HomeMy WebLinkAboutOrdinance 16292-02-2005 (4) Ordinance No. ( 3 * _OK9,- 06
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE GRANTS FUND IN THE AMOUNT OF $7,500,000, SUBJECT TO RECEIPT OF THE
SECTION 108 LOAN GUARANTEE FROM THE U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT, FOR THE PURPOSE OF FUNDING THE EVANS
AVENUE/ROSEDALE STREET BUSINESS AND CULTURAL DISTRICT PROJECT;
MAKING THIS ORDINANCE CUMULATIVE OF PRIOR 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 2004-2005 and
in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Grants Fund in the amount of $7,500,000, subject to receipt of the Section 108 Loan Guarantee from the
U.S. Department of Housing and Urban Development, for the purpose of funding the Evans
Avenue/Rosedale Street Business and Cultural District Project.
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. 16061 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ordinances and appropriations are hereby expressly repealed.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.
APPROVE TO FORM AND LEGALITY:
Assistant itY Attor�r e`
ADOPTED AND EFFECTIVE:
r7 7
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/17/2005 - Ordinance No. 16292-02-2005
DATE: Thursday, February 17, 2005
LOG NAME: 03HC108 REFERENCE NO.: G-14681
SUBJECT:
Adoption of an Appropriation Ordinance for Receipt of a Section 108 Loan for the Evans
Avenue/Rosedale Street Business and Cultural District Project and Authorization to Enter int a'
Contract with United States Department of Housing for Receipt and Payment of the Section 108
Loan
RECOMMENDATION:
It is recommended that the City Council
1. Adopt the a appropriation ordinance increasing the estimated receipts and appropriations in the
Grants Fund by $7,500,000 for Section 108 Loan Guarantee from the U.S. Department of Housing and
Urban Development (HUD);
2. Authorize the City Manager to enter into a contract with HUD for the receipt and payment of the
Section 108 Loan; and
3. Authorize a non-interest bearing inter-fund loan from the General Fund to the Grants Fund in the
amount of$1,500,000 for interim financing of this grant project pending contract execution.
DISCUSSION:
On July 21, 1998 (M&C C-16898), authorized the City Manager to submit an application to the U.S.
Department of Housing and Urban Development (HUD) for a Section 108 Loan Guarantee in the amount of
$7,500,000 for the Evans Avenue/Rosedale Street Business and Cultural District project. On May 1, 2001,
the City was awarded the loan guarantees.
The Evans and Rosedale Business and Cultural District is a key development for the City and is located
along one of the designated commercial corridors. Development at this intersection can act as a gateway
between the Medical District to the west and the Near Southeast neighborhood to the east. The City has
committed over $3,000,000 from various funding sources to the redevelopment of this project area and the
reconstruction of Evans Avenue. This work, along with the future widening of Rosedale Street, provides a
unique opportunity to transform an underutilized area into a development that produces jobs and provides
services to nearby residents.
This property is located in COUNCIL DISTRICT 8.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be
Logname: 03HC108 Pace 1 of 2
available in the current operating budget, as appropriated, of the Grants Fund. Upon execution of the grant
contract, the interim inter-fund loan will be returned to the General Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
GR76 220001 000206002000 $1,500.000.00 GG01 136076 0000000 $1.500.000.00
Submitted for City Manager's Office by: Richard Zavala (Acting) (6222)
Originating Department Head: Bridgette Garrett (8518)
Additional Information Contact: Deidra Emerson (7563)
Loename: 03HC108 Page 2 of 2