HomeMy WebLinkAboutOrdinance 17930-12-2007Ordinance No. 17930-12-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GENERAL FUND IN THE AMOUNT OF $162,000
FROM THE FORT WORTH LOCAL DEVELOPMENT CORPORATION FUND,
FOR THE PURPOSE OF FUNDING THE SURVEYING OF PROPERTY ALONG
THE LANCASTER CORRIDOR; PROVIDING FOR A 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 General Fund in the amount of $162,000 from the Fort Worth Local
Development Corporation Fund for the purpose of funding the surveying of property along the
Lancaster Corridor.
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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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.
APPR VE~~D AS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: December 18 2007
Ci~r ®f F®r~ ~/®h, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/18/2007 -Ord. No. 17930-12-2007
DATE: Tuesday, December 18, 2007
LOG NAME: 17LDCLOAN REFERENCE NO.: C-22592
SUBJECT:
Authorize Execution of Loan Agreement with Fort Worth Local Development Corporation for
Lancaster Corridor Project Improvements and Adopt Related Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to execute a loan agreement in the amount of $437,000 with the Fort Worth
Local Development Corporation for funds advanced by the Local Development Corporation to the City for
payment of survey services and improvements on the Lancaster corridor;
2. Authorize the City Manager to accept funds in the amount of $162,000 from the Fort Worth Local
Development Corporation for surveys of property along the Lancaster corridor;
3. Approve the transfer of up to $162,000 from the Local Development Corporation Fund to the General
Fund; and
4. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in
amount of $162,000.
DISCUSSION:
On August 21, 2007, the Local Development Corporation (LDC) agreed to loan the City up to $275,000 for
the infrastructure needed to place public art within the median of the Lancaster corridor between Lamar and
Commerce Streets. On August 21, 2007, the City Council accepted and appropriated the $275,000 (M&C
C-22334).
On December 4, 2007, the LDC agreed to loan the City up to $162,000 for survey services of the surplus
property along the north side of the Lancaster corridor, so that the property can eventually be redeveloped.
It is anticipated that the nonrecourse loan, which covers the funds for the public art infrastructure and
surveys, will be repaid through the sale of surplus property in the Lancaster corridor over at least 30 years,
with options to extend depending on the redevelopment of the Lancaster corridor. It is further anticipated
that debt will not be incurred until surplus property within the Lancaster corridor is sold and at that time
funds will be transferred to the LDC for repayment of the loan.
This Lancaster Corridor project is in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
Logname: 17LDCLOAN Page 1 of 2
The Finance Director certifies that sufficient funds will be available to repay the loan as the surplus property
is sold.
TO Fund/Account/Centers FROM Fund/AccountlCenters
3) & 4) GG01 472152 0909103 $162.000.00 3) R152 538070 0171000 $162,000.00
4) GG01 531200 0909103 $162.000.00
Submitted for City Manager's Office b~ Dale Fisseler (6140)
Originating Department Head: Tom Higgins (6192)
Jay Chapa (5804)
Additional Information Contact: Ardina Washington (8003)
Cynthia Garcia (8187)
Logname: 17LDCLOAN Page 2 of 2