HomeMy WebLinkAboutOrdinance 26621-12-2023 Ordinance No. 26621-12-2023
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT 16-QUAIL VALLEY FUND IN THE AMOUNT OF $369,795.009
FROM AVAILABLE FUND WITH REIMBURSEMENTS IN THE
AMOUNT OF $196,813.00 UNDER THE IMPROVEMENT AREA NO. 1
REIMBURSEMENT AGREEMENT AND $172,982.00 UNDER THE
IMPROVEMENT AREA NO. 2 REIMBURSEMENT AGREEMENT,FOR
THE PURPOSE OF REIMBURSING ELIGIBLE COSTS FOR THE WALSH
RANCH/QUAIL VALLEY PUBLIC IMPROVEMENT DISTRICT;
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 16-Quail Valley Fund in the amount
of$369,795.00, from available fund with reimbursements in the amount of$196,813.00 under the
Improvement Area No. 1 Reimbursement Agreement and$172,982.00 under the Improvement Area
No. 2 Reimbursement Agreement, for the purpose of reimbursing eligible costs for the Walsh
Ranch/Quail Valley Public Improvement District,
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and appropriations are hereby expressly repealed.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: CITY SECRETARY
Assistant City Attorney Jannette S. Goodall
City Secretary
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ADOPTED AND EFFECTIVE: December 12, 2023 o %M
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CERTIFICATION FOR PAYMENT FORM
The undersigned is an agent for Quail Valley Devco I, LLC and Walsh Ranches Limited
Partnership (collectively, the "Developer") and requests payment from the District Fund from the
City of Fort Worth, Texas (the "City„) in the amount of ONE HUNDRED NINETY-SIX
THOUSAND EIGHT HUNDRED TWELVE AND TWENTY-NINE CENTS ($196,812.29)
for labor, materials, fees, and/or other general costs related to the creation, acquisition, or
construction of certain Authorized Improvements related to the Fort Worth Public Improvement
District No. 16 (Walsh Ranch/Quail Valley) (the "District"). Unless otherwise .defined, any
capitalized terms used herein shall have the meanings ascribed to them in the Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley)Improvement Area#1 Reimbursement
Agreement(the "Improvement Area#1 Reimbursement Agreement").
In connection to the above referenced payment, the Developer represents and warrants to the City
as follows:
I. The undersigned is a duly authorized officer of the Developer, is qualified to execute this
Certification for Payment Form on behalf of the Developer and is knowledgeable as to the matters
set forth herein.
2. The payment requested for the below referenced Authorized Improvements has not been
the subject of any prior payment request submitted for the same work to the City or, if previously
requested, no disbursement was made with respect thereto.
3. The amount listed for the Authorized Improvements below is a true and accurate
representation of the Actual Costs associated with the creation, acquisition, or construction of said
Authorized Improvements, and such costs (i) are in compliance with the Reimbursement
Agreement, and (ii)are consistent with the Service and Assessment Plan.
4. The Developer is in compliance with the terms and provisions of the Improvement Area
#1 Reimbursement Agreement, Fort Worth Public Improvement District No. 16 (Walsh
Ranch/Quail Valley) Improvement Area #2 Reimbursement Agreement, the Service and
Assessment Plan,the Fort Worth Public Improvement District No. 16(Walsh Ranch/Quail Valley)
Majority Landowner Agreement, and the Master Reimbursement Agreement for Fort Worth
Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (collectively, the "District
Agreements').
5. All conditions set forth in the District Agreements, as applicable, for the payment hereby
requested have been satisfied.
6. The Developer has timely paid all ad valorem taxes and annual installments of special
assessments it owes or an entity the Developer controls owes, located in the Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) and has no outstanding delinquencies
for such taxes or assessments.
7. The work with respect to the Authorized Improvements referenced below(or its completed
segment) has been completed, and the City has inspected such Authorized Improvements (or its
completed segment).
8. The Developer agrees to cooperate with the City in conducting its review of the requested
payment, and agrees to provide additional information and documentation as is reasonably
necessary for the City to complete said review.
9. No more than ninety percent (90%) of the budgeted or contracted hard costs for major
improvements or any phase of Authorized Improvements identified may be paid until the work
with respect to such Authorized Improvement (or segment) has been completed and the City has
inspected AND accepted such Authorized Improvement (or segment). One hundred percent
(100%) of soft costs(e.g., engineering costs, inspection fees and the like)may be paid prior to City
acceptance of such Authorized Improvement(or segment).
