HomeMy WebLinkAboutResolution 5701-02-2023 A Resolution
NO. 5701-02-2023
AUTHORIZING EXECUTION OF A M E N D M E N T N O. 2 T O A
FUNDING AGREEMENT WITH FORT WORTH SOUTH INC.
IN THE AMOUNT OF $3,000,000.00 FOR COUNCIL DISTRICT 9
STREET REPAIR AND RECONSTRUCTION PROGRAM
WHEREAS, the Fort Worth South Near Southside Medical District serves as the city's second
largest employment center, with approximately 30,000 workers and an estimated $5.5 billion annual
economic impact to Tarrant County and $4.2 billion to Fort Worth; and
WHEREAS, Near Southside, Inc. dba Fort Worth South, Inc., ("FWSI") is the non-profit
redevelopment corporation working since 1995 to revitalize the Near Southside and its Medical
District; and
WHEREAS, FWSI administers the Tax Increment Reinvestment Zone No. 4 ("Southside
TIF") to promote new investment and economic development in the Southside TIF district through
a contract with the City; and
WHEREAS, the City of Fort Worth entered into a funding agreement with FWSI in the
amount of$10,000,000.00 to implement a Street Repair and Reconstruction Program ("Program")
within the district (City Secretary No. 45858, M&C C 26906); and
WHEREAS, the original scope of the Program is not yet completed and requires additional
funding; and
WHEREAS, this Amendment N o. 2 to the Street Repair and Reconstruction
Program leverages funding in an amount up to $3,000,000.00 and re v i s e s th e 50150
partnership to 4 0% city and 6 0% Southside TIF to complete the rehabilitation
of deteriorating streets through construction, reconstruction and other improvements
that will facilitate redevelopment and revitalization in Fort Worth's Near Southside
District; and
WHEREAS,the program will include the construction of Rami Trail from Henderson Street
to Adams Streets; and
WHEREAS, the Southside TIF will contribute additional funding in an amount up to
$3,000,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS THAT:
The City Manager is hereby authorized to execute Amendment No. 2 to that certain
Funding Agreement with Near Southside, Inc. dba Fort Worth South, Inc., (City Secretary No.
45858) in the amountof $3,000,000.00, and change the funding shares from 50150
to 60% Tax Increment Reinvestment Zone No. 4 (Southside TIF) and 40%
City of Fort Worth to complete the Near Southside Medical District Street
Repair and Reconstruction Program in Council District 9. Any remaining funds may
be used to improve or rehabilitate additional streets within the program area.
Adopted this 28t" day of February, 2023.
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 02/28/23 M&C FILE NUMBER: M&C 23-0156
LOG NAME: 2020CD9 STREET REPAIR AND RECONSTRUCTION AMENDMENT#2
SUBJECT
(CD 9/Future CD 9)Adopt Resolution Authorizing Execution of Amendment Number Two to the Funding Agreement with Fort Worth South, Inc.
dba Near Southside, Inc.in the Amount of$3,000,000.00 for the Street Repair and Reconstruction Program for a Revised Amount of
$16,000,000.00,Authorize Acceptance of Funds in an Amount Up to$3,000,000.00 from Tax Increment Reinvestment Zone No.4.,Adopt
Appropriation Ordinance;and Amend the Fiscal Year 2023-2027 Capital Improvement Program
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached resolution authorizing execution of Amendment Number Two to the Funding Agreement with Fort Worth South, Inc.dba
Near Southside, Inc.(City Secretary Contract 45858), in the amount of$3,000,000.00 for the Street Repair and Reconstruction Program for
a revised amount of$16,000,000.00;
2. Authorize acceptance of funds in the amount up to$3,000,000.00 from Tax Increment Reinvestment Zone Number 4;
3. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the Tax Increment Reinvestment Zone
(TIRZ)-General Capital Fund in the amount up to$3,000,000.00,transferred from the Tax Increment Reinvestment Zone(TIRZ)#4-
Southside Medical District Fund,for the purpose of funding the Round 5-Council District 9 Street Repair and Reconstruction Program project
(City Project No. 103969);and
4. Amend Fiscal Year 2023-2027 Capital Improvement Program.
DISCUSSION:
On August 5,2014,Mayor and Council Communication(M&C)C-26906,the City Council authorized Resolution No.4342-08-2014 authorizing a
Funding Agreement with Near Southside, Inc.Contract No.45858,in the amount of$10,000,000.00 for Council District 9 Street Repair and
Reconstruction Program.Over four years,the program leveraged funding in an amount up to$5,000,000.00 from the Tax Increment Reinvestment
Zone No.4(Southside TIF).The City of Fort Worth matched the funds in an amount up to$5,000,000.00 using 2014 Bond Program-Grant Matches
Funds.The program included 50 street segments to be constructed in four sequential projects.
On December 3,2019(M&C 19-0347),the City Council authorized Resolution No.5151-12-2019 authorizing execution of Amendment Number 1
to the Funding Agreement with Near Southside, Inc., in the amount of$3,000,000.00 for the Street Repair and Reconstruction Program for a
revised amount of$13,000,000.00 to complete the original scope of the program. Funding for this amendment was split equally between
Southside TIF and the City of Fort Worth at an amount of$1,500,000.00 each.
This M&C will increase the Tax Increment Reinvestment Zone No.4("Southside TIF")participation in this program in the amount of$3,000,000.00.
These additional funds will help in closing the funding gap due to City and Southside TIF adding street segments to the program, as well as due
to increased costs resulting from the complexity of urban street reconstruction and coordination with dozens of private developments.This
amendment will also include the funding needed to construct a new street connection between Henderson and Adams Streets at the 1-30 ramp
(Rami Trail)as part of this program.These additional funds will be allocated on a 60/40 participation(Southside TIF/City of Fort Worth,
respectively)increasing the commitment for a total of up to$9,500,000.00.The City participation will not change for a total amount of
$6,500,000.00
Funding for the Round 5 of the program project was not included in the Fiscal Year(FY)2023-2027 Capital Improvement Program due to
insufficient funding to complete the original scope.The action in this M&C will amend the FY2023-2027 Capital Improvement Program.
This program is located in COUNCIL DISTRICT 9/Future COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that funds are currently available in the TIRZ#4-Southside Med Dist Fund and upon approval of the above
recommendations and adoption of the attached appropriation ordinance,funds will be available in the TIRZ-General Capital Fund for the Round
5-CD9 Street Repair Prog project. Prior to an expenditure being incurred,the Transportation&Public Works Department has the responsibility of
verifying the availability of funds.
Submitted for City Manager's Office by: William Johnson 5806
Originating Business Unit Head: Lauren Prieur 6035
Additional Information Contact: Monty Hall 8662