HomeMy WebLinkAboutIR 8706III
INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 8706
August 16, 2005
Page 1 of 2
Economic Development Initiative — Special Project Grants for Building
Restoration and Revitalization of the Polytechnic Heights Urban Village
In February 2002, the City Council unanimously selected the Polytechnic/ Wesleyan Village
project for Economic Development Initiative (EDI) Special Projects funding for the FY 2003
Federal appropriations process. The City requested $1 million for brick and mortar
construction, renovation and rehabilitation within the Polytechnic Wesleyan commercial core
along East Rosedale Street between Beach Street and Bishop Street. The City received two
EDI - Special Project grants totaling $961,212 for the revitalization of Polytechnic /Wesleyan
urban village. The Polytechnic/ Wesleyan urban village is one of ten urban villages that were
targeted for redevelopment by Commercial Corridors Task Force.
The original plan indicated that the smaller grant of $223,538 would provide EDI funds to
leverage private- sector investment to refurbish the commercial and retail buildings along E.
Rosedale Street within the project areas. The larger grant of $737,674 would provide funds to
leverage the development of an infill two -story mixed -use office /residential building along the
corridor as well as support construction, infrastructure and pre - development funds to redevelop
the area. It was anticipated that these activities would serve as catalyst in the
Polytechnic /Wesleyan Urban Village for needed redevelopment and create jobs and housing
opportunities in the immediate area.
At the September 30, 2003, Council Meeting, City Council approved M &C G -14105 and
M &C G -14106 to formally apply for and execute documents for the grants. The EDI funds do
not have a matching fund requirement.
A Call for Projects for the EDI funds was issued on March 1, 2005, with a proposal due date of
March 18, 2005. The objective of the Call for Projects was to leverage the development of a
catalyst project within the target area. While the EDI funds could still be used for their original
purpose, respondents to the Call were not restricted to those defined uses.
In discussions with Southeast Fort Worth Inc., city staff was informed that several potential
developers had received the call late and would not be able to meet the proposal due date. In
order to facilitate these proposals, City staff extended the proposal due date until April 1, 2005.
The two proposals staff received for the EDI funds were from Revealed Words Ministry and
from Komatsu Architecture. City staff reviewed the proposals and then presented them to
Southeast Fort Worth Inc. for a final review. Southeast Fort Worth Inc. took the lead in
interviewing the developers and making a recommendation for the use of EDI funds to city
staff.
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The recommended developer is Komatsu Architecture along with their partner Roaring Brook
Development Company. The two firms have partnered with Texas Wesleyan University to
address the improvement of I V2 blocks of building frontage along Rosedale Street. The
project cost, which includes the renovation of 13 storefronts, is approximately $3,725,000.
The EDI funds would be utilized for the facade renovation, new roofs and handicapped
accessible toilets for the storefronts. The EDI gap funding will allow the project to achieve a
lower costs basis for leasing to potential commercial tenants. With Council approval on the
EDI funds, the developer anticipates being able to start on the project in September 2005. The
expected development period is approximately 18 months. Staff will bring to Council a full
presentation on this project and seek approval on awarding the EDI grant funds at the August
30, 2005, meeting.
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Charles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS