HomeMy WebLinkAbout(0060) M&C 20-0790City of Fort Worth, Texas
Mayor and Council Communication
DATE: 10/27/20 M&C FILE NUMBER: M&C 20-0790
LOG NAME: 20 8TH AVE FUNDING AGREEMENT
SUBJECT
(CD 9) Authorize Execution of Amendment No.1 to City Secretary Contract Number 53913, a Tax Increment Financing Development Agreement
with the Board of Directors of Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (Southside TIF), in an Amount up to
$800,000.00 for 8th Avenue Safety and Circulation Improvements, Authorize Acceptance of Funds from Southside TIF, Adopt Appropriation
Ordinance and Amend the Fiscal Years 2021-2025 Capital Improvement Plan
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize execution of Amendment No. 1 to City Secretary Contract Number 53913, a Tax Increment Financing Development Agreement
with the Board of Directors of Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (Southside TIF), in an Amount up to
$800,000.00, for 8th Avenue Safety and Circulation Improvements, increasing the total funding to an amount not to exceed $1,550,000.00;
2. Accept funding in the amount up to $1,550,000.00 from Tax Increment Reinvestment Zone Number Four- Southside TIF to fund the
8th Avenue Safety and Circulation Improvements project;
3. Authorize the re -categorization of FY2021 appropriations in the Tax Increment Reinvestment Zone Number Four-Southside Medical District
Fund in the amount not to exceed $1,550,000.00 from the General Operating and Maintenance category to the Transfers and Other category
to facilitate a transfer to the Tax Increment Reinvestment Zone -General Capital Fund; and
4. Adopt the attached Appropriation Ordinance increasing the receipts and appropriations in the Tax Increment Reinvestment Zone - General
Capital Fund in an amount not to exceed $1,550,000.00, transferred from the Tax Increment Reinvestment Zone Number Four - Southside
Medical District Fund for the 8th Avenue Safety and Circulation Improvements project (City Project No. 102842); and
5. Amend the Fiscal Years 2021-2025 Capital Improvement Plan.
DISCUSSION:
On June 5, 2019, the Board of Directors of Tax Increment Reinvestment Zone Number Four (Board), authorized a Tax Increment Financing
Development Agreement with the City of Fort Worth to fund the construction of safety and circulation improvements to 8th Avenue between W.
Magnolia Avenue and Pennsylvania Avenue in an amount up to $750,000.00 (Agreement) pursuant to Board Resolution No. 04-2019-03. On May
7, 2020, the City and Board executed the Agreement pursuant to the above -stated resolution and City Ordinance 24161-04-2020, thus creating
City Secretary Contract No. 53913.
After a comprehensive design process conducted in close collaboration with the Near Southside, Inc. and area stakeholders, the project scope
has been adjusted to include improvements at three intersections along 8th Avenue for essential and more extensive safety elements and
upgrades than originally anticipated during the preliminary conceptual design stage. The City Traffic Engineer has approved the plans to proceed
to final engineering and construction. Construction of improvements consistent with the approved plans requires additional funding of up to
$800,000.00 for a revised funding amount not to exceed $1,550,000.00.
On September 2, 2020, the Board approved Resolution No. 04-2019-05-A1, authorizing an amendment to the Agreement to allow for the above -
stated additional $800,000.00 funding for the project. The City's action in this M&C will complete the amendment and transfer of funds for the
Project.
Funding for this project was not included in the FY2021-2025 Capital Improvement Plan due to project inception after the adoption of the Capital
Improvement Plan. The action in this M&C will amend the FY2021-2025 Capital Improvement Plan as approved in connection with Ordinance
24446-09-2020.
This project is located in COUNCIL DISTRICT 9.
A Form 1295 is not required because: This contract will be with a governmental entity, state agency or public institution of higher education: Board
of Directors of Tax Increment Reinvestment Zone #4, City of Fort Worth, Texas
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that funds are currently available in the TIRZ #4 - Southside Med Dist Fund and upon approval of the above
recommendations and adoption of the attached appropriation ordinances, funds will be available in the TIRZ - General Capital Fund for the 8th Ave
Safety -Circulation Imp project to support the approval of the above recommendations and execution of the agreement. Prior to an expenditure
being incurred, the Transportation & Public Works Department has the responsibility of verifying the availability of funds.
Submitted for City Manager's Office by. Dana Burghdoff 8018
Originating Business Unit Head: William Johnson 7801
Additional Information Contact: Mary Hanna 5565