Payments requested are as follows:
$196,812.29
To: Quail Valley Devco I,LLC
PAYMENT DETAILS
Texas Bank
ABA#: 111902424
CREDIT: Quail Valley Devco 1, LLC
ACCT#: 02026732
Notify: Donald James Henry - ihenry@republici2ropeiiygroup.com
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j Amount to be paid from Total Cost of Improvements
Authorized Improvement:
Reimbursement Revenue Account Paid
Roadway Improvements & Open $196,812.29
Space& Trail Improvements $196,812.29
TOTAL $196,812.29 $196,812.29
Attached hereto are receipts,purchase orders,change orders,and similar instruments which support
and validate the above requested payments. Also attached hereto are "bills paid" affidavits and
supporting documentation in the standard form for City construction projects.
Pursuant to the Improvement Area #1 Reimbursement Agreement, after receiving this payment
request,the City is authorized to inspect the Authorized Improvements(or completed segment)and
confirm that said work has been completed in accordance with approved plans and all applicable
governmental laws, rules, and regulations.
I hereby declare that the above representations and warranties are true and correct.
A signature received via facsimile or electronically via email shall be as legally binding for all
purposes as an original signature.
Quail Valley Devco I,LLC
By:
Title:
Email:
Date:
APPROVAL OF REQUEST BY CITY
The City is in receipt of the attached Certification for Payment,acknowledges the Certification
for Payment, acknowledges that the Authorized Improvements (or its completed segment)
covered by the certificate have been inspected and accepted by the City, and otherwise finds
the Certification for Payment to be in order.
A signature received via facsimile or electronically via email shall be as legally binding for all
purposes as an original signature.
CITY OF FORT WORTH, TEXAS
By:
Title:
Email:
Date:
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
Interest Earned-Assessment Year Ending September 1,2023
Parcel ID Prepayment Date Assessment Prepaidt Full/Partial Reimbursed
R000104925 6/28/2023 $12,654.85 Full 12/15/2023
Total $12,654.85
I
Prepayment(s)Received Date Principal Bal Interest Rate #of Days Interest Earned
6/15/2023 $5,836,920.00 5.00% 13
6/28/2023 $10,394.52
R000104925 6/28/2023 $5,824,265.15 5.00% 65
9!1/�023 $51,859.90
TOTAL $12,654.85 78 $62,254.41
1 -Reflects total Improvement Area#I Assessment principal amount prepaid for the purposes of calculating interest earned. See Schedule IV for additional
details regarding prepayments.
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SCHE�� DISTRICT NO.16
FORT WORTH PUBLIC IMPROVEMENT REPAYMENT SUMMARY
WALSH RANCH IMPROVEMENT AREA Nl REIMB'URSEMENT AGREEMENT Outstanding Excess Annual
Non-Collected Annual Reimbursements to be Installments Collected
prepayments Total Due(h)=f g Installments' Paid $0.00
Total Annual Installment Received(g) $0.00 50.00
Interest Due(e) Due(t)=d+e $2,607.18 SO.oD
(d) $12,273.46 $196,981.07 52.607.18
Assessment Year ending 09/01 An' Billed(b)ment Annual Principal Due(9 1) $62.254.41 $184,707.61 073.46 $196,981.07
(a) $122,453.20 $184.701.G1 512,-
$414,976.81 $412,369,69 $I t1,453.10 $62,254.41 ($4,037.32) SO_pp
2023 5412.369.69 ($4,037.32)
,SUBTOTAL $414,976.87
$3,868.54 So.o0
Additional funds appbed as
Assessment prepayment $3,969.54 07-61 88.236.14 $196,812.29
Excess funds 3PPGedyas priatip� $62.75'l 41 $cc cords.
reduction $412 369.69 $126,321.74 O tce records.
$41 16.87 went date.
