HomeMy WebLinkAbout(0044) 20CD9_STREET_REPAIR_AND_RECONSTRUCTION_AMENDMENT_RESOLUTION_(10.16.19)(Rev 11.14.19).PDFA
Resolution
NO.
AUTHORIZING THE EXECUTION OF A M E N D M E N T 1 T O A
FUNDING AGREEMENT WITH FORT WORTH SOUTH INC.
IN THE AMOUNT OF $3,000,000.00 FOR COUNCIL DISTRICT 9
STREET REPAIR AND RECONSTRUCTION PROGRAM
WHEREAS, the Fort Worth South Near Southside Medical District serves as the city's second
largest employment center, with approximately 30,000 workers and an estimated $5.5 billion annual
economic impact to Tarrant County and $4.2 billion to Fort Worth; and
WHEREAS, Fort Worth South, Inc. ("FWSI") is the non-profit redevelopment corporation
working since 1995 to revitalize the Near Southside and its Medical District; and
WHEREAS, FWSI administers the Tax Increment Reinvestment Zone No. 4 ("Southside
TIF") to promote new investment and economic development in the Southside TIF district through
a contract with the City; and
WHEREAS, the City of Fort Worth entered into a funding agreement with FWSI in the
amount of $10,000,000.00 to implement a Street Repair and Reconstruction Program ("Program")
within the district (City Secretary No. 45858, M&C C 26906); and
WHEREAS, the original scope of the Program is not yet completed and requires additional
funding; and
WHEREAS, this Amendment 1 to the Street Repair and Reconstruction
Program leverages funding in an amount up to $3,000,000.00 under a 50150 partnership
that will complete the rehabilitation of deteriorating streets through construction,
reconstruction and other improvements that will facilitate redevelopment and
revitalization in Fort Worth's Near Southside District; and
WHEREAS, the Southside TIF will contribute funding in an amount up to $1,500,000.00;
and
WHEREAS, the City will commit up to $1,500,000.00 as an equal match from legacy
residuals from the Street Rehabilitation Fund; and
ORTWO T
WHEREAS, any funds remaining after the original scope of work has been
completed may be applied to additional streets within the project area as determined
jointly by FWSI and the Transportation and Public Works Department.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS THAT:
The City Manager is hereby authorized to execute Amendment 1 to that certain
Funding Agreement with Fort Worth South, Inc. (City Secretary N o . 4 5 8 5 8) in the amount
of $3,000,000.00 to complete the 2014 Street Repair and Reconstruction Program in
Council District 9 and any remaining funds may be used to improve or rehabilitate additional
streets within the program area.
Adopted this day of 2019.
ATTEST:
MA
Mary J. Kayser, City Secretary
ORTWO T