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Home My WebLink AboutOrdinance 19691-05-2011Ordinance No. 19691-05-2011 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF $175,000.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING THE COWTOWN MARKET DEVELOPMENT AT THE INTERSECTION OF INTERSTATE 35 FRONTAGE ROAD AND ALLEN AVENUE; 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 Grants Fund in the amount of $175,000.00 from available funds, for the purpose of funding the Cowtown Market Development at the intersection of Interstate 35 Frontage Road and Allen Avenue. 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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: Assistant City Attorney ADOPTED AND EFFECTIVE: May 17, 2011 City of Fort Worth, Texas Mayor and Council Communication ~~:v~~ .. COUNCIL ACTION: Approved on 5/17/2011 -Ordinance No. 19691-05-2011 DATE: Tuesday, May 17, 2011 LOG NAME: 17COWTOWNMARKET-UDAG REFERENCE NO.: C-24914 SUBJECT: Authorize Execution of Economic Development Program Agreement with Spoon Industries, Inc., for Cowtown Market Redevelopment Project at the Intersection of Interstate 35 Frontage Road and Allen Avenue and Adopt Related Appropriation Ordinance (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the City Manager to execute an Economic Development Program Agreement with Spoon Industries, Inc. pursuant to which the City will make an economic development grant authorized by Chapter 380 of the Texas Local Government Code in an amount not to exceed $175,000.00 in return for completion of the Cowtown Market redevelopment project at the Intersection of Interstate 35 Frontage Road and Allen Avenue; 2. Authorize Urban Development Action Grant proceeds from the Hyatt Regency, now known as the Hilton Parking Garage project as the funding source for the economic development grant to Spoon Industries, Inc.; and 3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations of the Grants Fund by $175,000.00. DISCUSSION: Spoon Industries, Inc. (Developer) proposes to develop a gas station and restaurant called Cowtown Market at the intersection of the Interstate 35 Frontage Road and Allen Avenue. The development will include a Shell gas station and a Jumburrito restaurant which is the first of its kind in the Metroplex. The Developer will invest at least $2,000,000.00 into the project and has agreed to a goal of creating 15 new full-time jobs following completion. The site currently contains an abandoned gas station that requires environmental remediation due to underground fuel tanks. In addition, a sanitary sewer line runs in an alley across the site. The new development will consist of astate-of-the-art 4,936 square foot convenience store and a five bay self- service gas station. In return for the site redevelopment and job-creation goal by Developer for this project, City staff proposes and recommends the following terms for an Economic Development Program Agreement with Developer. Develo~er_ Commitments: . Minimum investment of $2,000,000.00 to redevelopment the site; Logname: 17COWTOWNMARKET-UDAG Page 1 of 2 . Environmental remediation of the site, including demolition and removal of existing gasoline tanks; . Construct certain enhanced parkway improvements above City's base requirements; and . Make a good faith effort, as a goal, to provide a minimum of 15 full-time jobs, of which 50 percent must be with Fort Worth Central City residents. City Commitment: Upon verification that the site has been redeveloped in accordance with the requirements above, the City will pay Developer an economic development grant not to exceed $175,000.00. The funding source for the grant will be the City's portion of revenues received from parking fees associated with the parking garage now known as the Hilton Hotel parking garage, which was funded with Urban Development Action Grant (UDAG) funds. The Hyatt Regency Parking Garage project has a remaining balance of $416,849.00. Proceeds of the project must also be utilized specifically for activities that meet the requirements of the UDAG program. The Cowtown Market project meets the industrial and commercial project eligibility requirements of the UDAG program. This project is located in COUNCIL DISTRICT 8. 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 Grants Fund. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers GR76 539120 005206948060 $175.000.00 GR76 539120 005206948060 $175.000.00 GR76 442216 005206948000 $175.000.00 CERTIFICATIONS: Submitted for City Manager's Office bv• Susan Alanis (8180) Originating Department Head: Jay Chapa (5804) Cynthia Garcia (8187) Additional Information Contact: Avis F. Chaisson (6342) Logname: 17COWTOWNMARKET-UDAG Page 2 of 2 ;# �+•' � '6.. r1 .‘44,,,,,..-_,. .+q'.. ,, ; A .' 1 4 . aP' fp_. �' - y _ - fi ce...:.y ; 41...f, 4 Het . .1y • ��'ti' e � t ri _ Y r `^V ; y y W v• rn ,...:_,;>, - 0 -, ,.. 1114_14 r:vi,,!.., ,,t„,,e v. 'A- xr.,..„,.p tip,I.I ,,11) 90 : , ....„ A..? ..A.,4,„,..-4.41 A 1 a, .),. 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