HomeMy WebLinkAboutOrdinance 25987-02-2023 ORDINANCE NO. 25987-02-2023
AN ORDINANCE DECREASTING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE TAX INCREMENT REINVESTMENT ZONE(TIRZ)
— GENERAL CAPITAL FUND IN THE AMOUNT OF $200,000.00, FOR
TRANSFERRING TO THE TAX INCREMENT REINVESTMENT ZONE
NUMBER TWELVE-EAST BERRY RENAISSANCE FUND; 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 decreased estimated receipts and appropriations in the Tax
Increment Reinvestment Zone(TIRZ)—General Capital Fund in the amount of$200,000.00,for transferring
to the Tax Increment Reinvestment Zone Number Twelve-East Berry Renaissance Fund, for the purpose of
funding the of fulfilling prior contractual obligations.
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 cumulative of Ordinance 25773-09-2022 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
said prior ordinances and appropriations are hereby expressly repealed.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
Jannette S. Goodall
Assistant City Attorney City Secretary aa�G�'rroRrnnGG4 a�
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ADOPTED AND EFFECTIVE:February 14,2023 �0 0.1�
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 02/14/23 M&C FILE NUMBER: M&C 23-0070
LOG NAME: 17REALLOCATION TIF 12 FUNDS E BERRY ST STUDY
SUBJECT
(CD 5,CD 8,and CD 9/Future CD 5, CD 8,and CD 11)Authorize Appropriation of Funds to Tax Increment Reinvestment Zone Number Twelve-
East Berry Renaissance for an Amount of$200,000.00 in Accordance with the Tax Increment Financing Development Agreement for the East
Berry Corridor Study,Adopt Appropriation Ordinances and Amend the Fiscal Years 2023-2027 Capital Improvement Program
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance decreasing the estimated receipts and appropriations in the Tax Increment Reinvestment
Zone- General Capital Fund in the amount of$200,000.00 for transferring to the Tax Increment Reinvestment Zone Number Twelve-East
Berry Renaissance Fund;
2. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the Tax Increment Reinvestment Zone
Number Twelve-East Berry Renaissance Fund in the amount of$200,000.00 transferred from the Tax Increment Reinvestment Zone-General
Capital Fund for the purpose of fulfilling prior contractual obligations;and
3. Amend the Fiscal Years 2023-2027 Capital Improvement Program.
DISCUSSION:
On June 1,2022,the Board of Directors for Tax Increment Financing Reinvestment Zone Number Twelve-East Berry Renaissance(TIF)approved
the expenditure of up to$200,000.00 to fund a design and planning study along the East Berry Street Corridor.The City and the Board of Directors
for the TIF agreed to enter into a financing agreement whereby the City will be reimbursed for the study with TIF funds(TIF 12 Resolution 12-2022-
01).
On September 13,2022, Mayor and Council Communication 22-0689,City Council approved the execution of a TIF Financing Agreement with
East Berry Renaissance TIF for an amount up to$200,000.00,and the adoption of an appropriation ordinance increasing the estimated receipts
and appropriations in the Tax Increment Reinvestment Zone-General Capital Fund(TIRZ General Capital Fund)in the amount of$200,000.00
transferred from the East Berry Renaissance TIF fund,for the purpose of funding the Berry Street Corridor project(City Project No. 104214).
On September 21,2022,the City of Fort Worth transferred$200,000.00 from East Berry Renaissance TIF Fund to TIRZ General Capital Fund.
On January 6,2023,the TIF Financing Agreement was executed by City of Fort Worth and TIF.
In order for East Berry Renaissance TIF to fulfill current contractual obligations to a developer,the$200,000.00 is to be reallocated back to the
East Berry Renaissance TIF. Upon completion of the terms of the TIF Financing Agreement and the TIF's availability of funds,an additional
M&C will authorize the transfer of funds in the amount up to$200,000.00 to the TIRZ General Capital Fund for reimbursement of East Berry Street
Corridor Study. East Berry Renaissance TIF funds are projected to be available in Fiscal Year 2024.
This will not impact the timing of the East Berry Corridor Study.
Upon approval of this Mayor and Council Communication (M&C),all appropriations and funding will be as summarized in the table below:
I
Fund i Entity Appropriation Amount
28612 TIRZ#12-East Berry Renaissance $200,000.00 i
:30286, TIRZ-General Capital ($200,000.00)
Funding for this project was not included in the Fiscal Years 2023-2027 Capital Improvement Program(CIP)because the project and funding
sources were unknown at the time of its development.This action in this M&C will amend the Fiscal Years 2023-2027 Capital Improvement
Program as approved in connection with Ordinance 25573-09-2022.
The East Berry Street Corridor is located in COUNCIL DISTRICTS 5,8,AND 9 and FUTURE COUNCIL DISTRICTS 5,8,and 11.
A Form 1295 is not required because:This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION I CERTIFICATION:
The Director of Finance certifies that funds are currently available in the Berry Street Corridor Plan project within the TIRZ-General Gapital
Fund and upon approval of the above recommendations and adoption of the attached appropriation ordinance,funds will be available in the TIRZ
#12-East Berry Renaissn Fund. Priorto an expenditure being incurred,the Transportation&Public Works and Economic Development
Departments have the responsibility of verifying the availability of funds.
Submitted for City Manager's Office bX: William Johnson 5806
Oriainatiny Business Unit Head: Robert Sturns 2663
Additional Information Contact: Martha Collins 2610
Expedited