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HomeMy WebLinkAbout(0009) IR 21-10709 - Reallocation Public Events Dept Capital Funding Cowtown Coliseum Cap ProjsINFORMAL REPORT TO CITY COUNCIL MEMBERS No. 21-10709 To the Mayor and Members of the City Council November 16, 2021 Page 1 of 1 i r SUBJECT: REALLOCATION OF PUBLIC EVENTS DEPARTMENT CAPITAL rrA FUNDING FOR COWTOWN COLISEUM CAPITAL PROJECTS The purpose of this Informal Report is to update the City Council on the reallocation of capital project dollars for the City to meet its contractual obligations to maintain the Cowtown Coliseum. In 2019, the City entered into a management agreement with Stockyards Heritage to operate the Cowtown Coliseum. The agreement calls for the City to maintain specific parts of the facility and jointly participate with Stockyards Heritage in funding other types of capital projects. The agreement with Stockyards Heritage is administrated by the Property Management Department. In the prior Cowtown Coliseum management agreement, the Public Events Department had been the City's contract administrator. Under that agreement, the department had designated approximately $330,000 in Culture and Tourism funds for Cowtown Coliseum capital projects. To address near -term capital projects for Cowtown Coliseum, Public Events and Property Management recommend that the current capital projects for the prior agreement be closed and the funding transferred to a new Cowtown Coliseum Capital Unspecified reserves project to address capital needs under the current agreement. This step will give the City time to collaborate with Stockyards Heritage to develop a more comprehensive capital improvement program for Cowtown Coliseum and develop funding models for future projects. City Council will be asked to approve use of these funds for Cowtown Coliseum in an M&C as capital improvement projects are identified. If you have any questions or concerns related to this effort, please contact Michael Crum, Director of the Public Events Department, at 817-392-2501, or Steve Cooke, Property Management Director, at 817-392- 5134 David Cooke City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS