HomeMy WebLinkAboutIR 9509 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9509
pATFp To the Mayor and Members of the City Council
August 21, 2012
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Page 1 of 3
73 SUBJECT: SUMMARY OF CITY EXPENDITURES ON THE TRINITY RIVER
VISION PROJECT
The purpose of this informal report is to provide the City Council an update on the current
project and financial status of the Trinity River Vision (TRV) Project. As a local partner, the
City's primary responsibilities are the construction of the water, sewer and city storm water
facilities, provide franchise utility relocation coordination, and complete construction of three
new bridges crossing the future TRV bypass channel located on North Main Street, Henderson
Street, and White Settlement Road.
On August 7, 2012, the City Council approved Mayor and Council Communication (M&C) C-
25776 authorizing execution of a Local Project Advance Funding Agreement (LPAFA) with the
Texas Department of Transportation (TxDOT) for the construction of a new 4 four-lane bridge
along Henderson Street that will span the future TRV Bypass Channel as well as the Fort Worth
& Western Railroad Right of Way. Upon execution of the LPAFA, TxDOT requires the local
partner to provide their financial share for construction of the project, which is $6,631,831. At
the time of this M&C, the City Council asked for a breakdown of the local funding of the project
and update on the status of expenditures with respect to the City's $26.6 million commitment to
the TRV project.
Approval of the LPAFA for the Henderson Street Bridge in the amount of $37,136,500.00 allows
for federal, state, regional, and local funding participation to construct a new four-lane bridge
over the future Trinity River Bypass Channel as part of the Trinity River Vision Central City
Project. Funding includes $12,144,013.00 in federal funds, $2,300,906.00 in state funds,
$7,500,000.00 in Regional Toll Revenue funds and $15,191,581.00 in Local funds for a total in
the amount of $37,136,500.00.
The Local breakdown of funding for the Henderson Street Bridge is as follows:
Tarrant Regional Water District- Right of Way Acquisitions $ 5,160,000
City of Fort Worth- Design and Engineering $ 3,399,750
City of Fort Worth- Construction Authorized by M&C-25776 $ 6,631,831
Subtotal of City Contribution $10,031,581
Total Local Contribution $15,191,581
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9509
pATFp To the Mayor and Members of the City Council
August 21, 2012
r
Page 2 of 3
73 SUBJECT: SUMMARY OF CITY EXPENDITURES ON THE TRINITY RIVER
VISION PROJECT
The following summary provides a snapshot of current expenditures as of July 31, 2012,
followed by a summary of forecasted expenditures from FY2013 to FY2015. It is expected that
the City will complete its financial commitment by FY2015.
TRV Funding Plan
The following summary chart provides a breakdown on the overall cost estimate of the TRV
Central City Project as well as the funding sources and the partner's financial commitments that
will be used to deliver the project:
Project Finance Plan Summary
TRV Project Cost Estimate $909,877,200
Federal Funds 5( 3.6%) $487,822,900
Local Funds 4( 6.4%) $422,054,300
City of Fort Worth $ 26,600,000
Tarrant County $ 11,000,000
Tarrant Regional Water District $ 64,400,000
Local Funds Subtotal $102,000,000
Remaining to Finance from Tax Increment Financing District (TIF) $320,054,300
The City's Gross and Net Expenditures after County Reimbursement
To date the City has spent or committed in agreements $18.46 million on TRV related project
expenses. Tarrant County has provided $6.5 million in reimbursements to the City as part of the
County's commitment to contribute $11 million in support of the road projects for the TRV
Project. The County is providing its support through inter-local agreements with the City
because the City is responsible for leading the construction of the road and bridge projects and
the associated utility relocations. The City allocated and spent $1,000,000 in direct TIF
expenditures for road and storm water design prior to entering into a loan agreement with the
Tarrant Regional Water District (TRWD). The loan agreement with the District allows TRWD to
advance fund other TRV TIF funding elements and then be reimbursed as TIF funds become
available. The following table provides a summary of the City's gross and net expenditures as of
7/31/12 and also includes the $6,631,831 LPAFA commitment approved August 7, 2012 in M&C
C-25776. The White Settlement Road Bridge is funded out of Grant Funds, TIF allocations,
Tarrant County and Tarrant Regional Water District.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9509
,
pATFjpj 416 To the Mayor and Members of the City Council
August 21, 2012
r
Page 3 of 3
73 SUBJECT: SUMMARY OF CITY EXPENDITURES ON THE TRINITY RIVER
VISION PROJECT
City Gross Expenditures to Date: $18,460,000
Funding Sources:
City Contributions: $10,960,000
County Reimbursement to City Gross Expenditure: $ 6,500,000
TIF Direct Contribution for City Gross Expenditures: $ 1,000,000
Net City Expenditures to Date: $10,960,000
Remaining City Expenditures (FY2013 — FY2015):
• Completion of North Main Bridge Design (2008 CIP) $ 1,120,000
• North Main Bridge Construction (2008 CIP) $ 4,600,000
• Water/Sewer Relocations (Water Capital Revenues) $ 9,920,000
Total City Non TIF Commitment $26,600,000
Should you have any questions or require additional information, please contact Mark Rauscher
at 817-392-2446.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS