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HomeMy WebLinkAboutContract 45858-A2CSC No. 45858-A2 CITY OF FORT WORTH AMENDMENT NO. 2 TO FUNDING AGREEMENT Near Southside Medical District Street Repair & Reconstruction Program PARTNERS: City of Fort Worth, Tax Increment Reinvestment Zone #4 (Southside TIF) & Fort Worth South, Inc. This AMENDMENT NO. 2 to the FUNDING AGREEMENT (City Secretary #45858), between the City of Fort Worth, ("City") and Fort Worth South, Inc., ("FWSI") for the Near Southside Medical District Street Repair and Reconstruction Program ("Program"). WHEREAS, On August 5, 2014, (M&C C-26906) the City Council authorized Resolution No. 4342-08-2014 authorizing a Funding Agreement with Fort Worth South, Inc., in the amount of $10,000,000.00 for Council District 9 Street Repair and Reconstruction Program; and WHEREAS, On December 3, 2019 (M&C 19-0347), the City Council authorized Amendment No. 1 to the Funding Agreement with Fort Worth South, Inc., in the amount of $3,000,000.00 for Near Southside Medical District Street Repair and Reconstruction Program for a revised amount of $13,000,000.00 (Resolution No. 5151-12-2019); and WHEREAS, it has become necessary to execute Amendment No. 2 the ORIGINAL AGREEMENT to increase the Tax Increment Reinvestment Zone No. 4 ("Southside TIF") participation in this program in the amount of $3,000,000.00 and adjust the percentage share of funding to 60% Southside TIF and 40% City of Fort Worth; and NOW, THEREFORE, it is agreed by the CITY and FWSI as follows: Article I The ORIGINAL AGREEMENT, as amended, is hereby amended to add up to $3,000,000.00 in additional funds, sourced as described above, for the completion of the Program and for additional streets as those funds may allow. This funding will also add the construction of Rami Trail from Henderson Street to Adams Streets to the program. Article II The funds added to the Agreement by this Amendment will be expended under a 60% Southside TIF and 40% City of Fort Worth share basis. Article III TOTAL PROJECT FUNDING The total project funding break out is hereby updated to: City of Fort Worth $ 6.5 million Southside TIF $ 9.5 million TOTAL $16.0 million OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Amendment No. 2 to Funding Agreement CS#45858 Page 1 of 2 Fort Worth South, Inc. ARTICLE IV There are no other changes to the ORIGINAL AGREEMENT. EXECUTED and EFFECTIVE as of the date subscribed by the City's designated Assistant City Manager. City of Fort Worth William Johnson (Ma 7, 2023 13:23 CST) William Johnson Assistant City Manager DATE: Mar 7, 2023 APPROVAL RECOMMENDED: �//1�M1 �iL✓f Lauren Prieur (Mar6, 202315:29 CST) Lauren Prieur, Interim Director Transportation/Public Works Department Contract Compliance Manager: Fort Worth South, Inc. GlJ%1'lcci%¢o� U2ar�ar� Mike Brennan, President DATE: Mar 6, 2023 By signing, I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. Mary Hanna Engineering Manager APPROVED AS TO FORM AND LEGALITY: M&C: 23-0156 Date: 02/28/2023 Mack (Mar 7, 2023 13:05 CST) O0 Douglas W. Black o�°FRr ° ° d °O d Sr. Assistant City Attorney d��o �vo °=d ° ATTEST: ° �Pa o° °*� °00000000 d AV *xi& - Jannette Goodall City Secretary OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Amendment No. 2 to Funding Agreement CS#45858 Fort Worth South, Inc. Page 2 of 2 M&C Review Page 1 of 2 Official site of the City of Fort Worth, Texas A CITY COUNCIL AGEND FOR H Create New From This M&C REFERENCE **M&C 23- 2020CD9 STREET REPAIR AND DATE: 2/28/2023 NO.: 0156 LOG NAME: RECONSTRUCTION AMENDMENT#2 CODE: G TYPE: CONSENT PUBLIC NO HEARING: 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 http://apps.cfwnet.org/council_packet/mc review.asp?ID=30783&councildate=2/28/2023 2/28/2023 M&C Review Page 2 of 2 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. TO Fund Department Account Project Program Activity Budget Reference # Amount ID ID Year (Chartfield 2) FROM Fund Department Account Project Program Activity Budget Reference # Amount F ID ID Year (Chartfield 2) Submitted for City Manager's Office by: Originating Department Head: Additional Information Contact: ATTACHMENTS William Johnson (5806) Lauren Prieur (6035) Monty Hall (8662) 20 CD9 REPAIR AND RECONSTRUCTION PROGRAM Map.pdf (Public) 2020CD9 STREET REPAIR AND RECONSTRUCTION AMENDMENT#2 funds availabilitv.Ddf (CFW Internal) 2020CD9 STREET REPAIR AND RECONSTRUCTION AMENDMENT#2 Updated FID.xlsx (CFW Internal) Form 1295 2022 Street Repair NSI.pdf (CFW Internal) ORD#2_30286 (r3).docx (Public) Resolution 2nd AMENDMENT - FWSI Street Repair Program(2.09.23).docx (Public) http://apps.cfwnet.org/council_packet/mc review.asp?ID=30783&councildate=2/28/2023 2/28/2023 FORT WORTH. Routing and Transmittal Slip Transportation & Public Works Department DOCUMENT TITLE' Amendment No. 2 to Near Southside Street Repair & Reconstruction Program M&C: 23-0156 CPN: 103969 CSO: 45858 DOC#: Date: To: Name Department I Initials Date Out I . Ilianisse Figueroa TPW - initialIFA I Mar 6, 2023 2' Mike Brennan mike@nearsouthsidefw.org Near Southside - signature Mar 6 2023 3. Mary Hanna TPW - signatures Mar 6, 2023 4. Leon Wilson TPW - initial z-U�l Mar 6, 2023 5. Michael Owen TPW - initialer Mar 6, 2023 6. Lauren Prieur TPW - signature P Mar 6, 2023 7 Doug Black Legal - signature d Mar 7, 2023 8 William Johnson CMO - signature Mar 7, 2023 9 Jannette Goodall CSO - signature �.1 Mar 7, 2023 10. TPW Contracts TPW 12. DOCUMENTS FOR CITY MANAGER'S SIGNATURE: All documents received from any and all City Departments requesting City Manager's signature for approval MUST BE ROUTED TO THE APPROPRIATE ACM for approval first. Once the ACM has signed the routing slip, David will review and take the next steps. NEEDS TO BE NOTARIZED: DYES ®No RUSH: DYES ®No SAME DAY:DYES ®No NEXT DAY:DYES ®No ROUTING TO CSO: ®YES ❑No Action Required: ❑ As Requested ❑ For Your Information ® Signature/Routing and or Recording ❑ Comment ❑ File ❑ Attach Signature, Initial and Notary Tabs Return To: TPWContractskFortWorthTexas.gov at ext. 7233 for pick up when completed. Thank you!