HomeMy WebLinkAboutContract 58424-A1CSC No. 58424-A1
FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 58424,
A MANAGEMENT AND IMPROVEMENT SERVICES AGREEMENT
Fort Worth Public Improvement District No. 11(Stockvards)
This FIRST AMENDMENT TO CITY SECRETARY CONTRACT NUMBER 58424 ("First
Amendment') is made and entered into by and between the CITY OF FORT WO TH (the "City"), a
home -rule municipal corporation organized under the laws of the State of Texas, acting by and through its
duly authorized Assistant City Manager, and STOCKYARDS PRESERVATION FOUNDATION OF
FORT WORTH, INC., a Texas nonprofit corporation ("Contractor") acting by and through its duly
authorized representative.
WHEREAS, the City and Contractor are parties to a Management and Improvement Services
Agreement for Fort Worth Public Improvement District No. 11, the same being City Secretary Contract
Number 58424 ("Agreement");
WHEREAS, Contractor identified a need to reallocate certain funds between budgeted line items;
WHEREAS, on April 25, 2023, the City Council adopted an ordinance approving a revised Fiscal
Year 2022-2023 budget and five-year service plan, taking into account the budgetary adjustments;
WHEREAS, the parties wish to amend the Agreement to incorporate the revised budget and five-
year service plan; and
NO THEREFORE, for and in consideration of the mutual covenants, promises, and agreements
contained herein, the City and Contractor do hereby covenant and agree to amend the Agreement as follows:
1. Exhibit A to the Agreement concerning the Budget and Service Plan for the District is
replaced with, and superseded by, a new Exhibit A that is attached to this First Amendment, which is
incorporated into the Agreement for all purposes.
2. All terms of this First Amendment that are capitalized but not defined have the meanings
assigned to them in the Agreement.
3. All terms and conditions of the Agreement that are not expressly amended pursuant to this
First Amendment will remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have caused this First Amendment to be executed in
Fort Worth, Tarrant County, Texas.
CITY OF FORT WO TH:
By:
William Johnson (Jufi 3W, 2023 11:34 CDT)
William M. Johnson
Assistant City Manager
Date: J u n 30, 2023
First Amendment to CSC 58424
STOCKYARDS PRESERVATION
FOUNDATION OF FORT WO TH, INC.,
By:
Steve Murrin Jr. (Jun 21, 20�24 CDT)
Steve Murrin, Jr.
President
Date: J u n 21, 2023
OFFICIAL RECORD
CITY SECRETARY
1 of 3
FT. WORTH, TX
Approval Recommended:
By:
Robert Sturns
Economic Development Director
Q�44URgn
p4F Fogt a
ATTEST:
tt OV8 o=d
J da
a4bnE7[ p?p4'"
By.
Jannette Goodall
City Secretary
APPROVED AS TO FORM AND LEGALITY:
uJdP�
By:
Tyler F. Wallach
Assistant City Attorney
Contract Compliant Manager:
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.
Lacey Iuiz un 2 :45 CDT)
Lacey M. Ruiz
Sr. Contract Compliance Specialist
M&Cs: 22-0673 (September 13, 2022); 23- (April 25, 2023)
Form 1295: 2022-919773
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
2 of 3
First Amendment to CSC 58424
Exhibit "A"
City of Fort Worth
Mid YearAdjustrnern Five Year Service Plan FY22-23 - FY26-27
Public Improvement District No. 11 - Stockyards
FY 22123
FY23@4
FY2dR5
FY25C16
FY2W727
REVENUES
PID Assessrnmts
$
345,390
$
359,215
$
373,584
$
3%.527
S
404.388
COF4'i Assessn►1ft
8,293
Total Budgeted Revenues
$
353,692
$
359-15
$
373584
$
388,527
$
404.DG8
Use of Fund Balance
05,019
-
Total Funds Available for Use
$
419,511
$
350,215
$
373,584
$
388,527
$
40410W
EXPENSES
Managernent Fee
$
18,458
S
18458
S
18,458
i
18.458
$
'SAGO
Lk*rAbaterrrem&Maintenance
80,000
70,000
70,000
80,000
85.5C0
Security
139.000
57,000
70.000
80.000
95.5C0
Public Events
48.490
49.073
49.000
70.000
74.850
Capital Improvernenls- Signs on Exchange
& Rodeo PWza
41),000
100,000
109,000
70.O00
70.000
Website & Other Marketi ng
45,000
55,000
55,000
55.000
55.000
Professional Sefvices
59.000
City Audit Fee
2 500
2 500
2 500
2.500
2.500
City Administrative Fee
7,Ot33
7,184
7,472
7. T71
8,081
Total Budgeted Expenses
$
419.511
$
359�215
$
372"
$
383,729
$
4031M
Contribution to Fund Balance
-
-
1,154
4.79B
179
Total Expenses
$
419,511
$
359,215
$
373,594
$
388,527
$
40410W
Net Change in Fund Balance
$
(wig)
$
$
1,154
$
4 m
$
179
=und Balance. Beginning of Year {Esbnrwkxt Yrs 2Z}
171,705
105,d80
105,8m
107.040
111,838
stimated Fund Balance, End of Year
105,980
105,995
107,040
111. d38
112,017
Reserve Requirement
59,981
02 084
03,98E
87.32E
67,328
Over �Underj Reserve
$
46, 5
$
43,602
$
43,072
$
44,510
$
44,60
IFY2023 Assessment Rate = $-12
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 05/23/23 M&C FILE NUMBER: M&C 23-0415
LOG NAME: 17PID11 MIDYEARFY23
SUBJECT
