HomeMy WebLinkAbout(0082) M&C 19-0109City of Fort Worth, Texas
Mayor and Council Communication
DATE: 08/27/19 M&C FILE NUMBER: M&C 19-0109
LOG NAME: 13FMS PID15FY20
SUBJECT
Conduct Public Benefit Hearing for Public Improvement District 15 - Sun Valley, Approve Fiscal Year 2019-2020 Budget in the Amount of
$104,200.00 and Five -Year Service Plan, Approve Tax Year 2019 Assessment Roll, Adopt Ordinance Levying Special Assessments for the
2019 Tax Year at a Rate of $0.24 Per Each $100 of Property Value, Authorize Execution of an Agreement with Orasi Development, LLC, in the
Amount of $12,000.00 to Manage the District, and Adopt Appropriation Ordinance (COUNCIL DISTRICT 5) (PUBLIC HEARING - a. Report of
City Staff: Angela Estrada; b. Citizen Presentations; c. Council Action: Close Public Hearing and Approve the M&C)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public benefit hearing concerning the proposed special assessments on the property located in Public Improvement District 15 - Sun
Valley for the 2019 tax year;
2. Approve the attached Fiscal Year 2019-2020 Budget in the amount of $104,200.00 and Five -Year Service Plan for Public Improvement District
15 - Sun Valley;
3. Approve the Tax Year 2019 Assessment Roll for Public Improvement District 15 - Sun Valley, on file with the City Secretary;
4. Adopt the attached ordinance levying special assessments on the property located in Public Improvement District 15 - Sun Valley for the
2019 tax year at a rate of $0.24 per each $100.00 of property value;
5. Adopt the attached ordinance (1) increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 15 — Sun
Valley Fund ("Fund") in the amount of $102,122.00, from available funds, and (2) increasing appropriations in the Fund in the amount of $2,078.00
and reducing the fund balance by the same amount; and
6. Authorize the execution of an Agreement with Orasi Development, LLC, in the amount of $12,000.00 to provide management of the
improvements and services for Public Improvement District 15 - Sun Valley during Fiscal Year 2019-2020.
DISCUSSION:
On August 21, 2012, the City Council adopted Resolution No. 4120-08-2012 establishing Fort Worth Public Improvement District 15 - Sun Valley
(Sun Valley PID).
The purpose of this benefit hearing is to receive comments from the public regarding the 2019-2020 Fiscal Year Budget and Five -Year Service
Plan for the Sun Valley PID and the proposed assessments to be levied on each property in the Sun Valley PID for the 2019 tax year. Following the
public hearing, it is recommended that the City Council take the following actions: (a) approve the attached Budget and Five -Year Service Plan; (b)
approve the 2019 Assessment Roll; and (c) adopt the attached ordinances levying the proposed assessments and appropriating funds.
The improvements and services to be provided in the Sun Valley PID and the costs thereof are as follows:
Improvements Total Budgeted Costs
Management Fee $ 12,000.00
Security Enhancements$ 73,000.00
Equipment Rental $ 8,500.00
Truck Maintenance $ 4,000.00
Insurance $ 600.00
Professional Services $ 3,600.00
Website $ 500.00
Printing $ 0.00
City Administration Fee$ 2,000.00
Total Expenses $ 104,200.00
The total budgeted costs of the improvements and services are in the amount of $104,200.00. Of this amount, $102,122.00 will be funded by
assessments collected on privately owned parcels located in the Sun Valley PID by applying a rate of $0.24 per each $100.00 of property value.
The remaining $2,078.00 will be funded by a transfer from the unaudited, unassigned fund balance.
For Fiscal Year 2019 (tax year 2018) City Council levied an assessment rate of $0.26 per each $100.00 of property value. The Sun Valley PID
experienced growth in net taxable value equal to 17.5%, or $5,713,321.00, allowing for the assessment rate to be reduced by $0.02. Thus, the
recommended Fiscal Year 2020 (tax year 2019) assessment rate is $0.24 per each $100.00 of property value. Even with the lower assessment
rate, revenue growth year over year is $9,681.00 or 10%.
On August 20, 2019, the City Council conducted a public hearing to receive comments on the proposed 2019-2020 Fiscal Year Budget, Five -Year
Service Plan, and 2019 Assessments for the Sun Valley PID (M&C BH). Notice of the August 20, 2019 benefit hearing and this hearing were
published in the Fort Worth Star - Telegram on August 8, 2019 and mailed to all record owners of property in the Sun Valley PID on August 7, 2019,
in accordance with state law.
The Sun Valley PID is located in COUNCIL DISTRICT 5.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and the adoption of the Fiscal Year 2019-2020 Budget by the
City Council, funds will be available in the Fiscal Year 2020 operating budget, as appropriated, of the Fort Worth Public Improvement District 15 -
Sun Valley Fund.
Submitted for City Manager's Office by. Kevin Gunn 8180
Originating Business Unit Head: Reginald Zeno 8500
Additional Information Contact: Angela Estrada 8511