HomeMy WebLinkAboutIR 062 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-062
To the Mayor and Members of the City Council April 5, 2022
Page 1 of 2
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SUBJECT: UPDATE ON FISCAL YEAR 2022 MID-YEAR ADJUSTMENTS FOR
* VA OPERATING PIDS AND TOURISM PID
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This Informal Report provides an update to the Mayor and City Council on the mid-year adjustments
for operating and Tourism PIDs which are on the April 12 & 26, 2022 agenda for your consideration.
Background Information
An operating Public Improvement District is a defined geographical area and a tourism Public
Improvement District is a noncontiguous area consisting only of hotels. Public Improvement
Districts are established to provide specific types of improvements or maintenance which are
financed by assessments against the property owners (operating) or the consideration paid for
occupancy of a sleeping room (Tourism) within the boundaries.
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
necessary budgetary adjustments for FY2022.
Mid-year Adjustments
Below is a summary of the recommended adjustments for each Operating PID:
The following PIDs are requesting the use of fund balance (for additional expenditures deemed
necessary that have been identified during the fiscal year):
• PID 6 — Park Glen - $264,900
• PID 7 — Heritage - $35,000-1
• PID 12 — Chapel Hill - $58,360-1
• PID 14 — Trinity Bluff - $4,300-1
• PID 19 — Historic Camp Bowie - $10,000 and;
• PID 20 — E Lancaster - $15,000
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) the property could have been included in the Tourism PID
without violating Section 372.005 (b-1) of the Code when the Tourism PID was created regardless
of whether the record owners of the property signed the original petition. The code requires the
petition to be signed by the (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 within the Tourism
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-062
To the Mayor and Members of the City Council April 5, 2022
Page 2 of 2
, r
SUBJECT: UPDATE ON FISCAL YEAR 2022 MID-YEAR ADJUSTMENTS FOR
* VA OPERATING PIDS AND TOURISM PID
yez3
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 is:
a. Four Points by Sheraton Fort Worth, 6828 North Freeway, Fort Worth, TX 76137
This results in an increase to 79.93% of the appraised value of taxable real property liable for
assessment, 67.60% for the area of all taxable real property liable for assessment, and 64.91% 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