TOTAL resents de ent and outsta»ding Annual lnsm((ments according to Tarrant red to T or additional details
9u t eanted and are anticipated to be reimbursed at a future pay
1-Non-callectedAnnual Installments rep menu.SeeSchedulellnerd Schedule
nterestandprincipaldue•
1-Outstanding reimbursements to be Pald represents Annual Installments collecrote ement Area#]Assessmem s$men
3-Represc vs Annual Installments collectedJor the purposes of sa[isic au Imp
.(-Represents Annual Ins•[allments collected oral apPlied to induce the outstandi»g Improvement Area H 1 Assessment bola»ce jol onnng P
W alsh Ranch-Improvement Area#1 $6,350.000.00
($463,292.44)
Original Principal Balance ($182,723.72)
Scheduled Principal Payments to Date $3 868 54)
Prepayments to Date $5.700,115.30
Excess funds a lied t0 rind—
Outstandin Pr[nci al Balance 911/23
SCHEDULEII
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
WALSH RANCH IMPROVEMENT AREA#1 REIMBURSEMENT AGREEMENT REPAYMENT SUMMARY
Assessment Year Prepayments Paid Excess Principal Paid Interest Paid Total Paid
Reimbursement Period Tax Year Schedule Principal Paid
Ending9/1
Net Amount3 Annual Install.A lied' $378219.85 $500,073.11
2019 2019 $51,409.00 $67,664.11 $2,780.15 $0.00 $372,922.70 $478,309.57
6/15/2021 2020 2019 $52,999.30 $51,581.37 $806.20 $0.00
$163,250.57 $193,498.44
2021 2020 $0.00 $30247.87 $0.00 $0.00 $911,393.l2 Sl,171,881.12
$104,408.30 $149,493.35 53,586.35 50.00
Subtotal $76,792.34 $76,782.34
9/15/2021 2021 2020 $0.00 $0.00 $3.8 $0.00
12/15/2021 2021 2020 $115,252.47 $0.00 $53.84 $0.00 $65,04423 $180,350.54
2021 $0.00 $15,893,35 $0.00 $0,00
$85,789.23 $101,682.58
3/15/2022 2022
$D
63
6/15/2022 2022 2021 $0.00 $0.00 $0.00 00 $73,495.67 $73,495.
9/15/2022 2022 2021 $0.00 $0.00 $0.00 $0.00 $63,696.21 $193,010.32
12/15/2022 2022 2021 $119,314.11 $0.00 $0.00 $0.00
3/15/2023 2023 2022 $0.00 $0.00 $4,220.80 $0.00 $83,955.70 $38,176.50
2022 $1,006.94 $0.00 $842.76 $0.00 ($1,849.70) $0.00
Principal Adjustment 2021 $0.00 $95536
2022 2021 $857.43 $0.00 $0.00 $0.00 $71,962.03 $71,962.03
6/15/2023 2023 2022 $0.00 $0.00 $0.00 $0.00
$5,935.19 ($5,935.19)
Payment Adjustment` $0.00 $0.00 $0.00 $0.00 ( ) 566,982.19
50.00 50.00 50.00 566,026.83
Subtotal S8o7.13 $0.00 $299.19
2022 2021 $0.00 $0.00 $299.19 $0.00 $73,561.18 $73,561.18
9/15/2023 2023 2022 $0.00 $0.00 $0.00 $0.00
50.00 50.00 50.00 50.00
573,561.18 573,860.37
12/15/2023 2023 2022 $122,453.20 $12,273.46 $110.08 $3g0.00 4 $6$0.0041 $($4,147 0)
Pre a ent Reclassification $0.00 $0.00 ($4,147.40) 56 ,254.41 5196,812.29
5122,453.20 $12,273.46 $4,037.32) 53,868Sa
Subtotal $1,638,278.06 $2,288,162.77
$463,292.44 $177,660.16 $5 063.56 $3,868.54
1-Principal adjustments represents funds previously disbursed for scheduled principal payments and prepaid Assessments previously categoried as interest earned in error.
2-Payment adjustment represents refunded annual installments previously disbursed in lieu of requesting a return of funds from the Improvement Area 91 Reimbursement Agreement rights holder.
3-Represents Improvement Area#1 Assessment prepayment funds received by the City.
4-Represents Annual Installments collected to satisfy Improvement Area#1 Assessment prepayments.
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
IMPROVEMENT AREA#1 REIMBURSEMENT AGREEMENT REPAYMENT ADJUSTMENT
Additional Assessment
Parcel ID Assessment Prepaid' Budgeted Principal Paid' Net Assessment Paid' Collected' Total Assessment Prepaid Reimbursed
R000104945 $8,543.55 $69.17 $8,543.55 ($69.17) $8,543.55 6/15/20216/15/2021
R000104773 $10,514.77 $0.00 $10,514.77 $0.00 $10,514.77 6/15/2021
R000104545 $10,514.77 $85.13 $9,931.86 $497.78 $10,514.77
R000103984 $13,400.95 $108.49 $12,638.20 $654.26 $13,400.95 6/15/2021
R000103984 $13,400.95 $108.49 $13,186.72 $105.74 $13,400.95 6/15/2021
R000104750 $13,400.95 $113.07 $12,496.55 $679.41 $13,289.03 6/15/2021
6/15/2021
R000104845 $8,474.09 $72.10 $8,041.20 $360.79 $9,474.09,474.09 6/15/2021
R000104721 $8,474.09 $72.10 $0,031.3 $308.57 $0,428.7
R000104784 $10,428.70 $88.73 $10,031.39 $308.57 $10,428.70 6/15/2021
R000104784 $0,428.7 $88.73 $9,314.23 $87.76 $8,474.09 6/15/2021
021
R000104862 $4,700.00 $0.00 $7,913.97 327.9$0.00 $8,401.16 6/15/2021
R000104835 $8,401.16 $159.20 $9,796.65 $347.01 $0,339.5
R000104704 $10,339.59 $195.93 $9,796.65 $347.01 $13,400.95 6/152021
R000104632 $13,400.95 $108.49 $12,849.01 $443.45 $13,174.94 6/15/2021
R000104924 $13,174.94 $249.66 $12,537.25 $388.03 $8,235.03 3/15/2021
3/15/2022
R000104501 $8,235.03 $165.76 $7,704.90 $364.37 $8,235.03 3/15/2022
R000104521 $8,401.16 $159.20 $8,188.45 $53.51 $8,401.16 12/15/2023
R000104925 $12,654.85 $271.31 $12,273.46 $110.08 $12,654.85
Total $184,822.68 $2,098.95 $177,660.16 $5 063.56 $184 822.68
1-Budgeted Principal Paid represents Assessment principal collected as part of an Annual Installment billed.
2-Net Assessment paid represents Assessment prepayment funds received by the City.
3-Additional Assessment collected represents funds paid through Annual Installments applied to satisfy a Parcel's outstanding Assessment obligation.
CERTIFICATION FOR PAYMENT FORM
The undersigned is an agent for Quail Valley Devco II, LLC and Walsh Ranches Limited
Partnership (collectively, the "Developer") and requests payment from the District Fund from the
City of Fort Worth, Texas (the "C_ ity") in the amount of ONE HUNDRED SEVENTY-TWO
THOUSAND NINE HUNDRED EIGHTY-ONE AND FORTY-SEVEN CENTS
($172,981.47) for labor, materials, fees, and/or other general costs related to the creation,
ruction of certain Improvement Area #2 Authorized Improvements related to acquisition, or const
the Fort Worth Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "District").
Unless otherwise defined, any capitalized terms used herein shall have the meanings ascribed to
them in the Fort Worth Public Impravement District No. 16 (Walsh Ranch/Quail Valley)
Improvement Area #2 Reimbursement Agreement (the "Improvement Area #2 Reimbursement
Agreement").
In connection to the above referenced payment,the Developer represents and warrants to the City
as follows:
1. The undersigned is a duly authorized officer of the Developer, is qualified to execute this
Certification for Payment Form on behalf of the Developer and is knowledgeable as to the matters
set forth herein.
2. The payment requested for the below referenced Authorized Improvements has not been
the subject of any prior payment request submitted for the same work to the City or, if previously
requested, no disbursement was made with respect thereto.
3. The amount listed for the Authorized Improvements below is a true and accurate
representation of the Actual Costs associated with the creation, acquisition, or construction of said
Authorized Improvements, and such costs (i) are in compliance with the Reimbursement
Agreement, and (ii)are consistent with the Service and Assessment Plan.
4. The Developer is in compliance with the terms and provisions of the Improvement Area
#2 Reimbursement Agreement, Fort Worth Public Improvement District No. 16 (Walsh
Ranch/Quail Valley) Improvement Area #2 Reimbursement Agreement, the Service and
Assessment Plan,the Fort Worth Public Improvement District No. 16(Walsh Ranch/Quail Valley)
Majority Landowner Agreement, and the Master Reimbursement Agreement for Fort Worth
Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (collectively, the "District
Agreements").
5. All conditions set forth in the District Agreements, as applicable, for the payment hereby
requested have been satisfied.
6. The Developer has timely paid all ad valorem taxes and annual installments of special
assessments it owes or an entity the Developer controls owes, located in the Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) and has no outstanding delinquencies
for such taxes or assessments.
7. The work with respect to the Authorized Improvements referenced below(or its completed
segment) has been completed, and the City has inspected such Authorized Improvements (or its
completed segment).
8. The Developer agrees to cooperate with the City in conducting its review of the requested
payment, and agrees to provide additional information and documentation as is reasonably
necessary for the City to complete said review.
9. No more than ninety percent (901/6) of the budgeted or contracted hard costs for major
improvements or any phase of Authorized Improvements identified may be paid until the work
with respect to such Authorized Improvement (or segment) has been completed and the City has
inspected AND accepted such Authorized Improvement (or segment). One hundred percent
(100%) of soft costs(e.g., engineering costs, inspection fees and the like)may be paid prior to City
acceptance of such Authorized Improvement(or segment).
