HomeMy WebLinkAboutIR 8685INFORMAL REPORT TO CITY COUNCIL MEMBERS No. BA85
To the Mayor and Members of the City Council May 17, 2005
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SUBJECT: Trinity River Vision — Trinity Uptown Status Update
At the April 5 th City Council meeting, a presentation was made that included revised cost estimates an
information concerning construction phasing & sequencing • the Trinity Uptown project. Council ask
for more detail regarding the City's share of the project costs. The following is a breakdown of the tot-]
funding for this $435M project as well as a summary • the project schedule.
• Federal = 50% ($217.5M)
• TIF District = 26% ($115.9M)
• Tarrant Regional Water District (TRWD) = 15% ($64M)
• City of Fort Worth = 6% ($26.6M)
• Tarrant County = 3% ($11 M)
The TIF District funding can be further broken down by agency as shown below.
• City of Fort Worth = 53% ($61.4M)
• Tarrant County and Hospital District = 35% ($40.6M)
• Tarrant County College = 10% ($11.6M)
• TRWD = 2% ($2.3)
As a reminder, the tax increments supporting the TIF are those funds above and beyond the levels that
the TIF members had been receiving from the TIF Boundary area upon its inception in December 2003.
Without this project, we believe that development will not occur, or at least not at the level that this project
will promote. Therefore, these incremental TIF funds are not being diverted from the general fund since
they would not exist without this project.
May 2005 — Draft EIS Issued-, First TIF Board Meeting; Begin Traffic Impact Study
June 2005 — Second TIF Board Meeting 'Receive revised TIF Project Plan and Financing
Plan and begin process of implementing TIF Financing Plan)
July 2005 — Begin TxDOT Environmental Analysis of Road/Bridge projects
August 2005 — Final EIS Issued-, Complete Traffic Impact Study
October 2005 — Record of Decision (ROD) Received
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Fall 2,0106 — City Cc, nd" Adopts Urban Design Guidefines and Zoning Reccommendations
ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS