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HomeMy WebLinkAbout2001/04/17-Minutes-HEDC City of Fort Worth City Council Economic Development Committee REVISED Highlights of the Meeting Held Tuesday, April 17,2001 Committee Members Present: Jeff Wentworth, Becky Haskin, Jim Lane, and Frank Moss Other Council Members and Staff Present: George Behmanesh, Charles Boswell, Linda Brown, Teresa Carreon, Wendy Davis, Deidra Emerson, Dale Fissler, Patricia Garcia, Mike Groomer, Tom Higgins, Gary Jackon, Jim Keyes, Penny McCook, Ralph McCloud, Ardina Washington, Kirk Slaughter, Robert Sturns, and Peter Vaky 1. Call to Order: The meeting was called to order by Chairman Wentworth at 1:40 p.m. 2. Approval of Minutes from the Meeting held March 20, 2001: The Committee unanimously approved the Minutes for March 20, 2001. 3. Discussion of Cultural District/Will Rogers Master Plan: The Committee was briefed by staff Mike Groomer, Kirk Slaughter, Dale Fisseler, and George Behmanesh and by Sundance Project Group representatives Ed Bass and Vicki Dickerso concerning the proposed storm drain improvements for the Western Heritage Center (handout attachedKThe estimated cost of the water and sewer improvements is $3.2 million. After some discussion, Chairman Wentworth asked staff to coordinate the construction schedule with the museum officials to ensure all work is completed prior to the grand opening. Additionally, Council member Davis asked that staff make the schedule attainable and feasible. Additional discussion resulted in the following: • Chairman Wentworth asked staff to present the full Council with a written Informal Report (IR) about the status of the project and identifying possible funding sources for the project. • Committee member Haskin suggested staff present information about the project before the full Council as a Pre-Council discussion item. • Mr. Bass stated the City signed a lease with the Cowgirl Museum and is in the process of signing a lease with the Science & History Museum. He asked that the public have easy access to these museums while visiting during construction of the storm drain improvements. Mr. Bass stated it is important that the storm drain and street improvements be completed when the Cowgirl Museum opened so as not to inhibit access. And it is essential that the storm drain work be completed before the Museum of Science & History could begin construction. • Chairman Wentworth suggested the reconstituted Cultural District Committee consider undertaking the parking project. • Mr. Bass mentioned that the Western Heritage Steering Committee is considering funding the initial design work that has an estimated cost of $300,000.00 so that the project can commence. Chairman Wentworth mentioned that the City could not make a commitment to fund any portion of the project at the current time. • Chairman Wentworth asked that an update of this item be included on the Committee's agenda each month. 4. Discussion of Funds Available through U.S. Code Title 42, Chapter 69, Community Development Block Grant Program�Seetion 108: Tom Higgins, Economic Development Director, stated that the Miiward's pr��ject was a perfect example of' using the Section 108 loan as an economic tool. Nlr. Higgins introduced Deidra Emerson, Contract Compliance Supervisor, who gave a brief overview of' the Section 108 loan Page 1 of 2 Guarantees Program (handout attachvzms. Emerson stated that Community Development Block Grant (CDBG) regulations apply to Section 108 loans and that the City is not credited until the loan is paid in full. After some discussion, Ms. Davis asked for a list of the revenue sources and the payback schedule for the projects currently receiving Section 108 funding. Chairman Wentworth confirmed that the maximum amount of Section 108 funding available is $20.7 million. Ms. Emerson agreed and informed the Committee that the amount available is determined by subtracting the total amount appropriated to projects ($19.1 million) from the total CDBG Section 108 allocation ($39.8 million). 5. Discussion and Consideration of T&P Hotel Project: Mike Groomer, Assistant City Manager, briefly updated the Committee. At the Committee's request, Mr. Groomer sent a letter to Tom Blanton of Renaissance Development Company (developer for the T&P b lding) explaining that Section 108 funding was not a viable option for the T&P Hotel project (letter attach Mr. Groomer mentioned that the project had been referred to Charles Boswell, Assistant City Manager, for bond financing. Mr. Boswell will facilitate discussions with the City's financial advisors and the T&P representatives. Mr. Groomer mentioned that a Request for Proposal (RFP) had been initiated and that a Request for Qualifications (RFQ) will be initiated within the next week. Council member Davis requested a copy of the RFP submitted by Charlie Johnson. Chairman Wentworth asked that an update of this item be included on the Committee's agenda each month. 6. Discussion and Consideration of Revisions to the Code of Rules and Regulations of the Dallas-Fort Worth International Airport Board: Mr. Higgins stated the Dallas-Fort Worth International Airport Board asked to delay this item. The Committee agreed to postpone this item. 7. Discussion and Consideration of a Tax Abatement Application from Motheral Printing: Mr. Higgins briefly presented the Motheral Printing Company tax abatement request. Mr. Higgins stated with the abatement Motheral will be able stay in the City and specifically in the central city. Mother would retain 275 jobs and approximately 92 new jobs would be created over the next 10 years (see a ent). Mrs. Haskin expressed concern about continuing to give credit for construction throughout the entire abatement. She also inquired about additional services and benefits that would be provided for the employees by the company. After some additional discussion, Mr. Lane made a motion to present the Motheral Tax Abatement application to the full Council. Mr. Moss seconded the motion. 8. Discussion and Consideration of a Tax Increment Financing (TIF) District Billing Guidelines: Ardina Washington, Business Development Coordinator, briefed the Commi on proposed TIF District Billing Guidelines which would be used as a tool to administer TIFs (attdalfed). Ms. Washington asked for comments or input and made the Committee aware that these guidelines would be used administratively and will not need to go before the full Council for approval. After some discussion, Chairman Wentworth asked staff to keep the Committee informed. 9. Executive Session: No items. 10. Adjourn: Chairman Wentworth adjourned the meeting at 2:50 p.m. Approved By: Am eff Went"orth, Chairman Page 2 of 2