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HomeMy WebLinkAboutResolution 5151-12-2019 A Resolution NO. 5151-12-2019 AUTHORIZING THE EXECUTION OF A M E N D M E N T 1 T O A FUNDING AGREEMENT WITH FORT WORTH SOUTH INC. IN THE AMOUNT OF $3,000,000.00 FOR COUNCIL DISTRICT 9 STREET REPAIR AND RECONSTRUCTION PROGRAM WHEREAS, the Fort Worth South Near Southside Medical District serves as the city's second largest employment center, with approximately 30,000 workers and an estimated $5.5 billion annual economic impact to Tarrant County and $4.2 billion to Fort Worth; and WHEREAS, Fort Worth South, Inc. ("FWSI") is the non-profit redevelopment corporation working since 1995 to revitalize the Near Southside and its Medical District; and WHEREAS, FWSI administers the Tax Increment Reinvestment Zone No. 4 ("Southside TIF") to promote new investment and economic development in the Southside TIF district through a contract with the City; and WHEREAS, the City of Fort Worth entered into a funding agreement with FWSI in the amount of$10,000,000.00 to implement a Street Repair and Reconstruction Program ("Program") within the district (City Secretary No. 45858, M&C C 26906); and WHEREAS,the original scope of the Program is not yet completed and requires additional funding; and WHEREAS, this Amendment I to the Street Repair and Reconstruction Program leverages funding in an amount up to $3,000,000.00 under a 50150 partnership that will complete the rehabilitation of deteriorating streets through construction, reconstruction and other improvements that will facilitate redevelopment and revitalization in Fort Worth's Near Southside District; and WHEREAS, the Southside TIF will contribute funding in an amount up to $1,500,000.00; and WHEREAS, the City will commit up to $1,500,000.00 as an equal match from legacy residuals from the Street Rehabilitation Fund; and ORTWO T WHEREAS, any funds remaining after the original scope of work has been completed may be applied to additional streets within the project area as determined jointly by FWSI and the Transportation and Public Works Department. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: The City Manager is hereby authorized to execute Amendment 1 to that certain Funding Agreement with Fort Worth South, Inc. (City Secretary No. 45858) in the amount of $3,000,000.00 to complete the 2014 Street Repair and Reconstruction Program in Council District 9 and any remaining funds may be used to improve or rehabilitate additional streets within the program area. Adopted this 3 d day of December 2019. ATTEST: .-. _-/ �pF FO�QTGL Mary J. Kaysg,ATY retary _ �xAS ORT�VO T MAYOR AND COUNCIL COMMUNICATION MAP CD9 STREET REPAIR AND RECONSTRUCTION AMENDMENT r+�i •..�z i 4 I14, `, An ..._ "11IL ..'{ uc I .• 1�!AMr• R\. ' _. , PRESIDIO T tr EL PASQ Wlr SIDEWALK ONLY ry1N'nusTR �z J.- .- .+'��'� `t` s J!_Sb ,! .. --•t� '- V1L'K•ERY >, . •✓ b w O i C7 O, DAGGFTT,+ x ! _ 3 y Ot �. N + + •0. ��•DAGGF.T,T" O� �J I�(.' 3. It 'BROADWAI •�+. 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' ®Round Round 4 MAINTENANCE PROJECT ti�� Round 2 Other Projects 7=SOUTH MAIN SUSTAINABLE DEVELOPMENT PROJECT AW,THQRNF_,,; v z ; . 6 II®Round 3=2020 0 250 500 1,000 e Feet City of Fort Worth,Texas Mayor and Council Communication DATE: 12/03/19 M&C FILE NUMBER: M&C 19-0347 LOG NAME: 20CD9 STREET REPAIR AND RECONSTRUCTION AMENDMENT SUBJECT Adopt a Resolution Authorizing the Execution of Amendment No. 1 to City Secretary No.45858,the Funding Agreement with Fort Worth South, Inc.in the Amount of$3,000,000.00 for the Near Southside Medical District Street Repair and Reconstruction Program for a Revised Amount of $13,000,000.00;Authorize the Acceptance of Funds in an Amount Up to$1,500,000.00 from Tax Increment Reinvestment Zone No.4 and Adopt Appropriation Ordinances;and Amend the FY 2020-2024 CIP(COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: 1. Adopt the attached Resolution authorizing the execution of Amendment No. 1 to City Secretary No.45858,the Funding Agreement with Fort Worth South,Inc.,in the amount of$3,000,000 for the Near Southside Medical District Street Repair and Reconstruction Program for a revised amount of$13,000,000.00; 2. Authorize the acceptance of funding in the amount up to$1,500,000.00 from Tax Increment Reinvestment Zone No.4; 3. Adopt the attached appropriation ordinance increasing appropriations in the TIRZ#4-Southside Med Dist Fund in the amount up to $1,500,000.00 for the purpose of transfering to the TIRZ-General Capital fund; 4. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the TIRZ-General Capital Fund in the amount up to$1,500,000.00,upon receipt of funds,for the Council District 9 Street Repair and Reconstruction Program; 5. Adopt the attached appropriation ordinance increasing the appropriations in the Street Rehabilitation Fund from available funds in the amount up to$1,500,000.00,upon receipt of funds,for the Council District 9 Street Repair and Reconstruction Program;and 6. Amend the FY 2020-2024 CIP by increasing funding in the Near Southside Medical District Street Repair and Reconstruction Program by $3,000,000. DISCUSSION: On August 5,2014, (M&C C-26906)the City Council adopted Resolution No.4342-08-2014 authorizing a Funding Agreement with Fort Worth South, Inc., in the amount of$10,000,000.00 for Council District 9 Near Southside Medical District Street Repair and Reconstruction Program (City Secretary No.45858).The Program leveraged funding in an amount up to$5,000,000.00 from the Tax Increment Reinvestment Zone No.4 (Southside TIF)over four years.The City of Fort Worth matched the funds in an amount up to$5,000,000.00 using 2014 Bond Program-Grant Matches Funds. The program included 50 street segments to be constructed in four sequential projects. As delivery of the projects has progressed, it has become clear that the remaining funding is insufficient to complete the original scope.The revised estimate, based on recent pricing,to complete the remaining work requires approximately$3,000,000.00 in additional funding.The revised Funding Agreement increases the total commitment by$3,000,000.00 for which the costs will be split 50/50 between the City and the Tax Increment Reinvestment Zone No.4(Southside TIF). The City participation will be matched with legacy residuals from the Street Rehabilitation Fund. Funding for this project was not included in the FY2020-2024 Capital Improvement Plan due to insufficient funding to complete the original scope. The action in this M&C will amend the FY2020-2024 Capital Improvement Plan. This program is located in COUNCIL DISTRICT 9. A Form 1295 is not required because:This contract will be with a governmental entity,state agency or public institution of higher education:Fort Worth South,Inc. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies upon approval of the above recommendations and adoption of the attached appropriation ordinances,funds will be available in the TIRZ#4-Southside Med Dist Fund,the TIRZ-General Capital Fund,and the Street Rehabiliation Fund. Prior to an expenditure being incurred,the Transportation&Public Works Department has the responsibility of verifying the availability of funds. Submitted for City Manager's Office by: Dana Burghdoff 8018 Originating Business Unit Head: William Johnson 7801 Additional Information Contact: Lane Zarate 7802