HomeMy WebLinkAboutOrdinance 24172-05-2020 Ordinance No.24172-05-2020
AN ORDINANCE ADJUSTING APPROPRIATIONS IN THE VARIOUS TAX INCREMENT
REINVESTMENT ZONE (TIRZ) FUNDS IN THE AMOUNT OF $8,975,094.00, FROM
AVAILABLE FUNDS, FOR THE PURPOSE OF BALANCING THE FUNDS, IN THE
VARIOUS TAX INCREMENT FUNDS; PROVIDING FOR A SEVERABILITY CLAUSE;
MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL
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 2020 in the Budget
of the City Manager, there shall also be decreased receipts and appropriations in the various Tax Increment
Reinvestment Zone (TIRZ) funds in the amount of $8,975,094.00, from available funds, for the purpose of
balancing the funds.
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 orjudgment 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 23426-09-2018 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said prior ordinances and appropriations are hereby expressly repealed.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: CITY SECRETARY
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T�Yer F.Wallach(May 27,2020 13:14 CDT)
Assistant City Attorney Mary J. Kayser
ADOPTED AND EFFECTIVE: May 5, 2020
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 05/05/20 MSC FILE NUMBER: M&C 20-0283
LOG NAME: 17FY2020 MID-YEAR TIF ADJUSTMENTS
SUBJECT
Adopt Ordinance Adjusting Appropriations in Various Tax Increment Reinvestment Zone Funds and Amounts to Bring Revenues and Expenditures
Into Balance for Fiscal Year 2020(ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached supplemental appropriation ordinance adjusting appropriations in the various
Tax Increment Reinvestment Zone Funds in the total net amount of$8,975,094.00 for Fiscal Year 2020.
DISCUSSION:
The City's annual Operating Budget is formally enacted into law by City Council action adopting an appropriation ordinance that establishes
spending limits for each department's operation.The purpose of this Mayor and Council Communication(M&C)is to address mid-year
adjustments to various funds as described below.
On October 15,2019,M&C 19-0252 established the Fiscal Year 2020(FY2020)appropriations for the various Tax Increment Reinvestment Zones
(TIRZs)in the amount of$87,518,746.00.Based on the approved numbers for FY2020,mid-year adjustments are needed to bring some of the
TIRZ funds into balance.
Some TIRZ funds were appropriated with the use of fund balance in FY2020.Adjustments in the amount of$8,975,094.00 are needed for some of
the funds and will decrease the use of fund balance based on available funds at the end of the prior fiscal year.
Decreases in appropriations for TIRZ No.2A,TIRZ No.2B,and TIRZ No.7 are based on estimated available revenues resulting from updated
district appraisals that reflect lesser growth and development activity within the TIRZs than had been projected for the year.Increases in
appropriations for TIRZ No.3,TIRZ No.3A,TIRZ No.4,TIRZ No.6,TIRZ No.7A,TIRZ No.8,TIRZ No.9,TIRZ No.9A,TIRZ No.10,TIRZ No. 10A,
TIRZ No. 12,TIRZ No. 13,TIRZ No. 14,and TIRZ No. 15 are based on estimated available revenues resulting from updated district appraisals that
reflect greater growth and development activity within the TIRZs than had been projected for the year.Together,these changes in appropriations
result in a total net change in appropriations in the amount of$8,975,094.00.
Changes to the TIRZ funds are shown in the following table:
TIRZ Number Fund Adjustment
TIRZ No.2A-Texas Motor Speeedway 28721 ($364,179.00)
TIRZ No.2B-Texas Motor Speeedway 28722 ($54,759.00)
TIRZ No.3-Downtown 28603 $249,535.00
TIRZ No.3A-Downtown 1128730 $112,482.00
TIRZ No.4-Southside 1128604 $4,372,626.00
TIRZ No.6-Riverfront 28606 $3,810.00
TIRZ No.7-North Tarrant Pkwy 28607 ($1,003,815.00)
TIRZ No.7A-North Tarrant Pkwy 28770 $5,597.00
TIRZ No.8-Lancaster Corridor 28608 $1,533,426.00
TIRZ No.9-Trinity River Vision 28609 $905,018.00
TIRZ No.9A-Trinity River Vision 28790 $322,390.00
TIRZ No.10-Lone Star 28610 $1,108,123.00
TIRZ No.10A-Lone Star 28710 $173,920.00
TIRZ No.12—East Berry 28612 $361,872.00
TIRZ No.13—Woodhaven 286131 $677,106.00
TIRZ No.14-Trinity Lakes 28614 $78,016.00
TIRZ No.15-Stockyards/Northside 28615 $493,926.00
TOTAL $8,975,094.00
A Form 1295 is not required because:This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that upon adoption of the above recommendation supplemental appropriation ordinance,funds will be available in
the current operating budgets,as appropriated,of the various TIRZ Funds. Prior to any expenditure being incurred,the Economic Development
Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Michael Hennig 6024
Martha Obermiller 2610