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Home My WebLink AboutResolution 5360-03-2021 A Resolution NO. 5360-03-2021 STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE TRINITY RIVER VISION WHEREAS, the City of Fort Worth, Texas (the "City") is a home-rule municipality and political subdivision of the State of Texas; and WHEREAS, the City expects to pay expenditures in connection with the design, planning, acquisition and construction for the Trinity River Vision Project (the "Project") prior to the issuance of obligations by the City in connection with the financing of the Project from available funds; and WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the payment of such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, THAT: Section 1. The City reasonably expects debt, as one or more series of obligations, may be issued or incurred by the City with an aggregate maximum principal amount not to exceed $575,000.00 for the purpose of paying the aggregate costs of the Project. Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No obligations will be issued by the City in furtherance of this Statement after a date which is later than 18 months after the later of (1) the date the expenditures are paid or (2) the date on which the property, with respect to which such expenditures were made, is placed in service. Section 3. The foregoing notwithstanding, no obligation will be issued pursuant to this Statement more than three years after the date any expenditure which is to be reimbursed is paid. �FpRT �O Adopted this 91'' day of March 2021. 0' �j' ATTEST: ~` By:Mgt n7J_f� Mary J. Kayser, City Secretary ..TEXPS M & C MAP 1000 North Henderson between the Trinity River & Henderson Street } • 4 _ # y T w- + 498,762 SQUARE FEET OF LAND IN BLOCK 1, } H HENDERSON STREET BAZAAR ADDITION Pr i - 6 ;7 - , - 23,054 Square Feet f, Temporary Easement Construction RIb 12,370 Sqaure Feet Permanent Easement } ti f r ► '`' • V w r. - " ,� t� 1! TIt t AR - 11111.0. N FORT WORTH. Copyright 2019 City of Fort Worth.Unauthorized reproduction Is a violation of applicable Temporary Construction Easement laws.This product is for informational purposes and may not have been prepared for or w e be suitable for legal,engineering,or surveying purposes.It does not represent an on- . Permanent Sewer Easement the-ground survey and represents only the approximate relative location of property boundaries.The City of Fort Worth assumes no responsibility for the accuracy of said s City of Fort Worth, Texas Mayor and Council Communication DATE: 03/09/21 M&C FILE NUMBER: M&C 21-0178 LOG NAME: 211000 N.HENDERSON STREET-TRV-BAZAAR SUBJECT (CD 9)Authorize Acquisition of a Permanent Sewer Facility Easement in Approximately 0.284 Acres of Land and Temporary Construction Easements in Approximately 0.548 Acres of Land Located at 1000 North Henderson Street,Situated in Block 1 of Henderson Street Bazaar,an Addition to the City of Fort Worth,Tarrant County,Texas,from Property Owned by JGM McMahon,LLC and SBG Bailey,LLC for the Trinity River Vision Project for a Total Purchase Price of$438,312.00 and Pay Estimated Closing Costs in an Amount Up to$5,000.00 for a Total Cost of$443,312.00,Adopt Resolution Expressing Official Intent to Reimburse Expenditures and Proceeds of Future Debt,Adopt Appropriation Ordinance,and Amend the FY2021-2025 Capital Improvement Program RECOMMENDATION: It is recommended that the City Council: 1. Authorize acquisition of a permanent sewer facility easement in approximately 0.284 acres of land and temporary construction easements in approximately 0.548 acres of land located at 1000 North Henderson Street,situated in Block 1 of Henderson Street Bazaar,an addition to the City of Fort Worth,Tarrant County,Texas,from property owned by JGM McMahon,LLC and SBG Bailey,LLC for the Trinity River Vision project(City Project No.C00969); 2. Find that the total purchase price of$438,312.00 for the easement interests is just compensation and pay total estimated closing costs in an amount up to$5,000.00; 3. Authorize the City Manager or his designee to accept the conveyance and record the appropriate instruments; 4. Adopt the attached resolution expressing official intent to reimburse expenditures with proceeds of future debt for the land acquisition for the Trinity River Vision project; 5. Adopt the attached appropriation ordinance adjusting appropriations in the Water and Sewer Commercial Paper Fund by increasing appropriations in the amount of$443,312.00 for the Trinity River Vision project land acquisition and decreasing appropriations in the Unspecified project(City Project No.UNSPEC)by the same amount;and 6. Amend the FY2021-2025 Capital Improvement Program. DISCUSSION: The permanent sewer easement and temporary construction easement interests in the subject property are needed for sewer improvements on the Trinity River Vision project(City Project No.C00969)northeast of Henderson Street Bridge and the Trinity River. An independent appraisal established fair market value for the permanent and temporary easements and the property owners have agreed to an amount of$438,312.00 as total compensation for the needed easement interests in the land.The City will pay estimated closing costs in the amount up to$5,000.00. Upon City Council approval,staff will proceed with acquiring the necessary easement interests in the subject property. Parcel Address/Legal Type of Interest Owner Amount No. Description Property/Acreage JGM McMahon Block 1 of Permanent Sewer 8 PSFE LLC and SBG Henderson Street Facility $247,400.00 Bailey LLC Bazaar Addition Easement 0,284 Acres JGM McMahon Block 1 of Temporary Construction 8 TCE1 LLC and SBG Henderson Street Easement 0.187 Acres $65,000.00 Bailey LLC Bazaar Addition JGM McMahon Block 1 of Temporary Construction 8 TCE2 LLC and SBG Henderson Street Easement 0.361 Acres $125,912.00 Bailey LLC Bazaar Addition Estimated Closing Cost $5,000.00 ��Total Cost $443,312.00 Funding for this project was not included in the FY2021-2025 Capital Improvement Program(CIP)because the need was realized after the CIP had been adopted for the year. The action in this Mayor and Council Communication(M&C)will amend the FY2021-2025 Capital Improvement Program as approved in connection with Ordinance 24446-09-2020. This property is located in COUNCIL DISTRICT 9. 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 funds are currently available in the Unspecified-All Funds project within the W&S Commercial Paper Fund and upon approval of the above recommendations and adoption of the attached appropriation ordinance,funds will be available in the W&S Commercial Paper Fund for the Trinity River Vision, Phase 1 project to support the approval of the above recommendations and acquisition of the easement interests. Prior to an expenditure being incurred,the Water Department has the responsibility of verifying the availability of funds. Submitted for City Manager's Office by: Dana Burghdoff 8018 Originating Business Unit Head: Steve Cooke 5134 Additional Information Contact: Ricardo Salazar 8379 Burt Gonzales 2311