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HomeMy WebLinkAboutOrdinance 17147-09-2006ordinance No. 17147-09-2006 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE SPECIAL ASSESSMENT DISTRICT FUND IN THE AMOUNT OF $1,785,048 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING IMPROVEMENTS AND SERVICES 1N PUBLIC IMPROVEMENT DISTRICT NO. 1 {DOWNTDWN}, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL DF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That in addition to those amounts allocated to the various City departments for Fiscal Year 2006-2007 in the Budget of the Gity Manager, there shall also be increased estimated receipts and appropriations in the Special Assessment District Fund in the amount of $1,785,048 from available funds for the purpose of funding improvements and services in Public Improvement District No. 1 {Downtown}. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion ar judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining pravisians shall be and remain in fup force and effect. SECTION 3. That this ordinance shall be incorporated into the ordinance effecting the budget of the municipal government of the City of Fort Worth for the ensuing Fiscal Year beginning October 1, 2006, and ending September 30, 2007, and all other ordinances and appropriations amending the same except in those instances where the provisions of This ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting pravisians of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPRO D A O F -~ALITY: Assis ant City Attorney ADOPTED AND EFFECTIVE: September 12, 2006 Gity of Fort Worth FIVE YEAR SERVICE PLAN Public lmpravement District No. 1 -Downtown REVENUES Private Assessment Revenues CFW Assessment Revenues City Payment in-lieu of Services PI© Generated Revenue Interest Prier Year's Assessment FY06107 FY07l08 FY08109 1,300,000 1,352,000 1,406,080 200,655 200,655 204,66$ 127,613 130,145 132,750 125,280 125, 280 127,280 6,500 6,000 6,500 25,aaD - - 1,785,048 1,814,080 1,877,278 FY09110 FY10I11 Total Revenues EXPENSES C)peratigns Maintenance & Landscaping Security Enhancement Marketing Transpartatian & Parking City Administratign Total Expenses BALANCE 1,462,323 1,520,815 204,668 208,781 135,400 138,108 127,280 129,825 7,000 7,580 1,936,671 2,005,029 288,600 307,575 322,498 335,925 343,239 1,039,897 1,048,729 1,080,924 1,114,017 1,136,241 32,781 32,934 33,604 34,283 46,971 242,770 257,770 269,859 280,518 296,348 155,000 140,D32 142,272 142,682 151,814 26,OOD 27,040 28,121 29,246 30,416 1,785,048 1,814,080 1,877,27$ 1,936,671 2,005,029 reuumrr ~r \ ~ 9 N~'~ ~ .,,~ ~y~ti ~ ~~G~ ~ \C~G ,`Y , ~ ~' w~ ti~J,ti<~ ~ n G-%. '~ a~~G ; v ~~~ ~„ ~~ dD S ~ ~F-~ p@ >,,, _yi' ~, ~~ Y u ~ ~;;. ,~ :`,, ~ ~' ~ti'e ,~;, rr 1 f? ~. ;.; ® ~. LM - .. . _ _ p~, ~u 9S ~°a~~ ~~ ti A yr o f ~ w y~ ~ ` t i ' b . ~~ ~ ~ Jc~'C v ~'\ ~D ~ ~`~w ~ x ~ ~~ ~ ~~ tir ~ ~ ~~' '. ~ m ! ~FJN NN31' as " , ~D ~ ~ r~ p, r i 3DaN W ' ~a _ as ~~ F M ~~~ ~ ~. ana ~aa~ ~ ~ n A~f}1 H~ ~ m •~ ~ Y,g , ~ a ~ ~, ~noin ltllDa~WWDO anHaar F, w ~~;-. ~~~;, ~i of Ford orfh, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 91'1212t3Q6 -Ordinance No. '17'146-09-2D06 &'17'147-©9-2Q~6 DATE: Tuesday, September 12, 20Q6 LOG NAME: 13PID1 BENi~6-07 REFERENCE NO.: BFI-225 SUBJECT: Benefit Hearing for Fort Worth Public Improvement District 1 {Downtown} Concerning Proposed Property Assessments, Adoption of Ordinance Levying Assessments for F'iscai Year 2DQ6-07, and Adoption of Appropriation Ordinance to Increase Estimated Receipts in the Special Assessment District i=und -~ RECOIVIMENDATIQN: It is recommended that the City Council: 1. Hold a benefit hearing concerning the proposed property assessment for property located in Fort Worth Public Irr~prnvement District 1 (PID 1}for Fiscal Year 2006-07; 2. Adopt the attached ordinance which levies the proposed assessment for property located in PID 1 for Fiscal Year 2006-07; and 3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by $1,785,048.OD in the Special Assessment District Fund PID 1 Project account from available funds. DISCUSSION: The purpose of this benefit hearing is to receive comments from the public regarding the Fiscal Year 2006- 07 proposed assessments to be levied on each property in PID 1, to adopt an ordinance levying the proposed assessments and to adopt appropriation ordinances allocating estimated receipts to the District. On August 22, 2006, (M&C G-15366) the City Council approved the Fiscal Year 2006-07 budget and five- year service plan (attached}, directed that certain improvements and/or services be provided in PID 1 during the Fiscal Year 2DD6-D7, adopted the proposed 2DD6 assessment roll and provided notice of this benefit hearing. The improvements and services to be provided and the costs thereof are: Improvement 1) Operations 2) Maintenance & Landscaping 3) Marketing 4) Security Enhancement 5) Transportation & Parking 6) City Administration (2% of budgeted private assessments) Total Total Budgeted Costs $288,6DD.DD $1, 039, 897.DD $242,77D.D0 $32,781.00 $165,DDD.DO $26,ODO.OD $1, 786, 048.OD Lognan~e: 13}?IDII3EN06-07 Rage t oft The total budgeted costs of the improvements are $1,785,Q48.QQ. Of this amount, $1,3QQ,QQQ.QQ will be funded by assessments collected on privately owned parcels located in the district by applying a rate of $Q.12 cents to each $1flQ.flfl of praper#y value. The remainder of the casts, $485,Q48.QQ will be funded by other revenue sources, including: $200,855.00 indirect payment from the City far payment in lieu of assessments (appropriated from the General i=und by City Council action an August 22, 2008, M&C G-15368); $127,613.00 in direct payments from the City far payment in-lieu of services (appropriated from the General Fund by City Council action on August 22, 2008, M&C G-15368), $125,280.DD in revenues generated by district activities; $6,500.00 in interest earned; and $25,000.00 from prior year assessments. Based on the appraised value of the property, and considering the benefits to be received from the proposed improvements and services, it is the opinion of the City staff that an amount equal to or more than the proposed assessments, upon completion of the improvements in accordance with the contract, will enhance each parcel of property in value. This property is commonly known as the "Downtown" PID and is located in COUNCIL DISTRICT 9. A map is attached. FISCAL INFORMATIONICI_RT6FICATfON: The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be available in the Fiscal Year 2QQ6-Q7 operating budget, as appropriated, of the Special Assessment District Fund. TO FundlAccauntlCenters FROM FundlAccountlCenters Gss7 488342 002501oo2oaa 1 785 o~s.oo GS87 539120 OD25D1002000 $1,785,Q48.~Q Submitted for Ci Mana er°s Office b Karen Montgomery {6222} O_ riginating Department Head: Richard Zavala (Acting) (8101) Additional information Contact: Jenny Townsend (6Q3Q) Becky Wood (8550) Logname: 13PID 1 BEN06-07 Page 2 a£ 2