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Home My WebLink AboutOrdinance 23426-09-2018 Ordinance No.23426-09--2018 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE TAX INCREMENT FUNDS IN THE AMOUNT OF $94,446,946.00, 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 2019 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 $94,446,946.00, from available funds, for the purpose of establishing appropriations in those Funds, with such appropriation allocated to the various funds as follows: Fund Appropriation', ITIF Fund - Zone No. 2A - Texas Motor Speedway (28721) $1,851,517.00'. ;TIF Fund - Zone No. 2B - Texas Motor Speedway (28722) $1,246,664.00' TIF Fund - Zone No. 3 - Downtown (28603) !$10,800,499.00. TIF Fund - Zone No. 3A - Downtown (28730) $4,425,565.00: TIF Fund - Zone No. 4 - Southside Medical District (28604) ;$20,578,380.00 TIF Fund - Zone No. 6 - Riverfront (28606) $182,804.00'. .TIF Fund - Zone No. 7 - North Tarrant Pkwy (28607) $21,505,946.00. !TIF Fund - Zone No. 7A - North Tarrant Pkwy28770 $1,114,370.00' TIF Fund - Zone No. 8 - Lancaster (28608) 1$15,153,757.00 TIF Fund - Zone No. 9 - Trinity River Vision (28609) $4,312,931.00!. TIF Fund - Zone No. 9A - Trinity River Vision (28790) $51,108.00' __._. ..... . .. .e._ ... _.... __ ._.. (TIF Fund - Zone No. 10 - Lone Star (28610) $934,989.00, !TIF Fund - Zone No. 12 - East Berry Renaissance (28612) $2,069,298.00'` TIF Fund - Zone No. 13 - Woodhaven (28613) $5,102,472.00. 'TIF Fund - Zone No. 14 - Trinity Lakes (28614) $4,469,525.00;; iTIF Fund - Zone No. 15 - Stockyards/Northside (28615) $531,473.00'. TIF Fund - Zone No. 10A - Lone Star (28710) $115,648.00! 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, 2018, and ending September 30, 2019, 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. Ordinance No. 23426-09-2018 SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY Assistant City Attorney Mary J. Kayser ADOPTED AND EFFECTIVE: September 25, 2018 Ordinance No. 23426-09-2018 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 9125/2018 Ordinance No. 23426-09:-2016 DATE: Tuesday, September 25, 2018 REFERENCE NO.: G-19385 LOG NAME: 03TIF ALLOCATION FY2019 SUBJECT: Adopt Supplemental Appropriation Ordinance Increasing Estimated Receipts and Appropriations in the Various Tax Increment Funds in the Total Amount of$94,446,946.00 for Fiscal Year 2019 (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$94,446,946.00 for Fiscal Year 2019. DISCUSSION: The purpose of this Mayor and Council Communication is to establish the Fiscal Year 2019 appropriations in the various Tax Increment Funds (TIFs) in the amount of$94,446,946..00. The City of Fort Worth's Fiscal Year 2019 Appropriation Ordinance adopting the City's Fiscal Year 2019 operating and capital budget, does 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 eaph 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 2019 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: Revenuel IF Fund Anticipation and Expenditure Appropriation IF Fund–Zone No.2A-Texas Motor Speedway F 2-87211 $1,851,517.00 ff IF Fund–Zone No.213-Texas Motor Speedway I 28722$1,246,664.00 IF Fund–Zone No. 3–Downtown 28603 $10,800,499.00 ff—IFFund–Zone No. 3A–Downtown 28730[— $4,425,5_6_5.00 1F Fund–Zone No.4-Southside Medical District 28604[_ $20,578,380.00 vF Logname: 03TIF ALLOCATION FY2019 Page I of 2 Ea �IF Fund–Zone No. 6–Riverfront 1 286061 $ 182,804.00 IF Fund–Zone No.7-North Tarrant Pkwy 1 28607F $21,505,946.00 IF Fund–Zone No. 7A-North Tarrant Pkwy F 2-87701 $1,114,370.00 IF Fund–Zone No. 8–Lancaster 1 28608 $15,153,757.00 IF Fund–Zone No. 9-Trinity River Vision 1 286091 $4,312,931.00 IF Fund–Zone No. 9A-Trinity River Vision 1 287901 $51,108.00 IF Fund–Zone No. 10-Lone Star I 28610E—$934,989.00 IF Fund–Zone No. 12-East Berry Renaissance 286121 $2,069,298.00 IF Fund–Zone No. 13–Woodhaven 1 28613 $5,102,472.00 IF Fund–Zone No. 14-Trinity Lakes F—28614[— $4,469,525.00 IF Fund–Zone No. 15-Stockyards/Northside 1 286151 $531,473.00 IF Fund–Zone No. 10A- Lone Star F 28710 $115,648.00 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 2019 operating budget, as appropriated, to the TIF Funds. FUND IDENTIFIERS (FIDs): TO Fund Department ccoun Project Program ctivity Budget Reference # moun ID ID Year Chartfield 2 FROM Fund Department ccoun Project Program ctivity Budget Reference # moun ID ID Year Chartfield 2 CERTIFICATIONS: Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Lynda Johnson (6222) Terry Hanson (7934) Additional Information Contact: Loraine Coleman (8542) Logname: 03TIF ALLOCATION FY2019 Page 2 of 2