2,200 000 and 4 Waive the limitation of Section II Paragraph 11 of the Policy for the Installation of Community Facilities that limits City participation and recommend City participation in accordance with Local Government Code 212 072 and the Unit Price Ordinance No 14552 and No 17967-002 2008 as amended DISCUSSION North Riverside Drive is classified as a major arterial per the City of Fort Worth Master Thoroughfare Plan The Developer Hillwood Alliance Services LLC and the City of Fort Worth will share the cost of this project as reflected by the table below The estimated total cost of the improvements and related support services including construction engineering surveying and inspection is estimated to be $3 622,279 14 The Developer desires to make certain street, storm drainage street sign and street light improvements to North Riverside Drive from south of Heritage Trace Parkway to just south of Dalton Road The Developer also desires to help fund construction of the project by donating the right-of-way for Old Denton Road in exchange for Transportation Impact Fee credits as permitted under the Transportation Impact Fee Ordinance No 18083 adopted May 13 2008 effective July 1 2008 Staff recommends participation with the Developer to build the roadway from south of Heritage Trace Parkway to just south of Dalton Road including the oversizing of the community facilities. Staff requests a waiver of the Policy for the Installation of Community Facilities which states that City participation may not exceed 30 percent in a Community Facilities Agreement (CFA) In accordance with state law the City will participate at a level of 25 percent for the required facilities and 100 percent for the oversizing Logname: 06NORTHRIVERSIDEDRIVE Page 1 of 3 The City of Fort Worth would like to have this portion of North Riverside completed as soon as possible because of the significant need in this area Based on unit prices from Ordinance No 14552 and No 17967 as amended and the project estimate of quantities it has been determined that the City's participation shall not exceed $2 200 000 00 The summary of costs associated with North Riverside Drive are as follows Item A. Construction 1 Paving 2 Storm Drainage 3 Street Lights 4 Street Signs Inspection (4 percent) Materials Testing (2 percent) 5 Water 6 Sanitary Sewer Inspection (2 percent) Materials Testing (2 percent) Mitigation Landscaping Signals Utility Relocation Engineering Total Right of Way Grand Total Developer Cost City Cost Total Cost $ 373 200 78 $ 696 062 17 $ 1 069,262 95 $ 580 113 49 $ 204 698 55 $ 784 812 04 $ 50 284 00 $ 93 785 42 $ 144 069 42 $ 1 000 00 $ 1 000 00 $ 2 000 00 $ 40 183 93 $ 39 821 85 $ 80 005 78 $ 20 091 97 $ 19 910 92 $ 40 002 89 $ 31 390 67 $ $ 31 390 67 $ 1054261 $ $ 1054261 $ 838 67 $ $ 838 67 $ 838 67 $ $ 838 67 $ 150 888 00 $ $ 150 888 00 $ 61 353 58 $ 378 504 01 $ 439 857 58 $ $ 296 120.25 $ 296 120 25 $ $ 223 962 63 $ 223 962 63 $ 121,690.45 $ 225,996.55 $ 347,687.00 $ 1 442 416 79 $ 2 179 862 35 $ 3 622 279 14 $ 1,309,815.00 $ $ 1,309,815.00 $ 2,752,231 79 $ 2,179,862.35 $ 3 622,279 14 Construction plans have been prepared by Jacobs Engineering Inc. and are being reviewed by the City of Fort Worth Department of Transportation and Public Works The developer will obtain construction bids for the proposed work and the work will be authorized to begin with the approval of this CFA. This project is located in COUNCIL DISTRICT 2 Mapsco 21Y FISCAL INFORMATION /CERTIFICATION The Financial Management Services Director certifies upon approval of the above recommendations and adoption of the attached appropriation ordinance funds will be available in the current capital budget, as appropriated of the Specially Funded Capital Projects Fund Upon receipt of funds from the TIF the interim inter-fund loan will be returned to the General Fund FUND CENTERS TO Fund/Account/Centers C291 220001 002230155000 C291 488087 202230155080 FROM Fund/Account/Centers $2,200,000.00 GG01 136291 0000000 $2,200,000.00 C291 541600 202230155080 $2.200.000.00 $2.200,000.00 Logname: 06NORTHRIVERSIDEDRIVE Page 2 of 3 C291 541600 202230155080 $2,200,000.00 CERTIFICATIONS Submitted for City Manager's Office bu: Originating Department Head. Additional Information Contact: Fernando Costa (6122) Susan Alanis (8180) Jana Knight (2025) Logname• 06NORTHRIVERSIDEDRIVE Page 3 of 3