HomeMy WebLinkAboutOrdinance 17925-12-2007Ordinance No. 17925-12-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SPECIAL TRUST FUND IN THE AMOUNT OF
$117,480 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING THE
FY07-08 TIF ADMINISTRATION BY THE ECONOMIC & COMMUNITY
DEVELOPMENT DEPARTMENT; PROVIDING FOR SEVERABILITY CLAUSE;
MAKING THIS ORDINANCE CUMULATIVE OF PRIOR 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 2007-
2008 in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Special Trust Fund in the amount of $117,480 from available funds for the
purpose of funding the FY07-08 TIF Administration by the Economic & Community Development
Department.
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 No. 17749 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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:
,fJ?i V __
Assistant City Attorney
ADOPTED AND EFFECTIVE: December 18. 2007
pity ®f F®r~ VVO//®h, 7"exas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/18/2007 -Ord. No. 17925-12-2007
DATE: Tuesday, December 18, 2007
LOG NAME: 17TIFADMINFY08 REFERENCE NO.: G-16002
SUBJECT:
Authorize Transfer of Funds from the North Tarrant Parkway TIF, the Lancaster Corridor TIF, and
the East Berry Renaissance TIF into a Special Trust Fund for Fiscal Year 2007-2008 TIF
Administration by the Economic and Community Development Department, and Adopt Appropriation
Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Transfer $117,480 from the Special Assessment District Fund to the Special Trust Fund to fund a portion
of two authorized positions in the Economic and Community Development Department responsible for TIF
administration; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Special Trust Fund by $117,480 from available funds.
DISCUSSION:
In 2004, the City Council authorized the creation of two new positions in the Economic & Community
Development Department for TIF administration. City staff was directed to pursue funding from tax
increment allocated to TIF administrative expenses. For FY2007-2008, two positions and operating
expenses shall be funded solely from 5 percent of the annual increment generated by the North Tarrant
Parkway TIF, the Lancaster Corridor TIF, and the East Berry Renaissance TIF. In accordance with that
process, on November 19, 2007, the East Berry Renaissance TIF Board approved its 5 percent increment
of $1,335 for TIF administration expenses and it is anticipated that funds will be available in this account by
the spring of 2008. On December 5, 2007, the Lancaster Corridor TIF Board approved its increment of
$97,031 for TIF administration expenses. In January, staff anticipates approval by the North Tarrant
Parkway TIF Board for its 5 percent annual administrative expenses, in the amount of $19,114. The sum
total of the three amounts is $117,480.
The attached ordinance will increase receipts and appropriations in the Special Trust Fund by $117,480 to
ensure that funds are available for TIF administration for the remainder of the 2007-2008 fiscal year.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon approval of the above recommendations and adoption of the
attached appropriation ordinance, funds will be available in the current operating budget, as appropriated, of
the Special Trust Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
FE72 472087 017587001000 X117.480.00 GS87 538070 002708005000 $97.031.00
Logname: 17TIFADMiNFY08 Page 1 of 2
FE72 511010 017587001000 $117,480.00 GS87 538070 002707004000 $19.114.00
GS87 538070 002712006000 1 335.00
Submitted for City Manager's Office b}L
Originating Department Head:
Additional Information Contact:
Dale Fisseler (6140)
Tom Higgins (6192)
Ossana Hermosillo (8618)
Logname: 17TIFADMINFY08 Page 2 of 2