HomeMy WebLinkAboutOrdinance 20062-01-2012Ordinance No. 20062 -01 -2012
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SPECIAL TRUST FUND IN THE AMOUNT OF
$261,552.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING
POSITIONS IN THE HOUSING AND ECONOMIC DEVELOPMENT DEPARTMENT
RELATING TO ADMINISTRATION OF TAX INCREMENT REINVESTMENT
ZONES AND THE FORT WORTH LOCAL DEVELOPMENT CORPORATION;
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 2011 -2012 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 $261,552.00, from available funds, for the purpose of funding positions
in the Housing and Economic Development Department relating to administration of tax increment
reinvestment zones and the Fort Worth Local Development Corporation.
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. 19911 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ordinances and appropriations are hereby expressly repealed.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 Attorne
ADOPTE1),-\ N1) 31, 2012
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 1/31/2012 - Ordinance No. 20062 -01 -2012
DATE: Tuesday, January 31, 2012
LOG NAME: 17TIFADMINFY12
REFERENCE NO.: * *G -17513
SUBJECT:
Authorize Transfer of Funds in the Amount of $235,552.00 from Various Tax Increment Financing
Reinvestment Zones and Accept Funds in the Amount of $26,000.00 from the Fort Worth Local
Development Corporation into a Special Trust Fund for Fiscal Year 2011 -2012 Administration by the
Housing and Economic Development Department and Adopt Appropriation Ordinance (ALL COUNCIL
DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Transfer $235,552.00 from Tax Increment Reinvestment Zones No. 7 - North Tarrant Parkway TIF, No.
8 - Lancaster Corridor TIF, and No. 12 - East Berry Renaissance TIF to the Special Trust Fund for the
purpose of funding positions in the Housing and Economic Development Department related to
administration of Tax Increment Reinvestment Zones;
2. Accept $26,000.00 from the Fort Worth Local Development Corporation to the Special Trust Fund for
the purpose of funding positions in the Housing and Economic Development Department related to
administration of the Fort Worth Local Development Corporation; and
3. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the
Special Trust Fund in the amount of $261,552.00 from available funds for the purpose of funding positions
in the Housing and Economic Development Department related to administration of Tax Increment
Reinvestment Zones and the Fort Worth Local Development Corportion.
DISCUSSION:
As the need for administration of the City's Tax Increment Reinvestment (TIF) Zones 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 2011 -2012, positions in the Housing and Economic Development Department relating to
the administration of TIF Zones will be partially funded by a five percent set -aside of the tax increment
generated in the previous tax year by the North Tarrant Parkway, Lancaster Corridor and East Berry
Renaissance TIFs, which amount to $235,552.00. In addition, $26,000.00 of LDC revenues will be used
to fund positions in the Department relating to administration of the LDC.
All other administrative steps to obtain this funding have been accomplished, as follows:
September 14, 2011: The Lancaster TIF Board of Directors approved a five percent increment transfer in
the amount of $151,638.00 for TIF administration expenses.
Logname: 17TIFADMINFYI2 Page 1 of
October 4, 2011: The LDC Board approved a transfer in the amount of $26,000.00 for administration
expenses.
December 12, 2011: The East Berry Renaissance TIF Board of Directors approved a five percent
increment transfer in the amount of $8,914.00 for TIF administration expenses.
January 9, 2012: The North Tarrant Parkway TIF Board of Directors approved a five percent increment
transfer in the amount of $75,000.00 for TIF administration expenses.
The attached appropriation ordinance will increase estimated receipts and appropriations to the Special
Trust Fund in the amount of $261,552.00 to ensure that funds are available for the administration of TIFs
and the LDC for the remainder of the 2012 Fiscal Year.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriations ordinance, funds will be available in the current capital
budget, as appropriated, of the Special Trust Fund.
FUND CENTERS:
TO Fund /Account/Centers
FE72 461813 017587001000
FE72 461813 017587001000
FE72 511010 017587001000
CERTIFICATIONS:
FROM Fund /Account/Centers
$26,000.00 R152 539120 0171000
$235,552.00 GS87 539120 002707004000
$261,552.00 GS87 539120 002712006000
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
GS87 539120 002708005000
Fernando Costa (6122)
Jay Chapa (5804)
Henry Day (6376)
Maggie Allen (2235)
$26,000.00
$75,000.00
$8,914.00
$151,638.00
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