(CD 2 / Future CD 2) Adopt Ordinance Amending the Fiscal Year 2022-2023 Budget and Five -Year Service Plan for Public Improvement
District 11 - Stockyards and Adopt Appropriation Ordinances
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance amending the Fiscal Year 2022-2023 Budget and Five -Year Service Plan for Public Improvement District 11 —
Stockyards to reflect amendments associated with a mid -year review and direct the City Secretary to record the same in the real property
records of Tarrant County, Texas no later than the seventh (7th) day after adoption by the City Council;
2. Adopt the attached appropriation ordinance adjusting appropriations in the General Fund by decreasing appropriations in the Non -
Departmental Department in the amount of $550.00 and increasing appropriations in the Economic Development Department by the same
amount, for the purpose of transfer to the Fort Worth Public Improvement District 11 - Stockyards Fund for funding City of Fort Worth
Payment In -Lieu of Assessments; and
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District
11 - Stockyards Fund 1) in the amount of $550.00, transferred from Economic Development Departments General Fund, for purpose of
funding City of Fort Worth Payment In -Lieu of Assessments; 2) in the amount of $49,450.00, in Fiscal Year 2022-2023, from available,
unreserved fund balance.
DISCUSSION:
The City of Fort Worth's Department of Economic Development administers the City's Public Improvement Districts (PIDs). The City's PID Policy
outlines the need to proactively work with the City's PID management companies to oversee the services being provided within each of the PIDs.
PID 11 — Stockyards (Stockyards PID) is managed by Stockyards Preservation Foundation of Fort Worth, Inc.
On September 13, 2022, City Council adopted Ordinance No. 25716-09-2022, approving the fiscal year (FY) 2022-2023 Budget, Five -Year
Service Plan, Assessment Plan, and Tax Year 2022 Assessment Roll for the Stockyards PID. After conducting a mid -year review of the
Stockyards PID's budget, City staff and Stockyards Preservation Foundation of Fort Worth Inc., have identified the need to increase Stockyards
PID's budget to account for $550.00 of additional City payment in -lieu of assessments and $49,450.00 use of fund balance. Expenditure
adjustments can be primarily attributable to a reallocation of Capital Improvement to Security to align expense with actual activities that are
primarily attributable to increases to support officer patrols and an increase to support a professional services agreement.
The City of Fort Worth Assessment is an allocation to the PID budget for assessments the City would pay on City -owned properties in the
Stockyards PID, if the City was not a tax-exempt entity.
Revenue Adjustments:
Line Items Previously Recommended Amended
to be Approved FY23 Mid -Year FY23 Budget
Adjusted Budget Item Adjustment Item
PID $345,399.00 $0.00 $345,399.00
Assessments
COFW $7,743.00 $550.00 $8,293.00
Assessment
Use of Fund $16,369.00 $49,450.00 $65,819.00
Balance
Totals $369,511.00 $50,000.00 $419,511.00
Expenditure Adjustments:
Line Items to
Previously
Recommended
Amended
be Adjusted
Approved FY23
Mid -Year
FY23 Budget
Budget Item
Adjustment
Item
Security
$55,000.00
$75,000.00
$130,000.00
Capital
$115,000.00
($75,000.00)
$40,000.00
Improvements
Professional
$0.00
$50,000.00
$50,000.00
Services
Totals
$170,000.00
$50,000.00
$220,000.00
All other previously approved line items not mentioned above remain the same.
Upon approval of the above recommendations, the total budgeted expenses for FY 2022-2023 will be $419,511.00. This mid -year budget
adjustment will decrease the unaudited, unassigned fund balance by a total of $49,450.00. The revised Budget and Five -Year Service Plan will
take effect upon approval by City Council. The City and Stockyards Preservation Foundation of Fort Worth, Inc., will amend the existing
management contract to reflect the mid -year adjustments (City Secretary Contract No. 58424).
Funding is available for appropriation in the fund balance of the FWPID#1 1 -Stockyards Fund. The beginning balance is $171,705.00, after this
M&C, available balance will be $105,886.00.
The Stockyards PID is located in COUNCIL DISTRICT 2 / FUTURE COUNCIL DISTRICT 2.
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 attached appropriation ordinances, funds
will be available in the current operating budget, as appropriated, in the FWPID #11 - Stockyards Fund. Prior to any expenditure being incurred,
the Economic Development Department has the responsibility to validate the availability of funds.
Submitted for Citv Manaaer's Office by
Oriainatina Business Unit Head:
William Johnson 5806
Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808