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HomeMy WebLinkAboutResolution 2691A Resolution NO .?69~ RESOLUTION AUTHORIZING THE USE OF CERTIFICATES OF OBLIGATION TO PROVIDE FINANCING FOR CERTAIN CAPITAL PROJECTS OF THE CITY OF FORT WORTH WHEREAS, pursuant to authority conferred by the Constitution and laws of the State of Texas, mcludmg Chapter C of Chapter 271 of the Texas Local Government Code, mumcipalrties, such as the City of Fort Worth (the 'City"), are authorized to finance capital projects through the issuance of certificates of obligation supported by ad valorem taxes or a combination of ad valorem taxes and a revenue source ("Certificates") and WHEREAS, Certificates provide mumcipalrties with the most economical and efficient vehicle for financing capital improvements in certain circumstances, mcludmg those resulting from cost overruns and/or emergent conditions, and WHEREAS, the City's Staff has advised this Council that funding for the attached list of critical capital projects appears inadequate by approximately $44 6 million to complete those projects, and WHEREAS, when capital projects which have been identified as being unfunded or underfunded are vital to the City and its citizens, there exists a need for an immediate source of funding for such projects, which can be provided by Certificates, now therefore, NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, that: It is the intent of the City Council of the City of Fort Worth, Texas that Certificates be issued from time to time m amounts necessary to complete those capital projects which are vital to the City and its citizens and which have been identified by the City's Staff as not having adequate funding from available sources. 2 The City's Staff is hereby authorized and directed to take, from time to time, any and all action as may be necessary or appropriate to provide adequate financing for such projects through the issuance, sale and delivery of Certificates pursuant to State law ~~ ~ The City's Staff is further directed to seek additional authorization from the City Council to substitute or add to the attached list of critical unfunded or underfunded capital projects and not to exceed the total amount of additional funding to be provided through the issuance of Certificates of Obligation for the listed projects without prior approval of this Council. 4 This Resolution shall be m full force and effect from and after its passage. Adopted this 19th day of December 2000 ~ c ~~- Mayor ~~t1\ ~ APP OVED AS TO FORM AND LEGALITY ATTEST -. ~ ;; ~, K nn ~, City Attorney 11SS~ ~ City Secretary --~ `~ f -~ f r .,*'~` Attachment ~~~~QV~Q ~1TY ~~~.~~~ DEC 19 2000 ~~~, l~~4,utJ City 5e~r~tsuq of suss E:it}r Aff ~eYt F4TosCh TE15a~ UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects ~8 CAPITAL IMPROVEMENTS PROGRAM Total Cumulative Unfunded• Total STREET and RELATED IMPROVEMENTS RECONSTRUCTION OF NEIGHBORHOOD STREETS $8,000,000 $8 000 000 Due to bid prices which exceed allocations in the 98 CIP it is anticipated that the total allocation of $26 849 000 will be inadequate by $81VI for completion of neighborhood street reconstruction projects. Allocated funds are currently being expended for projects in progress, but it is anticipated that supplemental funds will be needed before 2002 as that allocation will be depleted before all 165 approved projects are completed REGIONAL STREET PROJECTS Trinity Boulevard- from Arlington-Bedford Rd. to FM 157 $112,588 $8 112,588 98 CIP Allocation $1 735 703 Funds were budgeted in the 98 CIP as the City's participation for the widening and reconstruction of this TxDOT project; however the state's initial cost estimates were grossly underestimated for this project. As a result, the City's share has increased to $8 160,291 Due to the significance of this amount, application was submitted and approved for TEA-21 funds. Federal funding in the amount of $4,212,000 has been approved by the Regional Transportation Council which reduces the City's share to approximately $3 948,291 After consideration of the 98 CIP allocation of $ 1 73 million, the City's remaining participation will be $2,212,588 1n October 2000 Council authorized the use of 1998 CIP Street Improvement Funds for this project. At the same time 98 CIP • Regional Street funds alloted for the Bailey's Industrial Drainage Project have decreased by $2,100 000 and this amount can be used to defray a signficant portion of the amount that is undertunded on this project, leaving an underfunded portion in the .amount of $112,588 for the Trinity Blvd project. CITY ARTERIAL STREETS Basswood Blvd. Extension Western Terminus to 135 1,360,355 $9 472,943 98 CIP Allocation $1 120,000 This project has been completed and was opened to traffic in October 2000 and provided for afour-lane connection from the terminus of Basswood Blvd. to I-35 Based on the contract in the amount of $2,480 355 the 98 CIP allocation was insufficient in the amount of $1 360 355 due to unanticipated construction costs. Henderson Underpass $0 $9 472 943 98 CIP Allocation $1 100 000 In past reports, this project has been reflected as underfunded in the amount of $402,520• however it is no longer considered an underfunded critical capital project and will not be reflected in future reports. This project was approved by NCTCOG under the TEA-21 Program and will be done as a change order to TxDOT's IH -30 Relocation Program TxDOT is scheduled to let this project in April 2001 The total estimated cost is $2,152,332. The federal share is estimated at $1,269,876 while the City share is estimated at $1 049 446 Based on the 98 CIP allotment of $1 100 00 for this project, it is anticipated that there may be some savings from this project and if so this amount will be utilized to fund other projects in the City Arterials Segment of the bond program which are underfunded December 19 2000 UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects ~nt.-1998 CAPITAL IMPROVEMENTS PROGRAM Total Cont. STREET and RELATED IMPROVEMENTS NEW DEVELOPMENTS City Participation for Streets 98 CIP Allocation $5,000,000 Match for Community Facilities Agreements: Due to successful City development policies the 98 CiP allocation of $5M will be depleted sooner than anticipated It is projected that approximately an additional $2.5M will be needed over the next four years to address the City's participation New School Sites. Due to significant capital improvements approved by the FWISD voters, it is anticipated that funds in the amount of $1.5M will be needed over the next three years to address the City's participation in development of new school sites. N. Beach Street Widening Basswood to Shiver Rd. Due to extensive development in the northeast sector of the City and the construction of Fossil Ridge High School the northbound lanes of North Beach Street need to be constructed. The projected cost of this project is $4 3 M' however this cost will be defrayed by approximately $1 8 M that will be collected from developers who have made contributions for their participation in this particular project through a Community . Facilities Agreement (CFA) It is anticipated that these funds will be needed in December 2000 TRAFFIC SIGNALS 98 CIP Allocation $1 700,000 Funds in the amount of $1 7M were allotted in the 1998 CIP for traffic signals, and some funds ($120 000) were also available from previous bond programs. During the past year the practice was initiated of using private design engineers and contractors, in addition to City employees, to install traffic signals. As a result, 40 new/rebuilt traffic signals can be installed per year compared to the previous number of 9 to 14 signals installed annually over the past five years. Because of significant growth over the last five years, the number of intersections meeting the criteria for traffic signals has increased dramatically It is anticipated that an additional $5M will be needed over the next four years to address these needs. SIDEWALKS 98 CIP Allocation $1,800,000 Funds in the amount of $1 8M were allotted in the 1998 CIP for Sidewalk Projects. These projects have been identified and improvements are in progress, however there have been additional sidewalk projects identified by staff and citizens, and it is anticipated that more sidewalks for school routes will be identified during the next two years It is anticipated that additional funds in the amount of $500 000 will be needed in 2002 • Unfunded Cumulative Total 2,500,000 $11972,943 1,500,000 $13 472,943 $2,507 621 $15 980 564 5,000,000 20 980 564 500 000 21 480 564 December 19, 2000 2 UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects ~nt. 1998 CAPITAL IMPROVEMENTS PROGRAM Total PARKS AND COMMUNITY SERVICES Funds for Developing Areas. Neighborhood Parks 98 CIP Allocation $400,000 Match for Community Facilities Agreement Due to successful City development policies, the 98 CIP allocation of $400 000 for street frontage for dedicated parklands is being depleted sooner than anticipated Assuming current development levels continue it is estimated that $1,200 000 will be needed for years 2000- 2002. North Beach Widening Park Frontage Due to the acquisition of the Far North Community Park on Beach Street, the City has committed to 50% of the construction costs of the arterial, Beach Street, which the park fronts Also the commitment provides that