HomeMy WebLinkAbout(0026) M&C 21-0605City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 08/24/21 M&C FILE NUMBER: M&C 21-0605
LOG NAME: 13ROCK CREEK RANCH PID FY2022
SUBJECT
(CD 6) Approve Updated Five Year Service and Assessment Plan and Fiscal Year 2022 Budget in the Amount of $1,773,867.28 for Fort Worth
Public Improvement District No. 17 (Rock Creek Ranch) and Adopt Attached Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the attached updated five-year service and assessment plan and annual budget for Fiscal Year 2022 for Fort Worth Public
Improvement District No. 17 (Rock Creek Ranch); and
2. Adopt the attached ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District No. 17 - Rock
Creek Fund by a total of $1,773,867.28, from a combination of assessment revenue and fund balance, for the purpose of funding Public
Improvement District No. 17 (Rock Creek Ranch) during Fiscal Year 2021-2022, allocated as follows:
Assessment Fund Total
Revenue Balance
Major Improvements $1,252,000.00 -$0- $1,252,000.00
Assessment Area
Roadway Improvements $498,000.00 $26,867.28 $521,867.28
Assessment Area
$1,773,867.28,
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to consider a budget and updated service and assessment plan for Fort Worth
Public Improvement District No. 17 (Rock Creek Ranch) (the PID).
In December 2016, the City Council approved the creation of the Rock Creek Ranch PID, as a vehicle to finance certain authorized improvements
for the benefit of the property in the PID (M&C G-18910). PIDs are governed by Chapter 372 of the Texas Local Government Code, which requires
review and update of a PID's Service and Assessment Plan (SAP) on an annual basis and establishment of an annual budget.
On August 15, 2017, the City Council approved the initial Service and Assessment Plan (SAP) for the PID encompassing the major improvements
(water and sewer) in both the eastern and western improvement areas of the PID and adopted the ordinance levying assessments for those
improvements on property within the entire PID (M&C G-19077). In June of 2018 the City Council approved an amended SAP to include certain
roadway improvements to be provided in the western improvement area and enacting an ordinance levying assessments for those improvements
on property within the western improvement area (M&C G-19297).
City Council approved the issuance and sale of Special Assessment Revenue Bonds, Series 2017 (Fort Worth Public Improvement District No. 17
— Rock Creek Ranch — Major Improvement project) in the aggregate principal amount of $12,685,000.00 (M&C G-19079) and issuance and sale
of Special Assessment Revenue Bonds, Series 2018 (Fort Worth Public Improvement District No. 17 — Rock Creek Ranch — Roadway
Improvement project), in the aggregate principal amount of $5,155,000.00 (M&C G-19296).
The SAP was updated in August of 2018 and an annual budget was adopted (M&C G-19355). Updated budget and assessment rolls for the PID
were adopted for subsequent years (M&C 20-0907 and 20-0009). On December 1, 2020, another public hearing was held and an amended and
restated SAP was adopted reflecting possible exclusion from the sewer assessment of properties within the PID if they do not receive a benefit
from the sewer portion of the major improvements and addressing maximum assessment rates triggered by sale of a portion of the property within
the PID by the developer.
This M&C and the attached SAP are intended to serve as the SAP update and annual budget for fiscal year 2022.
The fiscal year 2022 budget for the PID is summarized in the following table:
Revenues
Expenditures
Assessment
Fund
Total
Debt Service
Administrative
Delinquency and
Prepayment
Total
Revenue
Balance
Expenses
Reserves
Major Improvements
$1,252,000.00
$-0-
$1,252,000.00
$1,120,719.08
$70,325.69
$60,955.23
$1,252,000.00
Assessment Area
Roadway
Improvements
$498,000.00
$23,867.28
$521,867.28
$449,648.10
$47,754.37
$24,464.81
$521,867.28
Assessment Area
$1,750,000.00
$23,867.28
$1,773,867.28
$1,570,367.18
$118,080.06
$85,420.04
$1,773,867.28
This PID is located in COUNCIL DISTRICT 6
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 Fiscal Year 2022 Budget by the City
Council, funds will be available in the Fiscal Year 2022 operating budget, as appropriated, in the FWPID #17 -Rock Creek Fund. Prior to an
expenditure being incurred, the Financial Management Services Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: John Samford 2318
Alex Laufer 2268
Expedited