HomeMy WebLinkAboutOrdinance 19648-04-2011Ordinance No. 19648-04-2011
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE SPECIAL TRUST FUND IN THE AMOUNT OF $240,745.00, FROM AVAILABLE
FUNDS, TO PROVIDE FUNDING FOR POSITIONS IN THE HOUSING AND ECONOMIC
DEVELOPMENT DEPARTMENT THAT ARE RESPONSIBLE FOR THE
ADMINISTRATION OF TAX INCREMENT REINVESTMENT (TIF) ZONES AND THE
FORT WORTH LOCAL DEVELOPMENT CORPORATION (LDC); 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 2010-2011 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 $240,745.00, from available funds, to provide funding for positions in
the Housing and Economic Development Department that are responsible for the administration of Tax
Increment Reinvestment (TIF) zones and the Fort Worth Local Development Corporation (LDC).
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.19355 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ordinances and appropriations are hereby expressly repealed.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:
O
City Attorney
e~r~ ~
ADOPTED AND EFFECTIVE: April 12, 2011
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTfON. Approved on 4/12/2011 -Ord. No. 19648-04-2011
DATE: Tuesday, April 12, 2011
LOG NAME: 17TIFADMINFY11
REFERENCE NO.: **G-17257
SUBJECT:
Authorize Transfer of Funds from Various Tax Increment Reinvestment Zone Funds and Accept Funds
from the Fort Worth Local Development Corporation into a Special Trust Fund for Fiscal Year 2010-2011
Administration by the Housing and Economic Development Department and Adopt Appropriation
Ordinance
RECOMMENDATION:
It is recommended that the City Council take the following actions in order to provide funding for positions
in the Housing and Economic Development Department for the administration of Tax Increment
Reinvestment Zones and the Fort Worth Local Development Corporation:
1. Transfer $214,745.00 from Tax Increment Reinvestment Zone Nos. 7 (North Tarrant Parkway Tax
Increment Reinvestment Zone), 8 (Lancaster Tax Increment Reinvestment Zone) and 12 (East
Berry Renaissance Tax Increment Reinvestment Zone) to the Special Trust Fund;
2. Accept $26,000.00 from the Fort Worth Local Development Corporation to the Special Trust Fund;
and
3. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations to
the Special Trust Fund by $240,745.00 from available funds.
DISCUSSION:
As the need for administration of the City's Tax Increment Reinvestment Zones (TIFs), Public
Improvement Districts (PIDs) and the Fort Worth Local Development Corporation (LDC) has grown, City
staff was directed to pursue additional funding sources to meet the need.
For Fiscal Year 2010-2011, five percent of the annual tax increment generated by TIFs 7, 8, and 12 will be
used for operating expenses and two positions in the Housing and Economic Development
Department. In addition, General Fund and TIF revenues will be used to fund one position and LDC and
TIF revenues, as well as by the PID assessments approved through the Benefit Hearings held in
September 2010, will be used to fund one position.
Accordingly, funding for these positions from the TIFs and the LDC sources have been approved as
follows:
September 14, 2010 -The LDC Board approved a transfer of $26,000.00 for administration
expenses;
September 30, 2010 -the North Tarrant Parkway TIF Board of Directors approved a five percent
increment transfer of $74,835.00 for TIF administration expenses;
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December 16, 2010 -the East Berry Renaissance TIF Board of Directors approved a five percent
increment transfer of $6,958.00 for TIF administration expenses; and
March 10, 2011 -the Lancaster TIF Board of Directors approved a five percent increment transfer
of $132,952.00 for TIF administration expenses.
The appropriation ordinance will increase estimated receipts and appropriations to the Special Trust Fund
by $240,745.00 to ensure that funds are available for the administration of the TIFs and the LDC for the
remainder of the 2011 Fiscal Year.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that funds are available in the current capital budget
of the Local Development Corporation Fund and the Special Assessment District Fund and upon approval
of the above recommendations and adoption of the attached appropriation ordinance, funds will be
available in the current capital budget, as appropriated, of the Special Trust Fund.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
FE72 461813 017587001000 $26,000.00 R152 539120 0171000 $26,000.00
FE72 461813 017587001000 $214,745.00 GS87 539120 002707004000 $74,835.00
FE72 511010 017587001000 $240,745.00 GS87 539120 002712006000 6 958.00
GS87 539120 002708005000 $132,952.00
CERTIFICATIONS:
Submitted for City Manager's Office b~ Susan Alanis (8180)
Originating Department Head: Jay Chapa (5804)
Henry Day (6376)
Additional Information Contact: Marguerite Allen (2235)
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