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Home My WebLink About(0008) IR 20-10414 - FW Perm Fund Trust Amend - Open Space AcqINFORMAL REPORT TO CITY COUNCIL MEMBERS No. 20-10414 PRTEot c e�cw?.e 1@70L To the Mayor and Members of the City Council May 19, 2020 Page 1 of 2 SUBJECT: THE FORT WORTH PERMANENT FUND TRUST AMENDMENT FOR OPEN SPACE ACQUISITION The purpose of this Informal Report is to provide some background information on the stand- alone Resolution on the May 19, 2020 City Council agenda that begins the process to consider a proposed amendment to The Fort Worth Permanent Fund (the "Trust"), also known as the "Gas Well Trust", to allow for a one-time disbursement of Trust corpus for open space acquisition. At the December 3, 2019 City Council work session, a presentation on the "Open Space Acquisition Program" was provided to the City Council, outlining the importance of preserving "open space" to enhance the quality of life for the citizens of Fort Worth. In that presentation, Gas Well Trust funds were listed as a potential funding source. A copy of that presentation accompanies this report. If adopted, the Resolution would serve as the required notice to Wells Fargo Bank, N.A. (the "Trustee") and the Chief Financial Officer that City Council will consider amending the Trust to allow for a one-time distribution of the Trust corpus totaling up to $16,000,000.00 for open space acquisition. Providing written notice to the Trustee and CFO is the first step in the six -to -nine month amendment process outlined in Article V of the Trust Agreement. This one-time distribution is proposed to be taken, on a pro-rata basis, from the Trust sub - portfolios, excluding the Aviation sub -portfolio. External restrictions applicable to the Aviation sub -portfolio make it an unsuitable source for funding general open space acquisition. The proposed amendment will be structured to allow staff the flexibility to effect the disbursement when market conditions improve (to avoid realizing portfolio losses). The process for amending the Trust, as outlined in the Trust Agreement, requires a series of notices and public hearings. The proposed timeline is as follows: ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 20-10414 PRTEot c e�cw?.e 1@70L To the Mayor and Members of the City Council May 19, 2020 Page 2 of 2 SUBJECT: THE FORT WORTH PERMANENT FUND TRUST AMENDMENT FOR OPEN SPACE ACQUISITION Requirement - Notify Trustee and CFO in writing of proposed amendment (Resolution) First Council Meeting with Trustee and CFO Public Hearing #1 Public Hearing #2 Public Hearing #3 Second Council Meeting with Trustee and CFO Formal vote on proposed amendment** * Regular Council Meeting **Requires affirmative vote of at least three -fourths of all members of the City Council May 19, 2020* June 23, 2020 August 4, 2020* August 11, 2020* August 18, 2020* September 15, 2020 December 1, 2020* If you have any questions, please call Senior Assistant City Attorney Denis McElroy, at 817-392- 7600 or John Samford, Assistant Finance Director & City Treasurer, at 817-392-8500. David Cooke City Manager Attachment ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS LM pace Acquisitic Council Wn -T L . I P_r.p n Program rk Session ipr 3. 20151 Trinity Trail Planning Team • City Departments • Budget • Code, Environmental • Communications • Economic Development • Park & Recreation • Planning & Development • Transportation Public Works, Stormwater • Water • North Central Texas Council of Governments • Streams & Valleys • Tarrant Regional Water District • Why Preserve Open Space? • Open Space Planning • Potential Acquisition Areas is Acquisition Funding • Next Steps 3 Why Preserve Open Space?. It helps us achieve our vision of being the most livable city in the country Population Growth, 1950=2045 Fort Worth, Dallas, and Arlington 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 1950 1960 1970 1980 1990 2000 2010 Fort Worth Dallas - Arlington Sources: U.S. Census Bureau, NCTCOG 2020 2030 2040 ,326 ,260 North Fort Worth Development C7 FEMA Current FEMA Historic 2001 2019 What Kind of Community do we Want to be?. TT :- r- r � 79 City Council Strategic Goals Make Fort Worth the Nation's Safest City • Flood reduction through stormwater capture and conveyance • Study of 300 cities showed that more green space was associated with- • Lower risk of crime • Fewer burglaries • Fewer violent crimes nil City Council Strategic Goals Improve Mobility & Air Quality • Connects neighborhoods and increases recreation/trail connectivity opportunities • Reduces air pollution • Decreases Urban Heat Island OF 92 Rural Suburban Downtown Park Suburban Rural Residential Residential E City Council Strategic Goals Create & Maintain a Clean &Attractive City • Improves water quality in Fort Worth and regionally • Provides natural recreational and educational opportunities 9 Protects wildlife habitat Photo courtesy of Fort Worth Mountain Bikers' Association City Council Strategic Goals Strengthen the Economic Base...Create Quality Jobs • Study of millennials identified top priorities as living near parks & vpen spice, work, & transit • Helps compete for talent Building Blocks of Economic Development ReCruiting New Business Existdfig n trep reneur Bus i ne5s evelop meat Developmen t • Improves nearby property values Qua I ity Workforce rnfra 5truCt4PFe of Life Development