HomeMy WebLinkAbout(0038) M&C 21-0881City of Fort Worth, Texas
Mayor and Council Communication
DATE: 11/30/21 M&C FILE NUMBER: M&C 21-0881
LOG NAME: 17AMENDTRINITYLAKESTIFAGREEMENT
SUBJECT
(CD 5) Amend Mayor and Council Communication 20-0939 Authorizing Execution of a Tax Increment Financing Development Agreement with
the Tax Increment Reinvestment Zone Number Fourteen -Trinity Lakes to Fund Construction of Infrastructure Improvements Along Trinity Boulevard
Increasing the Amount from $18,500,000.00 to an Amount Up to $20,500,000.00, Plus Interest
RECOMMENDATION:
It is recommended that the City Council amend Mayor and Council Communication 20-0939 to authorize the execution of a Tax Increment
Financing Development Agreement with Tax Increment Reinvestment Zone Number Fourteen -Trinity Lakes to fund construction of infrastructure
improvements along Trinity Boulevard increasing the amount from $18,500,000.00 to an amount up to $20,500,000.00, plus interest.
DISCUSSION:
On December 15, 2020, the City Council approved Mayor and Council Communication (M&C) 20-0939 authorizing the City Manager to enter into
a Tax Increment Financing (TIF) Development Agreement with Tax Increment Reinvestment Zone Number Fourteen (Trinity Lakes TIF) to be
reimbursed up to $18,500,000.00 plus associated interest costs for the construction of improvements to Trinity Boulevard between Interstate
Highway (IH) 820 and Precinct Line Road (Project). The City of Fort Worth (City) intends to fund the Project through bond financing or another
similar means, with funding from the Trinity Lakes TIF to help offset the costs of the Project, including any construction and financing costs.
Reflecting contractor bidding, the cost of the Project is now estimated to be $20,500,000.00.
It is recommended that the City continue to advance work on the Project at the newly estimated Project cost and that the City execute a TIF
Development Agreement with Trinity Lakes TIF for reimbursement of project and financing costs and outlining the responsibilities of both the Trinity
Lakes TIF and the City with respect to the Project. Once the associated Project has been completed, the balance of any remaining funds obligated
by the Trinity Lakes TIF for the Project will be returned to the Trinity Lakes TIF for use in support of other projects and activities outlined in its
Project and Financing Plan.
Therefore, it is recommended that the City amend M&C 20-0939 so that authorized project costs are equal to $20,500,000.00 plus associated
financing costs.
This project is located in COUNCIL DISTRICT 5.
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 recommendation and execution of the contract, funds will be deposited into the
TIRZ #14 - Trinity Lakes Fund. The Economic Development Department (and Financial Management Services) is responsible for the collection
and deposit of funds due to the City.
Submitted for City Manager's Office bT. Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Michael Hennig 6024