HomeMy WebLinkAboutOrdinance 24894-06-2021 ORDINANCE NO.24894-06-2021
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE ECONOMIC INCENTIVES FUND IN THE AMOUNT
OF $1,000,000.00, FROM NET PROCEEDS, FOR THE PURPOSE OF FUNDING
ECONOMIC DEVELOPMENT ACTIVITIES; 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 2020-2021 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Economic Incentives Fund in the amount of$1,000,000.00, from net proceeds, for the purpose of funding
economic development activities.
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 cumulative of Ordinance 24446-09-2020 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said prior ordinances and appropriations are hereby expressly repealed.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: CITY SECRETARY
Leann Guzim,m(Jun 28,2021 15:15 CDT) ou �-V y
Assistant City Attorney Mary J.Kayser
ADOPTED AND EFFECTIVE:June 22,2021 ��
City of Fort Worth,Texas
Mayor and Council Communication
DATE: 06/22/21 M&C FILE NUMBER: M&C 21-0494
LOG NAME: 17LDCEDINCENTIVETRANSFER
SUBJECT
(ALL)Accept Donation from the Fort Worth Local Development Corporation of a Portion of Net Proceeds from Sale of the Blue Mound Road
Industrial Complex, Fort Worth,Texas to Further Fund the Economic Development Incentive Fund for Certain Economic Development Activities
and Adopt Attached Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Accept a donation in the amount of$1,000,000.00 of a portion of net proceeds from the sale of the Blue Mound Road Industrial Complex,
Fort Worth,Texas for certain economic development activities from the Fort Worth Local Development Corporation for deposit into the
Economic Development Fund;and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the amount of$1,000,000.00 in the
Economic Incentives Fund from additional net proceeds.
DISCUSSION:
The Fort Worth Local Development Corporation(LDC)was the owner of a 50+acre industrial complex located at the northeast corner of Blue
Mound Road and Meacham Boulevard, Fort Worth,Texas(Blue Mound Road Complex).
On September 25,2018,the Board of Trustees of the LDC approved a resolution to authorize the sale of Blue Mound Road Complex to two
existing tenants,CHM Industries, Inc,and Anchor Fabrication, LLC,and/or their affiliates.On February 25,2021,the sale of 4600 Blue Mound
Road and 1401 Meacham Boulevard was closed and the property conveyed to Anchor Fabrication and 1401 Meacham Partners,respectively.On
March 5,2021,the sale of 4700 Blue Mound Road and 1035 Meacham Boulevard was closed and the property conveyed to CHM industries, Inc.
On May 18,2021,the LDC adopted a resolution authorizing the transfer of a portion of net proceeds from the Blue Mound Road Complex sale in
the amount of$1,000,000.00 to the City of Fort Worth to provide additional funding to the Economic Incentives Fund.The Economic Incentives
Fund was started with an initial deposit of$4,575,896.00,which was transferred to the City from the LDC following the sale by the LDC of the 250
Lancaster project(Mayor and Council Communication (M&C)G-19419),and a second deposit of$400,000.00 also from the LDC from 250
Lancaster sales proceeds(M&C G-19565, Resolution No.5039-01-2019).
The Economic Incentives Fund is utilized to support projects that meeting eligibility under Section 9,Technology Company Projects,and Section
14, Employment Designated Project Fund,in the Economic Development Program Policy for Grants Authorized by Chapter 380,as approved by
City Council on January 26,2021 (M&C 21-0072, Resolution No.5338-01-2021).
A Form 1295 is not required because:This contract will be with a governmental entity,state agency or public institution of higher education:Fort
Worth Local Development Corporation
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 deposited into the Economic Incentives Fund. The Economic Development Department(and Financial Management Services)is
responsible for the collection and deposit of funds due to the City.Prior to any expense being incurred,the Economic Development
Department also has the responsibility to validate the availability of funds.
Submitted for City Manager's Office b . Jay Chapa 5804
Originating_Business Unit Head: Robert Sturns 2663
Additional Information Contact: Brenda Hicks-Sorensen 2606