HomeMy WebLinkAboutOrdinance 18341-10-2008Ordinance No. 1 8341-1 0-2008
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SPECIAL TRUST FUND IN THE AMOUNT OF
$208,146.00 FROM AVAILABLE FUNDS FOR THE PURPOSE OF ENSURING
THAT FUNDS ARE AVAILABLE FOR ADMINISTRATION OF THE TIFS AND THE
FORT WORTH LOCAL DEVELOPMENT CORPORATION FOR THE
REMAINDER OF THE 2008-2009 FISCAL YEAR; PROVIDING FOR A
SEVERABILITY CLAUSE; 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 2008-
2009 in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Special Trust Fund in the amount of $208,146.00 for the purpose of ensuring
that funds are available for administration of the TIFs and the Fort Worth Local Development
Corporation for the remainder of the 2008-2009 fiscal year.
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. 18283 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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:
~~~
Assistant City Attorney
ADOPTED AND EFFECTIVE: October 28, 2008
City ®f crrt ®r~th, ?'axes
Mayor and Council Communication
COUNCIL ACTION: Approved on 10/28/2008 -Ord. No. 18341-10-2008
DATE: Tuesday, October 28, 2008
LOG NAiVIE: 17TIFADMFY09 REFERENCE NO.: *~G-16328
SUBJECT:
Authorize Transfer of Funds from Various Tax Increment Reinvestment Zone Funds and the Fort
Worth Local Development Corporation into a Special Trust Fund for Fiscal Year 2008-2009
Administration by the Housing and Economic Development Department and Adopt Related
Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Transfer $182,896.00 from the North Tarrant Parkway TIF, the Lancaster Corridor TIF, the East Berry
Renaissance TIF, and the Woodhaven TIF all in the Special Assessment District Fund and $25,250.00 from
the Fort Worth Local Development Corporation to the Special Trust Fund to fund a portion of three
authorized positions in the Housing and Economic Development Department that are responsible for the
administration of Tax Increment Reinvestment Zones and the Fort Worth Local Development Corporation;
and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Special Trust Fund by $208,146.00 from available funds.
DISCUSSION:
In 2004, the City Council authorized the creation of two new positions in the Economic and Community
Development Department for TIF administration. City staff was directed to pursue funding from tax
increment allocated to TIF administrative expenses. The Fiscal Year 2008-2009 budget transferred funding
for one position from the General Fund to the Special Trust Fund to handle the accounting duties for
Component Units. For Fiscal Year 2008-2009, two positions and operating expenses shall be funded solely
from five percent of the annual increment generated by the North Tarrant Parkway TIF, the Lancaster
Corridor TIF, the East Berry Renaissance TIF and the Woodhaven TIF. The third position will be funded
jointly by TIFs, Public Improvement Districts and the Fort Worth Local Development Corporation.
In accordance with that process, on August 7, 2008, the North Tarrant Parkway TIF Board approved its five
percent increment of $37,453.00 for TIF administration expenses. On July 29, 2008, the Lancaster Corridor
TIF Board approved its increment of $129,719.00 for TIF administration expenses. On October 20, 2008,
the East Berry Renaissance TIF Board approved its increment of $6,670.00 for TIF administration
expenses. In November, staff anticipates approval by the Woodhaven TIF Board for its five percent annual
administrative expenses, in the amount of $9,054.00 and it is anticipated that funds will be available in this
account by the spring of 2009. The sum total of the four amounts is $182,896.00. On October 7, 2008, the
Fort Worth Local Development Corporation Board approved a transfer of $25,250.00 for administrative
expenses.
The attached ordinance will increase estimated receipts and appropriations in the Special Trust Fund by
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$208,146.00 to ensure that funds are available for administration of the TIFs and the Fort Worth Local
Development Corporation for the remainder of the 2008-2009 fiscal year.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriation ordinance, funds will be available in the current operating
budget, as appropriated, of the Special Trust Fund.
TO Fund/Account/Centers F ROM Fund/Account/Centers
1)2) FE72 472087 017587001000 $182.896.00 1) GS87 538070 002707004000 $37.453.00
1)2) FE72 472152 017587001000 $25.250.00 1) GS87 538070 002708005000 $129.719.00
2) FE72 511010 017587001000 $208,146.00 ~ GS87 538070 002712006000 6 670.00
1) GS87 538070 002713007000 9 054.00
1 ) R152 538070 0171000 X25.250.00
Submitted for City Manager's Office b~ Tom Higgins (6140)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Henry Day (6376)
Logname: I7TIFADMFY09 Page 2 of 2