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Home My WebLink AboutOrdinance 22957-10-2017 Ordinance No. 22957-10-2017 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE TAX INCREMENT FUNDS IN THE AMOUNT OF 65,336,897.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF ESTABLISHING APPROPRIATIONS IN THOSE FUNDS; 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 2017- 2018 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Tax Increment Funds in a cumulative amount of $65,336,897.00, from available funds, for the purpose of establishing appropriations in those Funds, with such appropriation allocated to the various funds as follows: Fund I Appropriation TIF Fund—Zone No.2A-Texas Motor Speedway(28721) $897,456 TIF Fund—Zone No.2B -Texas Motor Speedway(28722) $694,105 TIF Fund—Zone No. 3—Downtown(28603) $8,284,383 TIF Fund—Zone No. 3A—Downtown(28730) F $1,910,412 TIF Fund—Zone No.4- Southside Medical District(28604) $19,340,642 TIF Fund—Zone No. 6—Riverfront(28606) $144,853 TIF Fund—Zone No. 7-North Tarrant Pkwy(28607) $7,638,498 TIF Fund—Zone No. 7A-North Tarrant Pkwy28770 $279,130 TIF Fund—Zone No. 8—Lancaster(28608) $12,873,709 TIF Fund—Zone No.9-Trinity River Vision(28609) $4,622,322 TIF Fund—Zone No. 9A-Trinity River Vision(28790) $52,939 TIF Fund—Zone No. 10-Lone Star(28610) $778,782 TIF Fund—Zone No. 12 -East Berry Renaissance(28612) $1,647,749 TIF Fund—Zone No. 13 —Woodhaven(28613) $2,695,817 TIF Fund—Zone No. 14-Trinity Lakes(28614) $3,103,568 TIF Fund—Zone No. 15 - Stockyards/Northside(28615) F $232,539 TIF Fund—Zone No. l0A-Lone Star(28710) $139,993 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 incorporated into the ordinance effecting the budget of the municipal government of the City of Fort Worth for the ensuing Fiscal Year beginning October 1, 2017, and ending September 30, 2018, 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. APPROVED AS TO FORM AND LEGALITY: CITY SECRETAR . Melinda Ramos, Senior Assistant City Attorney Mary J. e ADOPTED AND EFFECTIVE: October 10, 2017 Ordinance No.22957-10-2017 Page 2 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 10/10/2017 -Ordinance No. 22957-10-2017 DATE: Tuesday, October 10, 2017 REFERENCE NO.: G-19129 LOG NAME: 03TIF ALLOCATION FY2018 SUBJECT: Adopt Supplemental Appropriation Ordinance Increasing Estimated Receipts and Appropriations in the Various Tax Increment Funds in the Total Amount of$65,336,897.00 for Fiscal Year 2018 (ALL COUNCIL DISTRICTS) RECOMMENDATION: It is recommended that the City Council adopt the attached supplemental appropriation ordinance increasing estimated receipts and appropriations in the various Tax Increment Funds in the total amount of$65,336,897.00 for Fiscal Year 2018. DISCUSSION: The purpose of this Mayor and Council Communication is to establish the Fiscal Year 2018 appropriations in the various Tax Increment Funds (TIFs) in the amount of$65,336,897.00. On September 26, 2017 the City Council approved the Fiscal Year 2018 Appropriation Ordinance (Ordinance No. 22927-09-2017) adopting the City's Fiscal Year 2018 budget, which did not include appropriations for the TIF Funds, which are adopted under a separate process. Tax Increment Funds are used to manage funds that have been designated by the City and other taxing entities participating in each of the City's Tax Increment Reinvestment Zones (the Zones), in accordance with the Tax Increment Financing Act, Chapter 311 Texas Tax Code. Such money within each TIF fund shall be used in accordance with legal restrictions to meet the requirements of the Zone. The TIF funds are used for economic development and redevelopment projects within the boundaries of the Zones in accordance with the adopted project and financing plans for each TIF and the Tax Increment Financing Act, which authorizes the City to maintain the funds. This M&C appropriates all available fund balance plus anticipated revenue in Fiscal Year 2018 to be administered by the respective TIF Boards in compliance with their Council approved TIF Plans. The funding allocation per TIF is outlined in the following table: Revenue Anticipation TIF Fund and Expenditure Appropriation TIF Fund —Zone No. 2A - Texas Motor Speedway 28721 $897,456 TIF Fund — Zone No. 2B - Texas Motor Speedway 28722 $694,105 Logname: 03TIF ALLOCATION FY2018 Page 1 of 2 TIF Fund — Zone No. 3 — Downtown 28603 $8,284,383 TIF Fund —Zone No. 3A— Downtown 28730 $1,910,412 TIF Fund —Zone No. 4 - Southside Medical District 28604 $19,340,642 TIF Fund — Zone No. 6 — Riverfront 28606 $144,853 TIF Fund — Zone No. 7 - North Tarrant Pkwy 28607 $7,638,498 TIF Fund — Zone No. 7A - North Tarrant Pkwy 28770 $279,130 TIF Fund —Zone No. 8 — Lancaster 28608 $12,873,709 TIF Fund —Zone No. 9 - Trinity River Vision 28609 $4,622,322 TIF Fund —Zone No. 9A- Trinity River Vision 28790 $52,939 TIF Fund —Zone No. 10 - Lone Star 28610 $778,782 TIF Fund —Zone No. 12 - East Berry Renaissance 28612 $1,647,749 TIF Fund —Zone No. 13—Woodhaven 28613 $2,695,817 TIF Fund —Zone No. 14 - Trinity Lakes 28614 $3,103,568 TIF Fund —Zone No. 15 - Stockyards/Northside 28615 $232,539 TIF Fund —Zone No. 10A- Lone Star 28710 $139,993 This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that upon adoption of the above recommendation and the supplemental appropriation ordinance, funds will be available in the Fiscal Year 2018 operating budget, as appropriated, to the TIF Funds. FUND IDENTIFIERS (FIDs): TO __ 7�1 Department ccoun Project Program ctivity Budget Reference # moun ID ID Year (Chartfield 2) FROM Fund Department ccoun Project JProgram ctivity Budget Reference # moun ID ID Year Chartfield 2 CERTIFICATIONS: Submitted for City Manager's Office bSusan Alanis (8180) Originating Department Head: Lynda Johnson (6222) Terry Hanson (7934) Additional Information Contact: Loraine Coleman (8542) Logname: 03TIF ALLOCATION FY2018 Page 2 of 2