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HomeMy WebLinkAboutOrdinance 17125-08-2006Ordinance No. 17125-p8-2pp6 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS 1N THE GRANTS FUND IN THE AMOUNT OF $198,ppp, SUBJECT TO RECEIPT OF THE ECONOMIC DEVELOPMENT INITIATIVE SPECIAL PURPOSE GRANT FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR THE PURPOSE OF FUNDING THE CENTRAL CITY REVITALISATION INITIATIVE WITHIN THE OAKLAND CORNER URBAN VILLAGE; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That in addition to those amounts allocated to the various City departments for Fiscal Year 20p5- 2pp6 and In the Budget of the City Manager, there shall else be increased estimated receipts and appropriations in the Grants Fund in the amount of $198,ppp, subject to receipt of the Economic Development Initiative Special Purpose Grant from the U.S. Department of Housing and Urban Development for the purpose of funding the Central City Revitalization Initiative with the Oakland Corner Urban Village. SECTION 2. That should any portion, section or part of a section of .this ordinance be declared invalid, inoperative or void far any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3. That this ordinance shall be cumulative of Ordinance Na. 16582 and all other ordinances and approprla#ions amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4 This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: Assistant City Attarn ADOPTED AND EFFECTIVE: August 29, 2p06 Cif ®f F® ~I~h~ T~~ras Mayor and Council Communication RECOIMI~nlo~~lo~: It is recommended that the City Council: 1. Authorize the City Manager to apply for and accept an Economic Development Initiative (EDI) -- Special Purpose grant in the amount of $198,000 from the U.S. Department of Housing and Urban Development (HUD) to support the Central City revitalization initiative within the Oakland Corner Urban Village; 2. Authorize the City Manager to execute a grant agreement with HUD, if the City is awarded the grant; and 3. Adapt the attached appropriation ordinance increasing estimated receipts and appropriations in the Grants Fund by $198,000, upon receipt of the grant. ©ISCUSSION: During, the FY2006 federal appropriations process, the City requested and received an EDI -Special Purpose Grant of $198,000 to support Fort Worth's Central City revitalization initiative. An essential component of the initiative consists of supporting "catalyst projects" within Fort Warkh's central city, with emphasis on projects that redevelop urban villages as designated in the City's Comprehensive Plan. The EDI Grant (8-06-SP-TX-1004) will be used to leverage private investment that will renovate a dilapidated and vacant shopping center located at the north east corner of Oakland Boulevard and East Lancaster Avenue. The redevelopment of the Oakland Shopping Center has been a significant element to the overall revitalization strategy of the Oakland Corners Urban Village as originally presented to City Council in November 2001. The project consists of the renovation of an existing 48,000 square foot shopping center and the construction of a new commercial use on the site of a Grandy's destroyed by fire in 2002. ft is anticipated that the $1,500,000 investment would result in bringing jobs to the area, filling the vacant commercial space, and upgrading the tenant mix as well as the appearance of the retail center. The EDI grant helps to address the financial gap of the project and is therefore is a part of an incentive package, which will be outlined for City Council consideration at a later date. The Project is located in COUNCIL DISTRICT 8 and in the Oakland Corners Urban Village. Lognarne: 17t/DIOAKSH Page 1 of 2 FISCAL INFORMATIONICERTIFIGATION: The Finance ©irector certifies that upon approval of the above recommendations, receipt of the grant, and adoption of the attached appropriation ordinance, funds wili be available in the current aperating budget as appropriated, of the Grants Fund. TO FundlAecountlCenters FROM fundlAccountlCenters CR76 ~~1727 o~7zo6111000 $1~s.ooo.oo GR76 5 VARIOUS) 017206111010 $198 DOO.Oo Submitted for Cit Mans er's Office b~:. ©ale Fisseler (6140) Originating Department Head: Tom Higgins (6192} Additional Information Contact: Christine Maguire (8187) Lagnarr~e: 17EDZDAKSH Page 2 of 2