The URL can be used to link to this page

Home My WebLink AboutOrdinance 24495-10-2020 Ordinance No. 24495-10-2020 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE TAX INCREMENT FUNDS IN THE AMOUNT OF$90,148,935.00,FROM AVAILABLE FUNDS, FOR THE PURPOSE OF ESTABLISHING APPROPRIATIONS IN THOSE 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 2021 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Tax Increment Funds in a cumulative amount of $90,148,935.00, from available funds, for the purpose of establishing appropriations in those Funds, with such appropriation allocated to the various funds as follows: Fund Appropriation TIF Fund -Zone No.2A-Texas Motor Speedway(28721) $1,158,220.0 TIF Fund -Zone No.2B-Texas Motor Speedway(28722) $2,556,191.00 TIF Fund -Zone No. 3-Downtown (28603) $8,835,534.00 TIF Fund -Zone No. 3A-Downtown (28730) $6,482,536.00 TIF Fund -Zone No. 4 -Southside Medical District (28604) $16,931,188.00 TIF Fund -Zone No. 6 - Riverfront(28606) $191,652.00 TIF Fund -Zone No. 7 -North Tarrant Pkwy (28607) $801,132.00 TIF Fund -Zone No. 7A-North Tarrant Pkwy (28770) $292,023.00 TIF Fund -Zone No. 8- Lancaster(28608) $21,182,253.00 TIF Fund -Zone No. 9 -Trinity River Vision (28609) $6,530,545.00 TIF Fund -Zone No. 9A-Trinity River Vision (28790) $594,593.00 TIF Fund -Zone No. 10 -Lone Star(28610) $950,002.00 TIF Fund -Zone No. 10A-Lone Star (28710) $136,141.00 TIF Fund -Zone No. 12-East Berry Renaissance(28612) $3,560,141.00 TIF Fund -Zone No. 13-Woodhaven (28613) $11,121,264.00 TIF Fund -Zone No. 14 -Trinity Lakes (28614) $6,736,234.00 $2,089,286.0 TIF Fund -Zone No. 15-Stockyards/Northside (28615) 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, 2020, and ending September 30, 2021, 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 ofsaid priorordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY T r Wallach(Oct 22,2020 09:14 CDT) 'for Ronald P,Gonzales(Oct 22,2020 09:58 CDT) 'Assistant City Attorney Mary K. Kayser ADOPTED AND EFFECTIVE: October 20, 2020 (Z) City of Fort Worth, Texas Mayor and Council Communication DATE: 10/20/20 M&C FILE NUMBER: M&C 20-0744 LOG NAME: 17TIF APPROPRIATION FY2021 SUBJECT (ALL) Adopt Supplemental Appropriation Ordinance Increasing Estimated Receipts and Appropriations in the Various Tax Increment Funds in the Total Amount of$90,148,935.00 for Fiscal Year 2021 RECOMMENDATION: It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the various Tax Increment Funds in the total amount of$90,148,935.00 and reducing available fund balances for Fiscal Year 2021, DISCUSSION: The purpose of this Mayor and Council Communication(M&C)is to establish the Fiscal Year 2021 appropriations in the various Tax Increment Funds in the amount of$90,148,935.00. The City of Fort Worth's Fiscal Year 2021 Appropriation Ordinance adopting the City's Fiscal Year 2021 operating and capital budget does not include appropriations for the Tax Increment Funds,which are adopted under a separate process. Tax Increment Funds are used to manage funds that have been designated by the City and other taxing entities participating in each of the City's Tax Increment Reinvestment Zones(TIFs),in accordance with the Tax Increment Financing Act,Chapter 311 Texas Tax Code. The TIF funds are used for economic development and redevelopment projects within the boundaries of each of the TIFs in accordance with each TIF's project and financing plan and the Tax Increment Financing Act,which authorizes the City to maintain the funds. This M&C appropriates all available fund balance plus anticipated revenue in Fiscal Year 2021 to be administered by the respective TIF Boards in compliance with their Council approved TIF project and financing plans. The funding allocation per TIF is outlined in the following table: FY2021 Appropriations Fund Appropriation TIF Fund—Zone No.2A-Texas Motor Speedway- $1,158,220.00 28721 __........ --.-.--_..- TIF Fund—Zone No.2B-Texas Motor Speedway- $2,556,191.00 28722 TIF Fund—Zone No.3—Downtown-28603 $8,835,534.00 TIF Fund—Zone No.3A—Downtown-28730 $6,482,536.00 TIF Fund—Zone No.4-Southside Medical District- $16,931,188.00 28604 TIF Fund—Zone No.6—Riverfront-28606 $191,652.00 I TIF Fund—Zone No.7-North Tarrant Pkwy-28607 $801,132.00 i TIF Fund—Zone No.7A-North Tarrant Pkwy- $292,023.00 28770 I TIF Fund—Zone No.8—Lancaster-28608 $21,182,253.00 TIF Fund—Zone No.9-Trinity River Vision-28609 $6,530,545.00 TIF Fund—Zone No.9A-Trinity River Vision- $594,593.00 28790 TIF Fund—Zone No. 10-Lone Star-28610 $950,002.00 i TIF Fund—Zone No. 10A-Lone Star-28710 $136,141.00 TIF Fund—Zone No. 12-East Berry Renaissance- $3,560,141.00 28612 TIF Fund—Zone No. 13—Woodhaven-28613 $11,121,264.00 TIF Fund—Zone No. 14-Trinity Lakes-28614 $6,736,234.00 TIF Fund—Zone No. 15-Stockyards/Northside- $2,089,286.00 28615 Total Appropriations $90,148,935.00 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 approval of the above recommendation and adoption of the attached appropriation ordinance,funds will be available in the Fiscal Year 2021 operating budget in the various Tax Increment Funds. Prior to an 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 Stums 2663 Additional Information Contact: Brenda Hicks-Sorensen 2606