construction will commence on the street frontage of the park by July 2002. This project will insure proper access to the Community Park, as well as serve the local traffic needs in this area of rapid growth West Community Park Entry Roadway 98 CIP Allocation $ 200,000 Due to a redesign of the entry road to this park project, it is anticipated that the 98 CIP allocation of $200 000 for development will be inadequate by approximately $320 000 It • is anticipated that these funds will be needed in the Spring of 2001 1993 CAPITAL IMPROVEMENTS PROGRAM WEST ROSEDALE PROJECT 93 CIP Allocation $ 8 M Reconstruction Forest Park Boulevard to Main Street It is anticipated that 1993 CIP funds allocated for this project will be inadequate by $2 5M due to greater than anticipated ROW acquisition and construction costs. It is anticipated that these funds will be needed in 2001 During the right-of-way acquisition phase TxDOT purchased the City-owned building at 700 West Rosedale Street; as a result, revenues in the amount of approximately $300 000 can be used to defray a portion of the project costs, leaving an unfunded amount of $2,200 000 Relocate Fire Station #8 Due to the widening of West Rosedale Street, it will be necessary to relocate Fire Station #8 and the cost of this relocation will be approximate $2.4M It is anticipated that we will receive approximately $800 000 from TxDOT for State participation in the functional replacement of Fire Station #8 which will partially offset this cost.. Unfunded- Cumulative Total 1,200,000 $22,680 564 320,000 23 000 564 320,000 23 320 564 2,200,000 25 520 564 1,600,000 27 120 564 December 19, 2000 UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects ~RTICIPATION IN REGIONAL TRANSPORTATION PROJECTS Total Cumulative Unfunded Total Phase II Meacham Boulevard from I-35W to Blue Mound Road 2,070,000 29 190 564 Phase II of Meacham Blvd Improvements has been accelerated on the state construction schedule and plans are to widen Meacham Blvd from I-35W to Blue Mound Rd This project Phase II was submitted and approved by NTCOG under the TEA-21 program Total construction cost is $4 5M, with Federal Funds approved at $2.43M City participation will be $2.070M East Rosedale Street IH-35 to US 287 3,016,000 32,206 564 The city will share in this widening and reconstruction project scheduled by TxDOT and the City's share for ROW acquisition and construction is 50°l0 or $3 016M East Rosedale Street Reconstruction US 287 to IH-820 2,240,000 37 111 164 Recently the North Central Texas Council of Governments (NCTCOG) received funding from the Texas Transportation Commission to reconstruct East Rosedale Street from US 287 to IH-820 This project would entail afour-lane roadway with additional turn lanes and medians at the major intersections. Also combined with this larger project is the previously identified smaller project for reconstruction of East Rosedale from Miller Ave to Bishop Avenue (As Council may recall .NCTCOG had approved this project under the 19.98 Urban Street Program) Due to the expanded improvements planned for this • project, it is projected to cost $11 58 million and it is anticipated that funds in the amount of $2,240 000 will be needed in 2002 for the City's participation (reconstruction sidewalks medians, etc.) 135 W Interchange /North Tarrant Parkway 930,000 34 514 914 This TxDOT project has not been approved by Council The total construction cost estimate is $3.25 million Federal funds for this project are $2.32 million and the City's participation will be $ 930 000 North Tarrant Parkway US377 to Hannon Road 356,250 34 871 164 This TxDOT project is in final design and is anticipated to go to construction in September 2001 The total construction cost estimate is $4 75M and federal funds are available in the amount of $3 8M The City's participation is $950 000 Previously Council has authorized $593 750 from Special Assessments Surplus Funds for a portion of our share leaving the need for additional funds in the amount of $356,250 Relocation of I-30 Removal of Lancaster Billboards 1,378,350 33 584 914 The City is responsible for ROW acquisition (removal of billboards) at Henderson Street and Lancaster Avenue relative to the federal/state project involving the relocation of I-30 to the south Council approved $1 million from Pre-1986 Bond funds for this project. Of this amount, $878 350 has been expended to date for the building and land At this time the City's Legal Department has advised that additional funds in the amount of $1 5 million are necessary for the removal of billboards. After the remaining $121 650 in Pre- • 86 funds is depleted an additional amount of $ 1 378 350 remains unfunded and will be needed for completion December 19, 2000 4 UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects ~nt. -PARTICIPATION IN REGIONAL TRANSPORTATION PROJECTS Total Cumulative Unfunded Total Granbury Rd/ Wabash Ave/ Trail Lake Dr/Seminary Dr Intersection Improvements This project entails intersection improvements to Granbury Rd Wabash Ave Trail Lake Drive and Seminary Drive to improve traffic circulation in this area. TxDOT anticipates a letting for construction in May 2001 The estimated construction cost is $3,213 343 and federal funds have been approved in the amount of $2,570 674 In 1995 Council authorized funds for this project in the amount of $ 280 000 from the Special Assessment Paving Fund leaving an unfunded balance of $362,669 IH 820 /North Beach Street Grade Separation This project entails the widening of North Beach Street to a six-lane divided street under the IH-820 Bridge to connect with the six-lane section north and south of the bridge The project also entails lengthening the IH -820 bridge over North Beach Street. TxDOT anticipates a letting for construction in June 2001 The construction cost estimate is $4 600 000 Federal funds have been approved in the amount of $2,471 000 In 1995 and 1999 Council authorized funds for this project in the amount of $1 524 000 from the Special Assessment Paving Fund and the 98 CIP Street Improvements Fund leaving an unfunded balance of $605 000 OTHER UNANTICIPATED PROJECT NEEDS AVIATION PROJECTS Phase IV Meacham Noise Mitigation This fourth phase of Noise Mitigation is focused on the area west and south of the airport, north of Long Street. Plans are to acquire property that will become part of the airport boundary At this time the estimated cost for this project is $5 5 million, and the City's match is approximately $622,222. If there are any funds remaining when Phase III is completed they will be utilized for this project. It is anticipated that these .funds will be needed in 2002. Meacham 16U34R Runway Reconstruction This is the main runway at Meacham which was built in 1974 The normal lifespan of a runway is approximately twenty years, so replacement is imminent. It is anticipated that this project will cost $15 to $20 million and a portion of the funds for reconstruction of this runway will be provided by TxDOT However before the work is initiated it will be necessary to have anon-destructive test of the pavement to determine if any of the existing runway is salvageable and if replacement can be completed in phases. It is anticipated that funds in the amount of $ 2 78 million will be needed as City match (10%) and this match will be needed in 2001-02. PARKS PROJECT Trinity River Trail Extension This project is funded by the Intermodal Surface Transportation Enhancement Act and is presently in design review by TxDOT While the original project has been reduced in scope from 18 9 miles to 12.6 miles, it is anticipated that allotted funds of $3 5 million will • still be inadequate by approximately $1 000 000 This overrun is subject to approval by TxDOT and if approved an additional 20% local share of $200 000 will be required in 2000 $362,669 $37 473 833 $605,000 $38 078 833 622,222 38 701 055 2,780,000 41481055 200,000 41681055 December 19, 2000 UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Supporting Detail Specific Projects Cont. OTHER UNANTICIPATED PROJECT NEEDS Total PUBLIC SAFETY COMMUNICATIONS EQUIPMENT Western Communications Tower In order to support the public safety service for the Lake Country Estates area and the general area to the west of Fort Worth near the Tarrant /Parker County line anew communications tower is necessary to provide radio service for public safety activities. While it is anticipated that this project will cost $5.2 million it is proposed to defray 50% of the cost of this project with Crime Control and Prevention District Funds in the amount of $2.6 million MISCELLANEOUS OVERAGES IN VARIOUS AREAS Several projects in progress or which have been completed have exceeded the approved allocation in small measure For example the Opticom Control System which has been completed was underfunded by $34 608 Further it is anticipated that some other projects such as the Eugene McCray Community Center will be underfunded by approximately $45 000 Conversely several projects have been completed that did not fully utilize the approved allocation and $276,711 represents the net amount that staff anticipates will be underfunded after the smaller projects have been fully completed • TOTAL of UN/UNDERFUNDED CRITICAL CAPITAL PROJECTS Unfunded Cumulative Total 2,600,000 44,281055 276,711 44 557 766 $44,557 766 44,557 766 December 19 2000 s