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Home My WebLink AboutOrdinance 25641-08-2022 ORDINANCE NO. 25641-08-2022 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE FISCAL YEAR 2022-2023 FORT WORTH PUBLIC IMPROVEMENT DISTRICT 17 - ROCK CREEK FUND BY A TOTAL OF $1,777,600.00, OF WHICH $1,735,000.00 IS FROM AVAILABLE FUNDS, AND $42,000.00 FROM REDUCING FUND BALANCE, FOR THE PURPOSE OF PROVIDING IMPROVEMENTS AND SERVICES FOR THE PUBLIC IMPROVEMENT DISTRICT 17 — ROCK CREEK RANCH DURING FISCAL YEAR 2022- 2023; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL 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 2022-2023 in the Budget of the City Manager,there shall also be increased estimated receipts and appropriations in the Fiscal Year 2022-2023 Fort Worth Public Improvement District 17 — Rock Creek Fund ("Fund") by a total of $1,777,600.00,of which$1,735,000.00 is from available funds and$42,000.00 from reducing fund balance, for the purpose of providing improvements and services for Public Improvement District 17—Rock Creek Ranch during Fiscal Year 2022-2023. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for 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 incorporated into the ordinance effecting the budget of the municipal government of the City of Fort Worth for the ensuing Fiscal Year beginning October 1,2022,and ending September 30, 2023, and all other ordinances and appropriations 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in which instance said conflicting provisions of all prior ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY Assistan ity Attorne rity , S.GoodallTetary ..O ADOPTED AND EFFECTIVE:August 23,2022 � S City of Fort Worth, Texas Mayor and Council Communication DATE: 08/23/22 M&C FILE NUMBER: M&C 22-0628 LOG NAME: 17ROC1< CREEK RANCH PID FY2023 SUBJECT (CD 6)Approve Updated Five Year Service and Assessment Plan and Fiscal Year 2023 Budget in the Amount of$1,777,600.00 for Fort Worth Public Improvement District No. 17(Rock Creek Ranch)and Adopt Appropriation Ordinance RECOMMENDATION: It is recommended that the City Council: 1. Approve the attached updated five-year service and assessment plan and annual budget for Fiscal Year 2023 for Fort Worth Public Improvement District No. 17(Rock Creek Ranch);and 2. Adopt the attached ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District No. 17-Rock Creek Fund by a total of$1,777,600.00,of which$1,735,000.00 is from available funds and$42,600.00 from reducing fund balance,for the purpose of funding Public Improvement District No. 17 Rock Creek Ranch during fiscal year 2022-2023. DISCUSSION: The purpose of this Mayor and Council Communication(M&C)is to consider a budget and updated service and assessment plan for Fort Worth Public Improvement District No. 17(Rock Creek Ranch)(PID). In December 2016,the City Council approved the creation of the Rock Creek Ranch PID,as a vehicle to finance certain authorized improvements for the benefit of the property in the PID(M&C G-18910).PIDs are governed by Chapter 372 of the Texas Local Government Code,which requires review and update of a PID's Service and Assessment Plan(SAP)on an annual basis and establishment of an annual budget. On August 15,2017,the City Council approved the initial Service and Assessment Plan(SAP)for the PID encompassing the major improvements (water and sewer)in both the eastern and western improvement areas of the PID and adopted the ordinance levying assessments for those improvements on property within the entire PID(M&C G-19077). In June of 2018 the City Council approved an amended SAP to include certain roadway improvements to be provided in the western improvement area and enacting an ordinance levying assessments for those improvements on property within the western improvement area(M&C G-19297). City Council approved the issuance and sale of Special Assessment Revenue Bonds,Series 2017(Fort Worth Public Improvement District No. 17 —Rock Creek Ranch—Major Improvement project)in the aggregate principal amount of$12,685,000.00(M&C G-19079)and issuance and sale of Special Assessment Revenue Bonds,Series 2018(Fort Worth Public Improvement District No. 17—Rock Creek Ranch—Roadway Improvement project),in the aggregate principal amount of$5,155,000.00(M&C G-19296). The SAP was updated in August of 2018 and an annual budget was adopted(M&C G-19355). Updated budget and assessment rolls for the PID were adopted for subsequent years(M&C 20-0907 and 20-0009).On December 1,2020,another public hearing was held and an amended and restated SAP was adopted reflecting possible exclusion from the sewer assessment of properties within the PID if they do not receive a benefit from the sewer portion of the major improvements and addressing maximum assessment rates triggered by sale of a portion of the property within the PID by the developer. This M&C and the attached SAP are intended to serve as the SAP update and annual budget for fiscal year 2023. The fiscal year 2023 budget for the PID is summarized in the following table: Revenues Expenditures Delinquency Assessment Fund Total Debt Service Administrative and Total Revenue Balance Expenses Prepayment Reserves Major Improvements$1,215,000.00$35,000.00$1,2 Assessment 50,000.00$1,125,469.00 $71,100.77 $58,430.23$1,250,000.00 Area Roadway Improvements $520,000.00) $7,600.00 $527,6 00.00 $454,398.10I $49,762.09 $23, 339.81 $527,600.00 Assessment Are�k^��$�1,777,600.00� I�O� Totals $1,735,000.00$42,600.00 $1,574,867.10 $120 862.86 $81,870.04$1,777,600.00 Assessment Fund Total Revenue Balance Major Improvements $1,215,000.00 $35,000.00$1,250,000.00 Assessment Roadway Improvements $520,000.00 $7,600.00 $527,600.00 Assessment Area Totals $1,777,600.00 This PID is located in COUNCIL DISTRICT 6 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 recommendations and adoption of the Fiscal Year 2023 Budget by the City Council,funds will be available in the Fiscal Year 2023 operating budget,as appropriated,in the FWPID#17-Rock Creek Fund. Prior to an expenditure being incurred,the Financial Management Services Department has the responsibility to validate the availability of funds. Submitted for City Managers Office by- Reginald Zeno 8517 Originating Business Unit Head: Robert Stums 2663 Additional Information Contact: Crystal Hinojosa 7808 Expedited