HomeMy WebLinkAboutOrdinance 24999-08-2021 ORDINANCE NO. 24999-08-2021
AN ORDINANCE ADJUSTIING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE VARIOUS TAX INCREMENT REINVESTMENT
ZONE (TIRZ) FUNDS IN THE AMOUNT OF $3,641,919.00, FROM AVAILABLE
FUNDS, FOR THE PURPOSE OF BALANCING THE FUNDS, IN THE VARIOUS
TAX INCREMENT FUNDS; 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 2021 in the Budget
of the City Manager,there shall also be decreased receipts and appropriations in the various Tax Increment
Reinvestment Zone (TIRZ) funds in the amount of$3,641,919.00, from available funds, for the purpose of
balancing the funds.
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 24495-10-2020 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said prior ordinances and appropriations are hereby expressly repealed.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: ACTING CITY SECRETARY
Sr.Assistant City Attorney Ronald P.Gonzales
ADOPTED AND EFFECTIVE: August 17,2021
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City of Fort Worth,Texas
Mayor and Council Communication
DATE: 08/17/21 M&C FILE NUMBER: M&C 21-0572
LOG NAME: 17FY2021MID-YEARTIF
SUBJECT
(ALL)Adopt Attached Supplemental Appropriation Ordinance Adjusting Appropriations in Various Tax Increment Reinvestment Zone Funds and
Amounts to Bring Revenues and Expenditures Into Balance for Fiscal Year 2021
RECOMMENDATION:
It is recommended that the City Council adopt the attached supplemental appropriation ordinance adjusting appropriations in the various Tax
Increment Reinvestment Zone funds in the total net amount of$2,014,174.00 for Fiscal Year 2021.
DISCUSSION:
The City's annual Operating Budget is formally enacted into law by City Council action adopting an appropriation ordinance that establishes
spending limits for each department's operation.The purpose of this Mayor and Council Communication(M&C)is to address mid-year
adjustments to various funds as described below.
On October 20,2020,M&C 20-0744 established the Fiscal Year 2021 (FY2021)appropriations for the various Tax Increment Reinvestment Zones
(TIRZs)in the amount of$90,148,935.00.Based on the approved numbers for FY2021,mid-year adjustments are needed to bring some of the
TIRZ funds into balance.
Some TIRZ funds were appropriated with the use of fund balance in FY2021.Adjustments in the amount of$2,014,174.00 are needed for some of
the funds and will decrease the use of fund balance based on available funds at the end of the prior fiscal year.
Decreases in appropriations for TIRZ No.3, TIRZ No. 12,TIRZ No. 13,and TIRZ No. 14,are based on estimated available revenues resulting from
updated district appraisals that reflect lesser growth and development activity within the TIRZs than had been projected for the year.Increases in
appropriations for TIRZ No.2A,TIRZ No.2B,TIRZ No.3A,TIRZ No.4,TIRZ No.8,TIRZ No.9,TIRZ No.9A,TIRZ No. 10,TIRZ No. 10A,and TIRZ
No. 15 are based on estimated available revenues resulting from updated district appraisals that reflect greater growth and development activity
within the TIRZs than had been projected for the year.Together,these changes in appropriations result in a total net change in appropriations in the
amount of$2,014,174.00 .
Changes to the TIRZ funds are shown in the following table:
TIRZ Number Fund Adjustment
TIRZ No.2A-Texas Motor Speeedway 28721 $12,786,00
TIRZ No.26-Texas Motor Speeedway 28722 1 $21,713.00
TIRZ No.3-Downtown 28603 ($6,088.00)
TIRZ No.3A-Downtown 128730 $24,914.00
TIRZ No.4-Southside 28604 $2,080,926.00
TIRZ No.8-Lancaster Corridor 28608 $10,324.00
TIRZ No.9-Trinity River Vision 28609 $126,346.00
TIRZ No.9A-Trinity River Vision 28790 $11,205.00
TIRZ No. 10-Lone Star Q86101 $54,394.00
TIRZ No. 10A-Lone Star 28710 $7,537.00
TIRZ No. 12—East Berry 11286121 ($173,635.00)
TIRZ No. 13—Woodhaven 28613 ($154,770.00)
TIRZ No. 14-Trinity Lakes 28614 ($7,571.00)
TIRZ No. 15-Stockyards/Northside 2861-511 $6,093.00
TOTAL 11 $2,014,174.00
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 adoption of the above recommendation supplemental appropriation ordinance,funds will be available in
the current operating budgets,as appropriated,of the various TIRZ Funds. Prior to any expenditure being incurred,the Economic Development
Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Michael Hennig 6024
Expedited