HomeMy WebLinkAboutOrdinance 20349-09-2012Ordinance No. 20349-09-2012
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE MUNICIPAL AIRPORTS FUND IN THE 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 CLWULATIVE 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
Municipal Airports Fund in the amount of $140,000.00, from available funds, 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of said prior ordinances and appropriations are hereby expressly repealed.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:
rviA, w bi M - tT ct
Assistant City Attorney
ADOPTED AND EFFECTIVE: September 11, 2012
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Survey Plat
Exhibit "A " Being 0.43 acre. of lend, said tract being a portion of
Block 3,
FORT WORTH SPINKS AIRPORT,
an Addition to the City of Fort W—th, Torrent County,
To... a cording to the Plat thereof recorded in Cabinet
A, Slide 333, Plat R—rde, Tarrant County, Texas.
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: Tuesday, September 11.2012 REFERENCE NO': °°C-25813
LOG NAME: 55FVV8NVV[HREEAMEND
SUBJECT:
Authorize Amendment ofa Construction Loan Agreement and Advance Promissory Note with FVVSRealty,
Ltd., at Fort Worth Spinks Airport Increasing the Total Loan Amount by $140,000.00 and Adopt
Appropriation Ordinances (COUNCIL DISTRICT 8\
RECOMMENDATION:
kks recommended that the City Council:
1. Authorize an amendment Cf a construction loan Agreement and advance promissory note increasing
the amount by$14O'ODO.0O;
Z. Authorize the use of revenue derived from mineral leases on City-owned airports in the amount of
$140.080.80 for the construction loan to FVVS Rea|tv, Ltd.;
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Airports Gas Lease Project Fundin(heamnuntof$14O'OOO.DUfromavai|ab|mfunds;
4. Authorize the transfer Df funds from the Airports Gas Lease Project FundtotheW1unidpa|Airporte
Fund in the amount of$14O'OOO.00;and
5. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Municipal Airports Fund inthe amount of$14O.00O.O0 from available funds.
DISCUSSION:
Cn January 1D.2O12.(MQC C-25389) the City Manager was authorized to execute a ground lease
Agreement with mandatory improvements with FWS Realty, Ud.. for lease site NW-3otFort Worth S inks
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 FVVS 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 is being provided owan economic incentive to stimulate and encourage business development
at Fort Worth Spinks Airport. As recommended by the City's 2010 Comprehensive Plan adopted by the
City Council pursuant to Ordinance No. 19044-02-2010 and in accordance with Resolution Nn. 3718-03-
Logname: NWTHREEAMEND pugc \ of
2OO9, the City has established anEconomic Development Program. Pursuant tosaid program, the Cdv
will, Chapter 380OfUl'
Texas Local Government Code that include monetary loans and grants of public money | businesses and
entities that the City determines will promote state or local economic development and stimulate business
and commercial activity in the City in return for verifiable commitments from such businesses or entities.
The property i3 located iD COUNCIL DISTRICT O.
CERTIFICATION: 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 iS responsible for the
CERTIFICATIONS: collection and deposit of funds due to 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
$140,000800 4) P240 538040 551929990100
$140000,0>
$140,800.00
$140,000,00
$140,000.00
Submitted for Cily Manager's Office by:
Originating Department Head:
Additional Information Contact:
Fernando Costa (6122)
William VVelstead (5402)
James Burris (5403)
$140,000.00
Lngname: 55PWSNWT8REEAMEN0 Page 2of2