Payments requested are as follows:
$172,981.47
To: Quail Valley Devco II, LLC
PAYMENT DETAILS
Texas Bank
ABA#: 111902424
CREDIT: Quail Valley Devco II, LLC
ACCT#: 02170167
Notify: Donald James Henry - ihenrygrepublicpropertyjzroup.com
Authorized Improvement: Amount to be paid from Total Cost of Improvements
Reimbursement Revenue Account Paid
Roadway Improvements&Open $172,981.47 $172,981.47
Space& Trail Improvements
TOTAL $172,981.47 $172,981.47
Attached hereto are receipts,purchase orders,change orders,and similar instruments which support
and validate the above requested payments. Also attached hereto are "bills paid" affidavits and
supporting documentation in the standard form for City construction projects.
Pursuant to the Improvement Area #2 Reimbursement Agreement, after receiving this payment
request,the City is authorized to inspect the Authorized Improvements(or completed segment)and
confirm that said work has been completed in accordance with approved plans and all applicable
governmental laws, rules, and regulations.
I hereby declare that the above representations and warranties are true and correct.
A signature received via facsimile or electronically via email shall be as legally binding for all
purposes as an original signature.
Quail Valley Devco II,LLC
By:
Title:
Email:
Date:
APPROVAL OF REQUEST BY CITY
The City is in receipt of the attached Certification for Payment,acknowledges the Certification
for Payment, acknowledges that the Authorized Improvements (or its completed segment)
covered by the certificate have been inspected and accepted by the City, and otherwise finds
the Certification for Payment to be in order.
A signature received via facsimile or electronically via email shall be as legally binding for all
purposes as an original signature.
CITY OF FORT WORTH, TEXAS
By:
Title:
Email:
Date:
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
Improvement Area#2
Interest Earned-Assessment Year Ending September 1,2023
Parcel ID Prepayment Date Amount Full/Partial Reimbursed
No additional Improvement Area#2 prepayments received since last disbursement
Prepayment(s)Received Date Principal It Interest Rate #of llays Interest Earned
3/15/2023 $5,322,916.43 4.62% 92
6 $61,985.00
/IS/2023
$61,985.00
TOTAL
1 -Reflects budgeted principal amounts for the purposes of calculating interest earned. Actual amounts of principal reimbursed may differ
due to non-collected amounts and/or fund availability.
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FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
Improvement Area#2
Interest Earned-Assessment Year Ending September 1,2023
CORRECTION2
Parcel ID Pre a ment Date Amount Full/Partial Reimbursed
R000II0186 5/26/2023 $9,685.92 Full 12/15/2023
R000113614 5/30/2023 $11,783.29 Full 12/15/2023
$219469.21
Prepayment(sl Received Date Principal Bal Interest Rate #of Days Interest Earned
3/15/2023 $5,322,916.43 4.62% 72
5/26/2023 $48,510.00
R000110186 5/26/2023 $5,313,230.51 4.62% 4
$2,690.10
5/30/2023
R000113614 5/30/2023 $5,301,447.21 4.62% 16
6/15/2023 $10,736.52
$61,936.61
TOTAL $21,469.21
1 -Reflects budgeted principal amounts for the purposes of calculating interest earned. Actual amounts of principal reimbursed may differ
due to non-collected amounts and/or fund availability.
Improvement Area#2 Assessments received but not reimbursed in the September 15,
2-Represents a recalculation of interest earned due to
2023 payment request.
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FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
Improvement Area#2
Interest Earned-Assessment Year Ending September 1,2023
Parcel ID Prepayment Date Amount Full/Partial Reimbursed
R000112752 6/30/2023 $7,336.05 Full 12/15/2023
$7 336.05
Prepayment(s)Received Date Principal Bal Interest Rate #of Days Interest Earned
6/15/2023 $5,301,447.21 4.62% 15
$10,065.49
6/30/2023
R000112752 6/30/2023 $5,294,111.16 4.62% 63
$42,216.55
9/l/2023
! TOTAL $7,336.05 $52,282.04
1 -Reflects budgeted principal amounts for the purposes of calculating interest earned. Actual amounts of principal reimbursed may differ
due to non-collected amounts and/or fund availability.
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PAYMENT SUMMARY Excess Annual
SCHE�UIrIIME1gT DISTRICT N0.16 Outstanding stallments Collected
PUBLIC IWR0 ME;N AO Reimbursements to be _d-e
Elm Annual
FORTH, "A#2 REIMBURSE Faid $0.00
Non-Coll s
�pRO� Installments $0,00 S0.00
-,VALSHRANCII Prepayments Totalpue(h)=f+g $1047.26 SO.OU
Received(g) $0.00
s Total Annual as*IemenY $172,611,05 $LOg7.36
al Due(9/1) Interest Due(e) Due(f) $24,369.01 S I72,617.05
llment princip(d) $148,247.98 $2q,369.U7 $364.42
Collected(0 $52233.65 5 48,247.98 50.00
09/Ol Annual Installment Annuallns $96,014.33 �33.65 $364.42
Assessment Year ending Biped(II) 130.02 SS"'"
(a) 17728 $340, $9G,01-1.33
$341, $3g0,130.02
2023 S341.177,28 $172,981.47
SUBTOTAL 147 98 $y4,733.a9
applied as $14s
Additional I $57,y33.6�
Assessment Prap�dnt $96,01433 Or 2022. Office records• or add tional details
c,3,40130.02 ro ernes in raxY Lhtcipal due. S61,985.00)•
Excess funds PP $341,177.28 to Tarrant Cotmty> ai!interest andP
r ttci al reduction ad ustments related to HOA p P payment of
ice
reduced due to billing I Anen JnstaItments according Interest earned amount calculated
� rep�,ments. See Schedule III and Schedule
TOTAL {Icrve b d outstanding oliowingPa!n less the prig na16/15 23
or"0-3 t balanaef 561,936.61)
resents delinquent an Jm yovementAreaentArea#I Assessmen 61131"3
1_Annual Installments billed f oses of saris fyittg Pin ImProvem ed amolint from
alInstallmenrsreP orthept+IP
2_)\ton-collected Anm the corrected interest earn #2 g5 850,000.00
resents Anm a1 Installments collectedf d a Ited to reduce the mast e
3-Rep k 911/23,Including 1mProvement Area ($2�g 487.13)
q_Represents Amutal Instaeidm o tche Per'°d 6115123 throug �VaVsb Ranch ($368,3�=4)
5_Represents interest earn f $0.00)
Original Principal Balance ents to Date 02.168.62
Schedul ed Principal Pa/m $SZ
Prepayments to Dated to rinoi a1
Excessfunds a 911123
putstandin princi al Balance
SCHEDULE HI
PORT NORTH PUBLIC IMPROVEMENT DISTRICT NO.16
WALSH RANCH IMPROVEMENT AREA#2 REIMBURSEMENT AGREEMENT REPAYMENT HISTORY
Assessment Year Scheduled Principal Excess Principal
Reimbw•sment Pnyment Euding9/1 Tax Year Paid Prepayments Paid Paid Interest Paid Total Pnid
NetAmounO Annual Install.A lied
12/15/2021 2021 2020 $89,908.54 $283,659.36 $0.00 $671.85 $257,951.32 $632,191.07
3/15/2022 2022 2021 $0.00 542,333.53 $0.00 $0.00 $72,552.30 $114,885.83
6/15/2022 2022 2021 $0.00 $0.00 $0.00 $0.00 $61,924.50 $61,924.50
9/15/2022 2022 2021 $0.00 $11,662.57 $0.00 $0.00 $63,264.50 $74,927.07
12/15/2022 2022 2021 $93,564.27 $0.00 $0.00 $91.83 $53,528.41 $147,184.51
3/15/2023 2022 2021 $0.00 $0.00 $0.00 $880.29 $0.00 $880.29
2023 2022 $0.00 $3,546.31 $0.00 $357.21 $70,749.17 $74,652.69
Subtotal $0.00 S3,546.31 50.00 51,237.50 570,749.17 $75,532.98
Principal Adjustment' - - $0.00 $0.00 $2,408.98 ($2,408.98) $0.00 $0.00
6/15/2023 2022 2021 $0.00 $0.00 $0.00 5407.80 $0.00 $407.80
2023 2022 $0.00 $0.00 $0.00 $0.00 $60,642.14 $60,642.14
Subtotal 50.00 $0.00 50.00 $40780 560,642.14 561,049.94
9/15/2023 2023 2022 $0.00 $0.00 $0.00 $0.00 $61,985.00 $61,985.00
12/15/2023 2023 2022 $96014.33 $24369.07 $364.42 $0.00 $52,233.65 $172981.47
Total 5279,487.13 $365,570.84 52,773.40 50.00 5754,830.98 SI 402 662.36
1-Principal adjustments present funds disbursed for prepaid Assessments previously calegoriud as excess principal paid in error.
I'
SCHEDULEIV
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO.16
IMPROVEMENT AREA#2 REIMBURSEMENT AGREEMENT PREPAYMENTS
i Additional Assessment Total Assessment Prepaid Reimbursed
Parcel ID Date of Prepayment Assessment Prepaid' Budgeted Principal Paid Net Assessment Paid Collected'
R000II0129 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000110132 9/1/2020 $6,036.79 $0.00 $6,036.78 $0.00 $6,036.78 12/15/2021
R000II0133 9/1/2020 $6,036.78 $0.00 $6,036.78 $0.00 $6,036.78 12/15/2021
R000110134 9/1/2020 $6,036.78 $0.00 $6,036.78 $0.00 $6,036.78 12/15/2021
R000110135 9/1/2020 $6,036.78 $0.00 $6,036.79 $0.00 $6,036.79 12/15/2021
R000II0137 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000II0147 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000II0153 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000110194 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000110162 9/1/2020 $15,816.36 $0.00 $15,816.36 $0.00 $15,816.36 12/15/2021
R000110180 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000110179 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000110160 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000110174 9/I/2020 $15,816.36 $0.00 $15,816.36 $0.00 $15,816.36 12/15/2021
R000II0173 9/1/2020 $15,816.36 $0.00 $15,816.36 $0.00 $15,816.36 12/15/2021
R000110140 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000110165 9/1/2020 $10,021.05 $0.00 $10,021.05 $0.00 $10,021.05 12/15/2021
R000110193 9/1/2020 $10,021.05 $0.00 $10,021.05 $0.00 $10,021.05 12/15/2021
R000II0171 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000110168 9/l/2020 $10,021.05 $0.00 $10,021.05 $0.00 $10,021.05 12/15/2021
R000II0196 9/1/2020 $7,606.34 $0.00 $7,606.34 $0.00 $7,606.34 12/15/2021
R000II0143 9/1/2020 $12,194.29 $0.00 $12,194.29 $0.00 $12,194.29 12/15/2021
R000II0177 9/1/2020 $15,816.36 $0.00 $15,816.36 $0.00 $15,816.36 12/15/2021
R000112810 9/1/2020 $15,816.36 $0.00 $15,816.36 $0.00 $15,816.36 12/15/2021
R000110189 1/31/2021 $10,021.05 $160.95 $9,605.79 $254.31 $10,021.05 12/15/2021
R000112602 2/1/2021 $7,485.60 $120.23 $7,176.43 $188.95 $7,485.60 12/15/2021
R000112542 3/25/2021 $7,606.34 $122.17 $7,346.36 $137.81 $7,606.34 12/15/2021
R000112818 6/17/2021 $7,606.34 $122.17 $7,434.93 $49.24 $7,606.34 12/15/2021
R000112627 9/17/2021 $11,991.05 $204.78 $11,256.57 $529.70 $11,991.05 3/15/2022
R000112483 10/11/2021 $9,855.75 $169.31 $9,307.00 $380.44 $9,855.75 3/15/2022
R000112476 11/23/2021 $7,364.11 $125.76 $6,975.50 $262.85 $7,364.11 3/15/2022
R000112725 12/30/2021 $15,541.94 $265.41 $14,794.46 $481.97 $15.541.84 3/15/2022
R000113586 6/10/2022 $11,991.05 $204.79 $11,662.57 $123.70 $11,991.05 9/15/2022
R000II0186 5/26/2023 $9,685.92 $176.69 $9,373.76 $135.47 $9,685.92 12/15/2023
R000113614 5/30/2023 $11,783.29 $214.95 $11,409.50 $158.84 $11,783.29 12/15/2023
R000112752 6/30/2023 $7 336.05 $133.82 $7,132.12 $70.11 $7,336.05 12/15/2023
364.
Total $370 25 $2 020.01 $365 570.84 $2 773.40 $370,364.25
1-Budgeted Principal Paid represents Assessment principal collected as part of an Annual Installment billed.
2-Net Assessment paid represents Assessment prepayment funds received by the City.
3-Additional Assessment collected represents funds paid through Annual Installments applied to satisfy a Parcel's outstanding Assessment obligation.
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 12/12/23 M&C FILE NUMBER: M&C 23-1049
LOG NAME: 17QUAIL VALLEY/WALSH RANCH PID NO 16 DEV REIMBRUSEMENT12/15/23
SUBJECT
(CD 3)Adopt Appropriation Ordinance Increasing Receipts and Appropriations in Fort Worth Public Improvement District No. 16-Quail Valley
Fund in the Amount of$369,795.00,from Available Fund Balance,for the Purpose of Reimbursing the Developer for Eligible Costs Under
Reimbursement Agreements
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort
Worth Public Improvement District No. 16-Quail Valley Fund in the amount of$369,795.00,from available fund balance,with reimbursements in
the amount of$196,813.00 under the Improvement Area No. 1 Reimbursement Agreement and$172,982.00 under the Improvement Area No.2
Reimbursement Agreement,for the purpose of reimbursing eligible costs for the Walsh Ranch/Quail Valley Public Improvement District.
