HomeMy WebLinkAboutOrdinance 26362-08-2023ORDINANCE NO. 26362-08-2023
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT 17-ROCK CREEK RANCH FUND BY A TOTAL AMOUNT OF
$1,775,000.00, OF WHICH $1,763,774.35 IS FROM ASSESSMENT REVENUE AND
$11,225.65 FROM AVAILABLE FUND, FOR THE PURPOSE OF FUNDING
PUBLIC IMPROVEMENT DISTRICT 17 - ROCK CREEK RANCH; 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 2023-2024 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Fort
Worth Public Improvement District 17-Rock Creek Ranch fund by a total amount of $1,775,000.00, of which
$1,763,774.35 is from assessment revenue and $11,225.65 from available fund, for the purpose of funding
Public Improvement District 17 - Rock Creek Ranch.
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 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, 2023, and ending September 30,
2024, 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instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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:
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Assistant City Attorney
ADOPTED AND EFFECTIVE: August 22, 2023
CITY SECRETARY
Jannette S. Goodall
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 08/22/23 M&C FILE NUMBER: M&C 23-0675
LOG NAME: 17ROCK CREEK RANCH PID FY2024
SUBJECT
(CD 6) Approve Updated Five Year Service and Assessment Plan and Fiscal Year 2024 Budget in the Amount of $1,775,000.00 for Fort Worth
Public Improvement District No. 17 (Rock Creek Ranch) and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the attached updated five-year service and assessment plan and annual budget for Fiscal Year 2024 for Fort Worth Public
Improvement District No. 17 (Rock Creek Ranch); and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement
District No. 17 - Rock Creek Fund by a total amount of $1,775,000.00, of which $1,763,774.35 is from Assessment revenues and
$11,225.65 from reducing fund balance, for the purpose of funding Public Improvement District No. 17 - Rock Creek Ranch during fiscal year
2023-2024.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to consider a budget and updated service and assessment plan for Fort Worth
Public Improvement District No. 17 (Rock Creek Ranch) (PID).
In December 2016, the City Council approved the creation of the Rock Creek Ranch PID, as a vehicle to finance certain authorized improvements
for the benefit of the property in the PID (M&C G-18910). PIDs are governed by Chapter 372 of the Texas Local Government Code, which requires
review and update of a PID's Service and Assessment Plan (SAP) on an annual basis and establishment of an annual budget.
On August 15, 2017, the City Council approved the initial Service and Assessment Plan (SAP) for the PID encompassing the major improvements
(water and sewer) in both the eastern and western improvement areas of the PID and adopted the ordinance levying assessments for those
improvements on property within the entire PID (M&C G-19077). In June of 2018 the City Council approved an amended SAP to include certain
roadway improvements to be provided in the western improvement area and enacting an ordinance levying assessments for those improvements
on property within the western improvement area (M&C G-19297).
City Council approved the issuance and sale of Special Assessment Revenue Bonds, Series 2017 (Fort Worth Public Improvement District No. 17
— Rock Creek Ranch — Major Improvement project) in the aggregate principal amount of $12,685,000.00 (M&C G-19079) and issuance and sale
of Special Assessment Revenue Bonds, Series 2018 (Fort Worth Public Improvement District No. 17 — Rock Creek Ranch — Roadway
Improvement project), in the aggregate principal amount of $5,155,000.00 (M&C G-19296).
The SAP was updated in August of 2018 and an annual budget was adopted (M&C G-19355). Updated budget and assessment rolls for the PID
were adopted for subsequent years (M&C 20-0907 and 20-0009). On December 1, 2020, another public hearing was held and an amended and
restated SAP was adopted reflecting possible exclusion from the sewer assessment of properties within the PID if they do not receive a benefit
from the sewer portion of the major improvements and addressing maximum assessment rates triggered by sale of a portion of the property within
the PID by the developer.
This M&C and the attached SAP are intended to serve as the SAP update and annual budget for fiscal year 2024.
The fiscal year 2024 budget for the PID is summarized in the following table:
Revenue
Expenditures
j
Delinquency
Assessment '',
Fund
Total
Debt Service Administrative
and
Total
Revenue j
Balance
Expense
Prepayment;
i
Reserves
Major
Improvement
Assessment
$112441994.3&
$8,005.64
$1,253,000.001$1,123,968.88
$73,250.88
$55,780.24
$1,253,000.00
Area
Roadway
Improvement
I
Assessment (
$518,779.99,
$3,220.01,
$522,OOOAO�
$448,398.12I $51,262.07"
I
$22,339.81,
$522,000.00
Area
Totals I$1,763,774.35 $11,225.65[$1,775,000.00 $1,572,367.00 $124,512.95. $78,120.05L$1,775,000.00I
I __...._ ...............__._,._..................__._.
MajorTotal
Major Improvements
Assessment
Balance
Assessment
Roadway Improvements
$1,244,994 36
$8,005.64
$1,253,000.00
Assessment Area
$518,779.99
$3,220.01
�
$522,000.00
u
Totals
$1,763,774.35
$11,225.65
$1,775,000.00'
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 Fiscal Year 2024 Budget by the City
Council, funds will be available in the Fiscal Year 2024 operating budget, as appropriated, in the FWPID #17 - Rock Creek Fund. Prior to an
expenditure being incurred, the Economic Development Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office . William Johnson 5806
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808
Expedited