HomeMy WebLinkAboutOrdinance 17587-06-2007Ordinance No. 17587-06-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF $1,064,100
FROM A REVOLVING LOAN FUND TRANSFER FOR THE PURPOSE OF
FUNDING COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM INCOME;
PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE
CUMULATIVE OF PRIOR 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 2006-
2007 in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Grants Fund in the amount of $1,064,100 from a Revolving Loan Fund transfer
for the purpose of funding Community Development Block Grant program income.
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. 17142 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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: June 5, 2007
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/5/2007 -Ordinance No. 17586-06-2007 & 17587-06-2007
DATE: Tuesday, June 05, 2007
LOG NAME: 17EVANSROSEPUR
REFERENCE NO.: L-14331
SUBJECT:
Authorize the Sale of City Owned Property Located in the Evans and Rosedale Project Area to
Cypress Equities, L.P., in accordance with Chapter 272 of the Texas Local Government Code and
Adopt Attached Appropriation Ordinances
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to execute two option agreements to sell City owned property in the Evans
and Rosedale Project Area to Cypress Equities, L. P. in accordance with Chapter 272 of the Texas Local
Government Code;
2. Authorize the City Manager to execute appropriate deeds conveying the property to Cypress Equities,
L.P. if the terms of the option agreements are satisfied;
3. Authorize the use of $1,064,100.00 in Community Development Block Grant (CDBG) Program Income
from the proceeds of the land sale;
4. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriation of the
Revolving Loan Fund by $1,064,100.00 from available funds;
5. Authorize the transfer of $1,064,100.00 from the Revolving Loan Fund to the Grants Fund; and
6. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the
Grants Fund for program income of $1,064,100.00.
DISCUSSION:
The City owns approximately 8 acres located in the Evans and Rosedale Project Area. The Evans and
Rosedale Project boundaries are as follows: Lueda Street to the North, Evans Avenue to the East,
Rosedale to the South and Interstate 35W to the West.
Earlier this year the City Council approved the selection of Cypress Equities L.P. ("Cypress") as the Master
Developer of the Project. As part of the development of the Evans and Rosedale Area, Cypress has
requested that the City relocate the fire station located on Evans Avenue. In order to begin the
development as soon as possible, staff is recommending that the City enter into two separate option
agreements for the property. The first option agreement would be for the City owned property south of
Terrell Street and West of Missouri. The second option agreement would be for the City owned property
south of Terrell and west of Evans Avenue. A map showing the two phases is attached. The purchase
price was determined by an independent appraisal.
The terms of the Option Agreements are as follows:
Logname: 17EVANSROSEPUR Page 1 of 2
Option I- West Retail
- Purchase Price $730,700
- Approximate Size - 194,776 square feet
- Option Period - 6 months
- City Retains Mineral Interest
- "As Is"
- Closing Contingencies:
- PDSU with site plan
- Necessary easements granted to City at no cost
- Bill Board Relocated
- Certificate of Closure from TCEQ on properly
- Executed Economic Development Agreement
Option II- Evans Avenue
- Purchase Price - $333,400
- Approximate Size- 94,822 square feet
- Option Period- 6 months from notice the Fire Station is moving.
- City Retains Mineral Interest
- "As Is"
- Closing Contingencies:
- PDSU with site plan
- Easements granted to City at no cost
- City relocation of fire station
- Satisfactory performance of Economic Development Agreement
The City purchased the property with Community Development Block Grant (CDBG) funds provided by the
U.S. Department of Housing and Urban Department (HUD). The proceeds from the sale, in accordance
with federal regulations, must be returned to the City in the form of CDBG program income.
The City published notice of its intent to sell the properties in the official newspaper as required under the
City Charter on May 11th, May 18th, May 25th and June 1st.
The Evans and Rosedale Project Area is in COUNCIL DISTRICT 8.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon approval of the above recommendations, adoption of the attached
appropriation ordinance and receipt of proceeds, funds will be available in the current operating budget, as
appropriated, of the Grant Fund.
TO Fund/Account/Centers
FROM Fund/Account/Centers
GR76 444180 005206066000 $1,064,100.00
3)GR76 451685 XXX206XX)CXXX $1,064,100.00
3) GR76 539120 XXX206XXX)OCX $1,064,100.00
GR91 5XXXXX 005206066010 $1,064,100.00
GR91 444180 005206066000 $1,064,100.00
Submitted for City Manager's Office b~
Originating Department Head:
Additional Information Contact:
Dale Fisseler (6140)
Tom Higgins (6192)
Jay Chapa (5804)
Logname: 17EVANSROSEPUR Page 2 of 2