Development • Promote tourism -Mdwi�� Leadershlp/00c Development & The Role of Public Palley • The Fort Worth Nature Center has approximately 60,000 visitors each year City Council Strategic Goals Promote Orderly & Sustainable Development • Open space quality, connectivity, and public access helps maintain sustainability SOCIAL ECONOMIC SUSTAINABLE DEVELOPMENT ENVIRONMENTAL Spheres of Oubtainable Development FW Adopted Plans with Open Space Goals Comprehensive Plan • Strategic Stormwater Management Program Master Plan (MP) • Floodplain Management Plan • Nature Center &Refuge MP • Southside Medical District Strategic Plan • Downtown FW Strategic Action Plan • Cultural District MP • Parks, Recreation &Open Space Master Plan • Active Transportation Plan • Confluence: The Trinity River Strategic MP • Trinity River Vision MP • Trinity River Vision Neighborhood Recreational Enhancement Plan • Lake Worth Vision Plan & Watershed Greenprint • Lake Arlington MP Comprehensive Plan Adopted Policies- Examples ,_: k t_. .k • Protect land needed for projects such as } natural stormwater conveyance & detention, j ' - ---r{ riparian buffer protection, & linear greenways with trails • Encourage the preservation &enhancement of the natural landscape by retaining trees, natural drainage ways, &unique vistas • Conserve riparian buffers to protect water uq ality of Lake Worth &Eagle Mountain Lake • Protect the environmental guali!y of Lake Arlington Open Space Planning • How should we identify priority open spaces to preserve? • Not for active/sports use • Passive/trail use is encouraged 0 Limited ongoing maintenance cost/responsibility (natural is best) Open Space Acquisition Prioritization Criteria Health & Recreation Flood Control Water Quality Community Access, Equity & Iconic Places Economic Development Ecosystem Preservation 11 0 12 13 16 Secondary Criteria -AM I Affordability Potential Acquisition Areas 17 in Buffer path ale Facility 2015 GGL27"L <ta 1- .w 19 2019 Opportunity Lost? r; 20 West Fort Worth/Marys Creek Area ETJ i s s _�# frrr■f ■ off ■ ■ ■ ■ r ■ ■ ■ Future Water Reclamation Facility FEMA Floodplain Existing Parks • Existing Trail Proposed Trail Proposed Sidepath Proposed Bicycle Facility Imagery: ESRI World Imagery �f a SETTLFME/vT i ETJ ' . f r r r r.■ i r.. tvEST PO/NT ■ ~—s ♦ OLD WE4THERFORD AM - . ■ r �� rrrr■■ RIDGE -CO- SlL ER CREEK 6rl!,� ZONEY- -v ■ � VIAOL fff �z ` ■ �n+►f-rr■rf ■ _ S f. No ■ a.♦ ETJ ; Aledo `�._ s - - T r , ` a WE■+o...wr�� M� v LU ' CNAPI10 Nis r � • ETJ low 7W Sycamore Creek Area Bacteria Regulatory Requirements FEMA Floodplain Existing Parks • Existing Natural Surface Trl Existing Signed Route Existing Trail -- Proposed Trail Existing Sidepath Proposed Sidepath Existing Bicycle Facility • Proposed Bicycle Facility �s Majority Minority Area xity ority Vegetation and Urban Land Laver F, w Som e of Fart Worth's last remaining no rural open Vegetation spoces he along West Fork East, and efforts should be M Parev and Woaj:lUnd made to preserve these impartont amenities- M � � GrA41l pd M rallgnBS Pra-e and Hk-ribareu4:s #,kaiu,e Irn'asweL Raw Crups and C+rassiami Open Ware) Swam) and Maw IJrb�r+ Land C*Var U(U&n High rrttensity ##- urban LbwItew.%ty East Fort Worth/Trinity River Area Richland Hills / Haltom City 121 M[DWAY w City Limits o w■ 121 LU -lOTT REEDER IL RANDO'L MILL ION. 1ST o � , p oq BRIDGE BRENTWOOD STAIR- o F<ER _P O, x Hurst HURST { City Lim its o' TRINITY �. m ---- - - -- i ----"-------- 1� 17b �m n TRAMMEL DAVIS z 1 1 1 r. RANDOL- MI(L'�I� 1 R,ve. �- - r "' LOWERY FEMA Floodplain z; fo �,s Existing Parks mom wH"E 500' Trinity Buffer 0 - Existing Trail Proposed Trail Proposed Sidepath Proposed Bicycle Facility 9 tl Potential Funding Sources for Open Space Acquisition 25 Potential Funding Sources •Park Dedication Fee •Could potentially be used to acquire open space if it fits within the park dedication criteria •Future Bond Programs •Partnerships with non -profits Photo courtesy of Fort Worth Nature Center Potential Funding Sources • Enterprise & Special Revenue Funds • Water- to provide water infrastructure & protect drinking water quality • Open space would have to first meet Water Dpt. use • Stormwater Utility- to mitigate flooding & erosion • Has to benefit the drainage system • Environmental- to protect water quality / MS4 • Has to have a direct surface water quality protection feature • Gas Well Trust Funds Next Steps 9.1 rust for ublic Land Mission: to create parks and protect land for people, ensuring healthy, livable communities for generations to come • Past success on Lake Worth & Lake Arlington Greenprinting • Accelerate open space prioritization tool development • Provide independent unbiased expertise 9 4ext Steps • Contract with Trust for Public Land Build tool to identify & prioritize open space Develop Open Space Plan/Policy • Dedication vs. Purchase Maintenance Engage public Begin process to utilize funding from Gas Trust Funds Arcadia Trail, North Fort Worth FORTWORTH. $[:I6[W March 2020w"* • Present information to Plan Commission & Council • Include past public input from partner orgs. & departments • Determine gaps in information and where additional input is needed in June 2020 • Coordinate public engagement during the initial 2020 Bond public meetings is Launch an online tool for public input Fall 2020 • Compile public input and present to Council Discussion & Questions