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Home My WebLink AboutResolution 5386-04-2021A Resolution NO. 5386-04-2021 STATEMENT EXPRESSING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE TRINITY RIVER VISION, PHASE 1 LAND ACQUISITIONS 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, Phase 1 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 $530 ,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 Stateme nt after a date which i s 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. Adopted thi s 20 1h day of April 2021. ATTEST: Mary J. Kayser, City Secretary M & C MAP 1100 & 1200 Jacksboro Highway North of the Trinity River and East of Jacksboro Highway 12 ,122 Square Foot Permanent Access Easement FORT U T.ORTH . • Permanent Access Easement ff! • Copyright 2019 City of Fort 1/\brth . Unauthorized reproduction Is a violation of applicable laws . This product Is for Informational purposes and may not have been prepared for or be suitable fo r legal, engineering, or surveying purposes . It does not represent an on-the-• Permanent Sewer Easement ground survey and represents only the approXJmate relative location of property boundaries . The City of Fort 1/\brth assU11es no responsibility for the accuracy of said El li C t t· E t emporary ons rue ron asemen City of Fort Worth, Texas Mayor and Council Communication DATE: 04/20/21 M&C FILE NUMBER: M&C 21-0303 LOG NAME: 211100 AND 1229 JACKSBORO HIGHWAY-ROKKAS SUBJECT (CD 2) Authorize the Acquisition of 0.486 Acres in Permanent Sewer Facility Easements , 0 .393 Acres in Permanent Access Easements , and 0.997 Acres for Temporary Construction Easements from Real Property Owned by Peter W. Rokkas d/b/a A-B Investments , Peter W. Rokkas , and Barbara Rokkas , Located at 1100 and 1229 Jacksboro Highway, City of Fort Worth , Tarrant County, Texas in the John Baugh Survey, Tract 6C , the Richard Crowley Survey, Abstract No. 313 , Tract 14 , and the Bailey Gardens Addition , Lot 1A, in the Amount of $397 ,022 .00 and Pay Estimated Closing Costs in an Amount Up to $10,000 .00 for a Total Cost of $407 ,022 .00 for the Trinity River V ision Part 14 -Channel Segment C Sanitary Sewe r Relocation Project, Adopt Attached Resolution, and Adopt Attached Appropriation Ord inance RECOMMENDATION: It is recommended that the City Council: 1. Authorize the acquisition of 0.486 acres in permanent sewer facility easements , 0 .393 acres in permanent access easements and 0 .997 acres for temporary construction easements in the John Baugh Survey, Tract 6C , the Richard Crowley Survey, Abstract No. 313, Tract 14 , and the Bailey Gardens Addition, Lot 1A, located at 1100 and 1229 Jacksboro Highway, City of Fort Worth , Tarrant County, Texas, from real property owned by Peter W . Rokkas d/b/a A-B Investments , Peter W . Rokkas , and Barbara Rokkas for the Trinity River Vision Part 14 - Channel Segment C Sanitary Sewer Relocation project ; 2 . Find that the total purchase price of $397 ,022 .00 for the easement interests is just compensation and pay total estimated closing costs in the amount up to $10 ,000 .00 ; 3 . Authorize the City Manager or his designee to accept the conveyances and record the appropriate instruments ; 4 . Adopt the attached resolution expressing official intent to reimburse expenditures with proceeds of future debt for the Trinity River Vision , Phase 1 project land acquisition costs ; and 5. Adopt the attached appropriation ordinance adjusting appropriations in the Water and Sewer Commercial Paper Fund by increasing appropriations in the amount of $407,022.00 in the Trinity River Vision, Phase 1 project (City Project No. C00969) and decreasing appropriations in the Unspecified project (City Project No. UNSPEC) by the same amount. DISCUSSION: The permanent sewer facility , permanent access , and temporary construction easement interests in the subject property are needed for sewer improvements on the Trinity River Vision (TRV) Part 14 -Channel Segment C Sanitary Sewer Relocation project (City Project No. C00969). An independent appraisal establ ished fair market value for the permanent and temporary easements and the property owner has agreed to an amount of $397,022 .00 as total compensation for the needed easement interests in the land . The City will pay estimated closing costs in an amount up to $10 ,000 .00 . Upon City Council approval , staff will proceed with acquiring the necessary easement interests in the subject property. § Interest Address / Legal Property Interest/ Amount Owner Description Acreage . tJ Peter Rokkas d/b/a 1229 Jacksboro Hwy / Public Access A-B Lot 1, Bailey Gardens Easement/ 0 .278 $60,610.00 Investments Add ition !Acres E a Peter 1100 Jacksboro Hwy/ TR Permanent Rokkas d/b/a Sewer Facility A-B 14, Richard Crowley Easement/ 0 .085 $16 ,218.00 E Investments Survey , Abstract No. 313 A c res ~ Peter 1229 Jacksboro Hwy / Permanent Rokkas d/b/a Lot 1, Bailey Gardens Sewer Facility $280.00 A-B Easement/ 0.003 E Investments Addition Acres 15 Peter 1229 Jacksboro Hwy / Permanent PSFE Rokkas d/b/a Lot 1, Bailey Gardens Sewer Facility $27 ,490 .00 3 A-B Addition Easement/ 0 .252 Investments Acres Peter 1100 Jacksboro Hwy/ TR Temporary 15 Rokkas d/b/a Construction TCE 1 A-B 14, Richard Crowley Easement I 0 .055 $2 ,374 .00 Investments Survey , Abstract No. 313 Acres Peter 1229 Jacksboro Hwy/ TR Temporary 15 Rokkas d/b/a Construction TCE2 A-B 14 , Richard Crowley Easement I 0 .506 $22 ,023 .00 Investments Survey , Abstract No . 313 Acres Peter 1229 Jacksboro Hwy / Temporary 15 Rokkas d/b/a Lot 1, Bailey Gardens Construction $3 ,122.00 TCE3 A-B Easement I 0.072 Investments Addition Acres Peter 1229 Jacksboro Hwy / Temporary 15 Rokkas d/b/a Lot 1, Bailey Gardens Construction $5,341.00 TCE4 A-B Easement I 0 .123 Investments Addition Acres Peter W . 1100 Jacksboro Hwy, TR Public Access 16 Rokkas and PAE Barbara 6C , John Baugh Survey, Easement I 0 .115 $126,409.00 Rokkas Abstract No . 115 Acres PeterW. 1100 Jacksboro Hwy, TR Permanent 16 Rokkas and 6C , John Baugh Survey , Sewer Facility $89,123 .00 PSFE Barbara Abstract No. 115 Easement I 0.146 Rokkas Acres Peter W . 1100 Jacksboro Hwy, TR Temporary 16 Rokkas and Construction TCE Barbara 6C , John Baugh Survey , Easement I 0 .241 $44 ,032 .00 Rokkas Abstract No . 115 Acres Estimated $10,000.00 Closing Costs Total Cost $407,022.00 r unding for the Trinity River Vision , Phase 1 is depicted in the table below : Fund Existing Additional Project Total* Appropriations Appropriations Specialty Funded [3 Projects -Fund $5 ,809,128 .00 $5 ,809 ,128.00 39007 Water/Sewer Bond $6 ,855,400.00 $0 .00 $6 ,855,400.00 2016 -Fund 56005 Water & Sewer Bond 2015A -Fund $6 ,167,423 .00 $0 .00 $6,167 ,423 .00 56007 IWater Capital -$14,404 ,709.00 $0 .00 $14,404,709.00 Fund 59601 Sewer Capital Legacy-Fund $7 ,769 ,674.00 $0.00 $7 ,769 ,674.00 59607 !Water & Sewer [3 Commercial $407,022.00 $407,022.00 Paper Fund 56019 Project Total $41,006,334.00 $407,022.00 $41,413,356.00 *Numbers rounded for presentation purposes. This project is anticipated to be included in a future revenue bond issue for the Water & Sewer Fund. Available cash within the Water and Sewer portfolio and the City's portfolio along with the appropriation authority authorized under the Callable Commercial Paper Program (CP) will be used to provide interim financing for this project until debt is issued. Once debt associated with this project is sold, bond proceeds will be used to reimburse the Water and Sewer portfolio and the City's portfolio in accordance with the attached reimbursement resolution. Under federal law , debt must be issued within approximately three years in order for these expenses to be reimbursable . Adoption of the attached resolution does not obligate the City to sell bonds, but preserves the ability of the City to reimburse itself from tax-exempt bond proceeds . This property is located in COUNCIL DISTRICT 2 . 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 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 to support the approval of the above recommendations and aquisition of the easements . Prior to any expenditure being incurred , the Water Department has the responsibility to validate the availability of funds . Submitted tor City Manager's Office by: Dana Burghdoff 8018 Originating Business Unit Head: Steve Cooke 5134 Additional Information Contact: Josh Martin 5469 Ricky Salazar 8379