HomeMy WebLinkAbout(0011) IR 21-10657 - Fiscal Year 2022 Proposed Budgets for Operating PIDs and Tourism PID (3)INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 21-10657
To the Mayor and Members of the City Council September 14, 2021
Page 1 of 3
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SUBJECT: UPDATE ON FISCAL YEAR 2022 PROPOSED BUDGETS FOR
* r.n OPERATING PIDS AND TOURISM PID
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This Informal Report provides an update to the Mayor and City Council on the proposed budget for
operating and Tourism PIDs which are on the September 14 & 21, 2021 agenda for your
consideration.
Background Information
A Public Improvement District is a defined geographical area established to provide specific types
of improvements or maintenance which are financed by assessments against the property
owners within the area.
The City of Fort Worth Economic Development Department administers the City's Public
Improvement Districts (PIDs) in accordance with Chapter 372 of the Texas Local Government
Code. Economic Development has proactively worked with the PID managers and boards to review
proposed FY2022 budget and assessment rates.
Proposed Budget and Rate
Below is a summary of the recommended FY2022 budget and assessment rate for each
Operating/Tourism PID:
PID Rates:
PID
PID 1 - Downtown
FY21 Rate FY22
0.105
Proposed Increase /
Rate (Decrease)
0.115 0.01
PID 6 - Park Glen
0.155
0.155 -
Commercial
0.035
0.035 -
PID 7 - Heritage
0.170
0.160 (0.01)
Commerical
0.110
0.110 -
PID 11 - Stockyards
0.120
0.120 -
PID 12 - Chapel Hill
0.180
0.180 -
PID 14 - Trinity Bluff
0.100
0.100 -
PID 15 - Sun Valley
0.210
0.240 0.03
PID 19 - Historic Camp Bowie
0.100
0.100 -
PID 20 - East Lancaster
PID 21- Las Vegas Trail
PID 18 - Tourism
0.266 0.266 -
- 0.100 -
2% of revenues received from hotel room
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 21-10657
September 14, 2021
To the Mayor and Members of the City Council
hATEir Page 2 of 3
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� �
° SUBJECT: UPDATE ON FISCAL YEAR 2022 PROPOSED BUDGETS FOR
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r.n OPERATING PIDS AND TOURISM PID
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PID 1 — Downtown is requesting an increase to its rate by $.01 due primarily to a decline in growth
in net taxable value and a shortfall of budgeted revenues over a five-year period of time attributed
to the amount of properties under protest with the Appraisal Review Board and pending disposition.
PID 7 — Heritage is decreasing their residential rate by $.01 due to growth in net taxable value equal
to 4% and their projected fund balance over their financial reserves in the amount of $361,825.00.
PID 15 — Sun Valley is requesting an increase to its rate by $.03 due primarily to an increase to its
management fee line item as well as increased security patrols by FWPD off -duty officers and the
installation of PTZ (pan/tilt surveillance) security cameras.
All other PID rates remain the same as previous year.
PID Revenue:
FY21 Budgeted FY22 Estimated Total $ Percentage
Revenue Revenue�A increase/(Decrease) Increase/Decrease
PID 1 - Downtown $ 2,616,166 $ 2,554,608 $ (61,558) -2.4%
PID 6 - Park Glen $ 1,614,679 $ 1,718,368 $ 103,689 6.4%
PID 7 - Heritage $ 1,802,016 $ 1,771,828 $ (30,188) -1.7%
PID 11- Stockyards $ 193,097 $ 213,615 $ 20,518 10.6%
PID 12 - Chapel Hill
$ 79,451
$ 92,877
$ 13,426
16.9%
PID 14 - Trinity Bluff
$ 73,057
$ 81,048
$ 7,991
10.9%
PID 15 - Sun Valley
$ 96,731
$ 128,314
$ 31,583
32.7%
PID 18 -Tourism
$ 2,800,000
$ 3,950,000
$ 1,150,000
41.1%
PID 19 - Historic Camp
Bowie
$ 452,020
$ 446,156
$ (5,864)
-1.3%
PID 20 - East Lancaster
$ 256,457
$ 257,384
$ 927
0.4%
PID 21- Las Vegas Trail
1 $ -
I $ 311,851
1 N/A
1 $ 311,851
Petition to Expand TPID
Section 372.0121 of the Code allows the City Council to include additional properties in the Tourism
PID if (i) the property is a hotel and (ii) a sufficient number of the record owners of the real property
currently included and proposed to be included in the district have consented to be included in the
district by signing the original petition to establish the district or by signing a petition or written
consent to include property in the district (1) record owners of taxable real property liable for
assessment that constitute more than 60.00\% of the appraised value and (2) more than 60\% of
(i) all record owners liable for assessment or (ii) area of all taxable property liable for assessment
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 21-10657
To the Mayor and Members of the City Council September 14, 2021
Page 3 of 3
� r �
SUBJECT: UPDATE ON FISCAL YEAR 2022 PROPOSED BUDGETS FOR
* rrn OPERATING PIDS AND TOURISM PID
Y@7'3
within the Tourism PID as determined by the current appraisal roll of the appraisal district. If the
addition of the new properties results in these numbers dropping at or below the 60.00\% threshold,
then the properties may not be added.
The following hotel property to be included in the Tourism PID are:
a. Sandman Signature Hotel, 810 Houston Street, Fort Worth, TX 76102
This results in an increase to 79.87\% of the appraised value of taxable real property liable for
assessment, 67.29\% for the area of all taxable real property liable for assessment, and 64.29\%
of record owners liable for assessment. Because the percentages are still above the 60.00\%
threshold, the properties meet the second element.
If you have any questions, please call Robert Sturns, Director of Economic Development
Department at 817-392-2663.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS