HomeMy WebLinkAboutOrdinance 17757-09-2007Ordinance No. 17757-09-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE SPECIAL ASSESSMENT DISTRICT FUND IN THE AMOUNT OF $2,309,840 FROM
AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING IMPROVEMENTS AND
SERVICES IN PUBLIC IMPROVEMENT DISTRICT NO. 1 (DOWNTOWN); 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 2007-2008 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Special Assessment District Fund in the amount of $2,309,840 from available funds for the purpose of
funding improvements and services in Public Improvement District No. 1 (Downtown).
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 incorporated into the ordinance effecting the budget of the municipal
government of the City of Fort Worth for the ensuing Fiscal Year beginning October 1, 2007, and ending
September 30, 2008, 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hereby expressly repealed.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: September 11, 2007
0~-1~-07 hr~~~:DS IN
City of Fort Worth
FIVE YEAR SERVICE PLAN
Public Improvement District No. 1 -Downtown
REVENUES
Private Assessment Revenues
CFW Assessment Revenues
City Payment in-lieu of Services
PID Generated Revenue
Interest
Prior Year's Assessment
Total Revenues
EXPENSES
Operations
Maintenance & Landscaping
Security Enhancement
Marketing
Transportation & Planning
City Administration
Total Expenses
FY07l08 FY08/09 FY09/10 FY10/11 FY11/12
1,735,000 1,773,105 2,228,000 2,318,000 2,388,000
193,750 200,700 215,000 224,400 228,800
130,165 132,765 180,000 183,600 187,270
155, 565 156,000 158,555 158,000 161,160
25,000 26,000 30,000 33,000 35,000
70,360 100,000 60,000 60,000 60,000
2,309,840 2,388,570 2,871,555 2,977,000 3,060,230
308,550 324,200 337,530 349,387 359,090
1,126, 820 1,171,618 1,599,015 1,669,342 1,716,224
85,000 85,713 104,399 98,084 104,383
427,170 434,909 440,969 458,643 467,435
327,600 336,670 345,082 355,184 365,338
34,700 35,460 44,560 46,360 47,760
2,309,840 2,388,570 2,871,555 2,977,000 3,060,230
City ®f F®r~ ~/®r~h9 1"exa~
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/11/2007 -Ord. No. 17756-09-2007 & 17757-09-2007
DATE: Tuesday, September 11, 2007
LOG NAME: 13PID1 BEN07-O8
REFERENCE NO.: BH-231
SUBJECT:
Benefit Hearing for Fort Worth Public Improvement District 1 (Downtown) Concerning Proposed
Property Assessments; Adoption of Ordinance Levying Assessments for Fiscal Year 2007-08; and
Adoption of Appropriation Ordinance to Increase Estimated Receipts in the Special Assessment
District Fund
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a benefit hearing concerning the proposed property assessment for property located in Fort Worth
Public Improvement District 1 (PID 1) for Fiscal Year 2007-08;
2. Adopt the attached ordinance which levies the proposed assessment for property located in PID 1 for
Fiscal Year 2007-08; and
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by
$2,309,840.00 in the Special Assessment District Fund PID 1 Project account from available funds.
DISCUSSION:
The purpose of this benefit hearing is to receive comments from the public regarding the Fiscal Year 2007-
08 proposed assessments. to be levied on each property in PID 1, to adopt an ordinance levying the
proposed assessments and to adopt appropriation ordinances allocating estimated receipts to the District.
On August 21, 2007, (M&C G-15837) the City Council approved the Fiscal Year 2007-08 budget and five-
year service plan (attached), directed that certain improvements and/or services be provided in PID 1
during the Fiscal Year 2007-08, adopted the proposed 2007 assessment roll and provided notice of this
benefit hearing.
The improvements and services to be provided and the costs thereof are:
Improvement
1) Operations
2) Maintenance & Landscape
3) Marketing
4) Security Enhancement
5) Transportation & Parking
6) City Administration (2% of budgeted private assessments)
Total
Total Budgeted Costs
$308,550.00
$1,126, 820.00
$427,170.00
$85,000.00
$327,600.00
$34.700.00
$2,309,840.00
Logname: 13PID1BEN07-08 Page 1 of 2
The total budgeted costs of the improvements are $2,309,840.00. Of this amount, $1,735,000.00 will be
funded by assessments collected on privately owned parcels located in the district by applying a rate of
$0.115 cents to each $100.00 of property value. (Note: Assessment rate for 2007 was reduced a half cent
from 2006 assessment rate of $0.12 cents.) The remainder of the costs, $574,840.00 will be funded by
other revenue sources, including:
$193,750.00 in direct payment from the City for payment in lieu of assessments (appropriated from
the General Fund by City Council action on August 21, 2007, M&C G-15837);
$130,165.00 in direct payments from the City for payment in-lieu of services (appropriated from
the General Fund by City Council action on August 21, 2007, M&C G-15837);
$155,565.00 in revenues generated by district activities;
$25,000.00 in interest earned; and
$70,360.00 from prior year assessments.
Based on the appraised value of the property, and considering the benefits to be received from the
proposed improvements and services, it is the opinion of the City staff that an amount equal to or more
than the proposed assessments, upon completion of the improvements in accordance with the contract,
will enhance each parcel of property in value.
This property is commonly known as the "Downtown" PID and is located in COUNCIL DISTRICT 9. A map
is attached.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be
available in the Fiscal Year 2007-08 operating budget, as appropriated, of the Special Assessment District
Fund.
TO Fund/Account/Centers FROM Fund/AccountlCenters
GS87 488342 002501002000 $2,309,840.00
GS87 539120 002501002000 $2.309,840.00
Submitted for City Manager's Office by: Karen Montgomery (6222)
Originating Department Head: Lena H. Ellis (8517)
Additional Information Contact: Becky Wood (8550)
Logname: I3PID1BEN07-08 Page 2 of 2