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HomeMy WebLinkAboutOrdinance 16829-02-2006Ordinance No. 16829-02-2006 AN ORDINANCE INCRI=ASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE SPECIALLY FUNDED CAPITAL PROJECTS FUND IN THE AMOUNT OF $738,000 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING THE PURCHASE OF EXCESS RIGHT OF WAY AT THE SOUTHEAST CORNER OF MAIN AND LANCASTER FROM THE TEXAS DEPARTMENT OF TRANSPORTATION FOR THE LANCASTER CORRI17OR REDEVELOPMENT PROJECT; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINI=D 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 far Fiscal Year 2008-2D08 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Specially Funded Capital Projects Fund in the amount of $736,000 from available funds far the purpose funding the purchase of excess right of way at the Southeast corner of Main and Lancaster from the Texas Departrrient of Transportation for the Lancaster Corridor Redevelopment project. SECTION ~. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative ar void for any reason by a court of competent jurisdiction, such decision, apininn or judgment shall in no way impair the remaining portions, sections, ar 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. 16582 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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. APPROV TO F ND LEGALITY: Assi font City arney ADOPTED ANb EFFECTIVE: February 21, 2006 City ®f F'®-~ ~I/®rth, Texas ter ~c~ ~u~ci~ Crr~rr~ur~iti COUNCiL ~1CTiON» Approved on 2/29/2006 -Ordinance No. '[8829-02-2006 ©ATE» Tuesday, February 21, 2006 LOG NA11tiE» 12MAINLANCASTER REFERENCE NO.» L-14986 SUB.9ECT» Authorization to Purchase the Excess Right of Way at the Southeast Corner of Main and Lancaster from the Texas Department of Transportation {TxDOT) for the Lancaster Corridor Redevelopment Project and Adopt Appropriation Ordinance RECOMMENDATION. It is recommended that the City Council: 1. Authorize anon-interest bearing interfund loan from the General Fund to the Specially Funded Capital Projects Fund in the amount of $736,000 for the interim financing for the purchase of the excess right of way at the Southeast corner of Main and Lancaster Streets from the Texas Department of Transportation (TxDOT} for the Lancaster Corridor Redevelopment project pending the receipt of funds from the eventual safe of this property. 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Specially i=unded Capital Projects by $736,000 from arrailable funds; and 3. Authorize the purchase of the excess right of way at the Southeast corner of Main and Lancaster Streets from the Texas Department of Transpor#ation (TxDOT} for the Lancaster Corridor Redevelopment project DISCl1SSION: The Lancaster Corridor Redevelopment Project includes the redesign of Lancaster Avenue as a catalyst for redevelopment in the southern end of Downtown Fart Worth, and as a means to connect Downtown mare effectively with the Medical District on Fort Worth's south side. With the relocation of Interstate 30 (I-30) to the south side of the Union Pacific railroad tracks and removal of the I-30 overhead structures, there is excess right of way clang Lancaster. The Lancaster Corridor Redevelopment Project includes purchasing the surplus right-of-way along Lancaster Avenue from TXDOT. It is anticipated that this excess right of way will be used for the development of residential, retail, office and park/apen space along the redesigned Lancaster Avenue. The purchase of the excess right of way at the southeast corner of Main and Lancaster from TXDOT is the first of these purchases. The purchase price as determined by TXDOT based upon an appraisal, is $731,000 plus $5,000 for closing costs. The Southeast corner of Main and Lancaster Streets is located in COUNCIL DISTRICT 9. Lagname. 12MAINLANCASTER Page 1 of 2 FISCAL INFORMATION/CERTIFICATION: The Finance director certifies that upon approval of the above recommendations and adoption of the attached ordinance, funds will be available in the current capital budge#, as appropriated, of the Specially Funded Capital Projects Fund. TO 1=~ndlAccountlCenters FROM FundlAccountlCenters C291 220001 0179230039040 ~T36.000.00 GG01 136291 0000000 $731,000,00 C291 4XXXXX 0179230039040 ~731.a00.00 C291 541100 0179230039040 X731.000.00 SobrnitEed for City Manager"s Office by. dale Fisse[er {6940} Ori inatin ©e artrnent Head: Torn Higgins (6192) Additional Information Contact: Cynthia Garcia (7611) Lognalne: 12MA:tNLANCASTER Pale 2 of 2