HomeMy WebLinkAboutOrdinance 20348-09-2012Ordinance No. 20348 -09 -2012
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE AIRPORTS GAS LEASE PROJECT FUND IN 'I7HE
AMOUNT OF $140,000.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF
AMENDING THE CONSTRUCTION LOAN AGREEMENT AND ADVANCE
PROMISSORY NOTE WITH FWS REALITY, LTD. AT FORT WORTH SPINKS
AIRPORT; 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 2011 -2012 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Airports Gas Lease Project Fund in the amount of $140,000.00, from available fiends, for the purpose of
amending the construction loan agreement and advance promissory note with FWS Realty, Ltd. at Fort
Worth Spinks Airport.
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.1 991 1 -09 -201 1 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of said prior ordinances and appropriations are hereby expressly repealed.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:
rVJ L C Al It tU - IGr
Assistant City Attorney
ADOPTED AND EFFECTIVE: September 11, 2(}1.2
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Survey Plat
Exhibit „A„ Being 0.43 acres o1 land. said tract being a portion of
B/oct 3,
FORT NORTH SPINKS AIRPORT,
an Addition to the Clty of Fort Worth, Tarrant County,
Tax-, according to the Plat tbereot recorded in Cabinet
A, Slide 333, Plat Records, Tarrant County, Texas.
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City of Fort Worth, Texas
0�� �0 Council Communication
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DATE: Tuesday, September 11,2O12 REFERENCE NO.: °°C'25813
LOG NAME: 55FVVSNVVTHREEAK3ENB
SUBJECT:
Authorize Amendment of8 Construction Loan Agreement and Advance Promissory Nmba with FVV8 Rmm|h/,
Ltd.,at Fort Worth Spinks Airport |nureaoingtheTota|LoanAnoountby$14O,000.0OandAdopt
Appropriation Ordinances (COUNCIL DISTRICT 8)
RECOMMENDATION:
|iis recommended that the City Council:
1. Authorize an amendment ofmconstruction loan Agreement and advance promissory note increasing
the amount bv$14U.O00D0;
2. Authorize the use of revenue derived from mineral leases on City-owned airports in the amount of
$140.00O.OU for the construction loan toFVVS Realty, Ltd.;
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Airports Gas Lease Project Fundinthe amount of $14O.00O.00 from available funds;
4. Authorize the transfer of funds from the Airports Gas Lease Project FundtothBMunioipa|AirpOdo
Fund \n the amount ofS14O,O00.00; and
5. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations inthe
Municipal Airports Fund in the amount of $140,000.00 from available funds.
DISCUSSION:
Cn January 1O.2O12.(M&C C-253OS) the City Manager was authorized to execute 8 ground lease
Agreement with mandatory improvements with FWS Realty, Ltd.' for lease site NW-38tFort WorthSpiOha
Airport. This Mayor and Council Communication also authorized a construction loan Agreement and
advance promissory note in the amount of $600,000.00 to be repaid using an amortization schedule of 20
years with payments of principal and interest made in equal monthly amounts.
Staff has received a request from FWS Realty, Ltd., to amend the construction loan Agreement and
promissory note increasing the amount from the original $600,000.00 to $740,000.00. The low bid for the
facility came in higher than originally expected. The additional funding will come from the Airports Gas
Lease Project Fund.
This loan /Sbeing provided as an economic incentive to stimulate and encourage business development
at Fort Worth Spinhs Airport. As recommended bv the City's 201O Comprehensive Plan adopted bvthe
City Council pursuant to Ordinance No. 19044-02-2010 and )n accordance with Resolution No. 3716-03-
Logname: 55FWS NWTHREEAMEND Pagel of2
2O0Q. the City has established anEconomic Development Program. Pursuant ho said program, the City
will, on a case-by-case basis, offer economic development incentives authorized by Chapter 380 of the
Texas Local Government Code that include monetary loans and grants of public money to businesses and
entities that the City determines will promote state or local economic development and sUmu|oha business
and commercial activity in the City in return for verifiable commitments from such businesses or entities.
The property is located in COUNCIL DISTRICT 8.
FISCAL INFORMATION / '
'
The Financial Management Services Director certifies upon approval of the above recommendations and
adoption of the attached appropriation ordinances, funds will be available in the current capital budget, as
appropriated, of the Airports Gas Lease Project Fund. The Aviation Department io responsible for the
collection and deposit of funds due bz the City.
FUND CENTERS:
TO Fund/Account/Centers
3) P240 446200 551929990100
3) P240 538040 551929990100
4)PE40 476240 0551002
5)PE40 476240 0551002
5)PE40 539120 0551002
FROM Fund/Account/Centers
$140,000.00 4) P240 538040 551929990100
$140,000.00
$140,000.00
$140,000.00
$140,00.0)
Submifted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
Fernando Costa (6122)
N8UkamVVa|mtemd /5402\
James Burris (5403)
$140,000.00
Logname: 55FW0NWTDREE/\MEN[} Page Zof2