HomeMy WebLinkAbout(0064) M&C 20-0562City of Fort Worth,
Mayor and
DATE: 08/18/20
Texas
Council Communication
LOG NAME: 13QUAIL VALLEY PID FY2021
SUBJECT
M&C FILE NUMBER: M&C 20-0562
(CD 3) Approve the Fiscal Year 2021 Budget in the Amount of $468,900.00 and Updated Five Year Service and Assessment Plan for Fort Worth
Public Improvement District No. 16 - Walsh Ranch/Quail Valley and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the attached updated Five -Year Service and Assessment Plan for Fiscal Year 2021 for Fort Worth Public Improvement District No.
16 - Walsh Ranch/Quail Valley; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the FWPID #16 - Quail Valley Fund in the
amount of $468,900.00.
DISCUSSION:
On September 27, 2016, the City Council created Fort Worth Public Improvement District No. 16 - Walsh Ranch/Quail Valley (Quail Valley PID).
The Quail Valley PID encompasses approximately one-fourth of the entire Walsh Ranch property and is a vehicle for financing certain infrastructure
costs. Full development of the Quail Valley PID will encompass multiple phases that occur over several years. This Mayor and Council
Communication is intended to address the updated Service and Assessment Plan (SAP) for Improvement Area No. 1 of the Quail Valley PID,
which is the first phase of development.
State law requires that the City Council review and update the SAP annually to determine the annual budget for improvements within the PID. The
initial SAP was approved by the City Council on May 2, 2017 (Mayor & Council Communication C-28221). The attached SAP is intended to serve
as an update for Fiscal Year 2021. As outlined in the updated SAP, improvements in the amount of $6,350,000.00, plus interest and administrative
costs, are to be funded by special assessments on Improvement Area No. 1 within the Quail Valley PID.
The Master Reimbursement for the Quail Valley PID (City Secretary Contract (CSC) No. 49300) provides for a maximum principal reimbursement
amount for all phases of the Quail Valley PID of up to $47,000,000.00, and the Improvement Area No. 1 Reimbursement Agreement (CSC No.
49302) addresses $6,350,000.00 of that amount. Under the terms of the phase 1 agreement, payments to the Developer are conditioned, in part,
on the improvements having been completed and accepted by the City and on the total costs of the improvements being greater than the total
assessments by a ratio of at least five to four, meaning the Developer is contributing at least twenty percent of the improvements costs out of
pocket and without reimbursement. In this instance, the total costs of the improvements is $27,477,293.00, which far exceeds the required ratio.
The fiscal year 2021 budget, as summarized in the table below, will be funded by special assessments collected on property within Improvement
Area No. 1 of the PID (assuming completion of Phase 1 C).
Revenues
Annual Installment Income
$468,900.00
Total Revenues
$468,900.00
Expenditures
Contractual Expenses to Developer
$423,017.00
Administrative Expenses
$45,883.00
Total Expenditures
$468,900.00
The Quail Valley PID is located in COUNCIL DISTRICT 3.
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 approval of the above recommendations, funds will be available, as appropriated, in the FWPID #16 -
Quail Valley Fund. Prior to any expenditure being incurred, the Financial Management Services Department has the responsibility to verify
availability of funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Alex Laufer 2268