HomeMy WebLinkAboutIR 8993i?111• 1,1� iipi�111 11 111111111111FOIN -
0 1 4k
No
Mm�
On June 10, 2008, the City Council adopted M&C G-16166 that received the petition for the A
establishment of the Fort Worth Public Improvement District No. 8 for the Camp Bowie Boulevard ar
me]
During that time, PID 8 was undergoing an audit by the City of Fort Worth's Internal Audit Dep
Therefore, the PID was not re-established at that time.
Internal Audit has since completed Phase I of the audit, which was an analysis of the proper use of PID
funds, and has begun Phase 2, an analysis of cash flow from the original creation of the PID. As a result of
Phase I of the audit, a new PID Policy has been developed, which will be utilized to administer this and all
PIDs.
On the Council Agenda for December 2, 2008, will be an M&C to conduct a public hearing for the re-
establishing PID 8. Notice of the public hearing will be sent to the affected property owners and will be
published in the Star-Telegram. Since this PID has an adequate fimd balance for the proposed projects
listed in its proposed budget, there will not be an assessment for 2008-2009. The total proposed budget is
approximately $329,748 and includes the items below:
Management Fee
54,624.64
Marketing/Special Events
94,000.00
Landscaping & Maintenance
56,800.00
Camp Bowie West Development Plan
10,000.00
Development Standards
30,000.00
Insurance
4,100.00
Security
10,000.00
Audit
5,000.00
Joint Venture Grant
65,223 23
City Fee
0
TOTAL: 329,747.87
'rhe resolution awilhorizing re-establishment of PIS 8 provides that it will exist for tern years upon adoption
of the resolution unless it is dissoNad sooner.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS