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HomeMy WebLinkAboutOrdinance 16292-02-2005Ordinance Na.~~~.Ti ~`~",~"~~ AN ORDINANCE INCREASING ESTIMATED RECEIPT5 AND APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF $7,500,000, SUBJECT TO RECEIPT OF THE SECTION 108 LOAN GUARANTEE FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, FOR THE PURPOSE OF FUNDING THE EVANS AVENUEIROSEDALE STREET BUSINESS AND CULTURAL DISTRICT PROJECT; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR 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 fnr Fiscal Year 2004-2005 and in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Grants Fund 'in the amount of $7,500,000, sulaject to receipt of the Section 108 Laan Guarantee from the U.S. Department of Housing and Urban Development, for the purpose of funding the Evans AvenuelRosedale Street Business and Cultural District Project. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative ar void far any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, ar parts of sections of this ordinance, which said remaining provisions shah be and remain in full farce and effect. SECTION 3. That this ordinance shall be cumulative of Ordinance Na. 16061 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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. APPROVE TO FORM AND LEGALITY: Assistant ity Attorney ADOPTED AND EFFECTIVE: _~: ~ (Y'~.~J ~i ®f F~r~ l/V'®r~h, ~'e~ar~ Mayor and Council Communication COUNCIL ACTION: Approved on 2/17/2005 -Ordinance No. '16292-02-2005 ©ATE: Thursday, February 17, 2005 LOt3 NAME: 03HC108 REFERENCE NO.: G-14681 SUBJECT: Adoption of an Appropriation Ordinance far Receipt of a Section 108 Lawn far the Evans AvenuelRosedale Street Business and Cultural District Pra~ect and Authorization to Enter int©'a' Contract with United States Department of Housing for Receipt and Payment of the Section 108 Loan RECOMMENDATION: It is recommended that the City Council 1. Adopt the a appropriation ordinance increasing the estimated receipts and appropriations in the Grants Fund by $7,500,000 for Section 108 Loan Guarantee from the U.S. Department of Housing and Urban Development (HUD); 2. Authorize the City Manager to enter into a contract with HUD for the receipt and payment of the Section 108 Loan; and 3. .Authorize anon-interest bearing inter-fund loan from the General Fund to the Grants Fund in the amount of $1,500,000 far interim financing of this grant project pending contract execution. DISCUSSION: On July 21, 1998 (M&C C-16898), authorized the City Manager to submit an application to the U.S. Department of Housing and Urban Development (HUD) for a Section 108 Loan Guarantee in the amount of $7,500,0100 for the Evans AvenuelRosedale Street Business and Cultural District project. On May 1, 2001, the City was awarded the loan guarantees. The Evans and Rosedale Business and Cultural District is a key development for the City .and is located along one of the designated commercial corridors. Development at this intersection can act as a gateway between the Medical District to the west and the Near Southeast neighborhood to the east. The City has committed over $3,000,000 from various funding sources to the redevelopment of this project area and the reconstruction of Evans Avenue. This work, along with the future widening of Rosedale Street, provides a unique opportunity to transform an underutilized area into a development that produces jnbs and provides services to nearby residents. This property is located in COUNCIL DISTRICT 8. FISCAL INFORMATIONICERTIFICATION: The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be Lo~nazne: 03HC108 1'a~e 1 of 2 available in the current operating budget, as appropriated, of the Grants Fund. Upnn execution of the grant contract, the interim inter-fund loan will be returned to the General Fund. TO FundlAccountlCenters FROM FundlAccauntlCenters GR76 22DDD'i D002D6DD2DDD 1 6D0 DDD.~D GGD'f 13fiD76 DDDDDDD $1,5DD,DDDAO Submitted far City Manager's ®ffice bv: Richard Zavala (Acting) {6222) Ori inatin De artment Head: Bridget#e Garrett {8598} Additional Information Contact: Deidra Emerson (7563) ,4. Lo~xame: 03HC108 Page 2 cif 7