DISCUSSION:
The purpose of this Mayor and Council Communication(M&C)is to appropriate funds for installment payments and Assessment prepayments
under the reimbursement agreements for the first two phases of Fort Worth Public Improvement District No.16-Quail Valley(FWPID#16).
In September 2016,the City Council approved the creation of FWPID#16,encompassing approximately one-fourth of the entire Walsh Ranch
property,as a vehicle to reimburse the developer for certain infrastructure costs.Full development of FWPID#16 will encompass multiple phases
that occur over several years as phases of FWPID#16 are developed.
As outlined in the recently updated Service and Assessment Plan(M&C 23-0676),special assessments on property within Improvement Area No.
1 (IA1)will pay for$6,350,000.00 in improvements,including$5,712,973.00 for paving expenses and$637,027.00 for landscaping expenses;and
special assessments on property within Improvement Area No.2(IA2)will pay for$5,850,000.00 in improvements,including$5,132,890.00 for
paving expenses and$717,110.00 for landscaping expenses.
In addition to the Public Improvement District(PID)funded improvements,the developers are constructing,without reimbursement from FWPID
#16,additional improvements in IA1 in the amount of$21,127,293.00,bringing the total costs of improvements in Improvement Area No. 1 of
FWPID#16 to$27,477,293.00. For IA2,developers are constructing,without reimbursement from FWPID#16,additional improvements in the
amount of$21,483,341.00, bringing the total costs of improvements in Improvement Area No.2 of FWPID#16 to$27,333,341.00.For both IA1
and IA2,the PID is reimbursing less than 25%of the total cost of improvements.
The developers are responsible for managing all construction and the associated agreements for the development of infrastructure improvements
within the FWPID#16.The City will make quarterly payments to the developers in satisfaction of the reimbursement amount from the special
assessments revenues,less any administrative fees,with assessments and reimbursement paid over a maximum period of thirty years for each
improvement area.Unless and until bonds are issued,the developer is entitled to interest on the unpaid reimbursement amount at the rate of six
percent in years one and two,and five percent in years three through thirty.
The period of these reimbursements is the fifth of thirty collection periods for IA1 and the third of thirty collection periods for IA2.Therefore,the
interest rate for IA1 collections is 5.00%and for IA2 the interest rate on collections is 4.62%.
Quarterly payments made through September 15,2023 for the Improvement Area No.1 Reimbursement Agreement total$2,091,350.47,of which
$515,326.82 has been applied to reduce the original principal balance and$1,576,023.65 was applied towards interest earned.The original
Improvement Area No.1 balance was$6,350,000.00,of which$5,700,115.30 will remain outstanding following the application of the December
reimbursement.
Quarterly payments made through September 15,2023 for the Improvement Area No.2 Reimbursement Agreement total$1,229,680.89,of which
$527,083.57 has been applied to reduce the original principal balance and$702,597.34 was applied towards interest earned.The original
Improvement Area No.2 balance was$5,850,000.00,of which$5,202,168.62 remains outstanding following the application of the December
reimbursement.
Per the terms of the Master Reimbursement Agreement for the Walsh Ranch/Quail Valley PID(City Secretary Contract No.49300),the City agreed
that,if certain conditions reflecting expeditious development of the entire PID were met,it would consider issuing revenue bonds secured by and
funded out of PID assessment revenues to accelerate reimbursement to the developers. Due to current market conditions and rising interest rates,
the City does not anticipate the issuance of revenue bonds at this time. Instead,incremental repayments from PID assessments will continue to
reimburse the developers under the conditions of the master reimbursement agreement.
Funding is available for appropriation in the fund balance of the FWPID #16 - Quail Valley Fund. The beginning fund balance is
$697,697.98 and ending fund balance will be$327,902.98.
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 funds are currently available in the fund balance within the FWPID#16-Quail Valley Fund and upon approval
of the above recommendation and adoption of the attached appropriation ordinance,funds will be available in the operating budget of the FWPID
#16-Quail Valley Fund. Prior to an expenditure being incurred,the Economic Development Department has the responsibility of verifying the
availability of funds.
Submitted for City Manager's Office b William Johnson 5806
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808
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