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HomeMy WebLinkAboutOrdinance 16314-03-2005Ordinance Na. ~~~~`t""~~ T~O~ AN ORDINANCE 1NCREASWG APPROPRIATIONS IN THE PROPERTY AND CASUALTY INSURANCE FUND IN THE AMOUNT OF $25,000 AND DECREASING THE PROPERTY AND CASUALTY INSURANCE FUND BALANCE BY THE SAME AMOUNT, FOR THE PURPOSE OF RETAINING KANE RUSSELL COLEMAN & LOGAN, P.C. AS OUSIDE LEGAL COUNSEL 1=0R MARKETING ASSISTANCE RELATED TO THE TERMS AND CONDITIONS OF AN INCENTIVE PROGRAM WITH `TEXAS MOTOR SPEEDWAY, INC. AND THE FORT WORTH CONVENTION AND VISITORS BUREAU REGARDWG A SECOND NASCAR NEXTEL CUP RACE; 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 for Fiscal Year 2004- 2005 in the Budget of the City Manager, there shall also be increased appropriations in the Property and Casualty Insurance Fund in the amount of $25,000 and decreasing the Property and Casualty Insurance Fund balance by the same amount, for the purpose of retaining Kane Russell Coleman & Logan, P.C. as outside legal counsel for marketing assistance related to the terms and conditions of an incentive program with Texas Motor Speedway, Inc. and the Fort Worth Convention and Visitors Bureau regarding a second NASCAR Nextel Cup Race. SECTION 2. That should any portion, section ar 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 lac cumulative of Ordinance No. 16061 and a!I 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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. APF'R VE© AS TO FORM AND LEGALITY: Assistant City Attorney ADOPTED ANb EFFECTIVE: .~'/~ a~ ~it,~ of fort VV®rt~h, T°e.~as Mayor and Council Communication C®UNCIL ACTT®N: Approved on 3!1!2005 -Resolution No. 3171-03-2005; ®rdinance No. 16314-03-2005 DATE: Tuesday, March 01, 2005 LOG NAME: 12KRCL REFERENCE NO.: G-14702 SUBJECT: Adopt a Resolution Authorizing Employment of Qutside Legal Counsel for Assistance Related to a Marketing Incentive. Program with Texas Matar Speedway, Inc. and the Fort Worth Convention and Visitors Bureau RECOIMMENDATION: It is recommended that the City Council: 1. Authorize the City Attorney to retain the law firm of Kane Russel! Coleman & Logan, P.C. (Kane Russel[) as outside legal counsel, pursuant to Chapter VI, Section 3 of the City Charter, for marketing assistance related to the terms and conditions of an incentive program with Texas Motor Speedway, Inc. and the Fort Worth Convention and Visitors Bureau regarding a second NASCAR NEXTEL Cup Race; 2. Adopt the attached Resolution fixing in advance, as far as practicable, that the aggregate amount to be paid to Kane Russell for such services shall not exceed $25,000; and 3. Adopt the attached supplemental appropriation ordinance increasing appropriations in the Property and Casualty insurance Fund by $25,000 and decreasing the Property and Casualty Insurance Fund balance by the same amount. DISCUSSION: The City of Fort Worth and Texas Motor Speedway, Inc. (TMS) are in negotiations regarding a financial incentive program (the Program) .between the City, TMS and the Fort Worth Convention and Visitors Bureau (CVB). The Program will allow for the City t© make certain economic development grants authorized by Chapter 380 of the Texas Local Government Code to the CVB for marketing refa#ed to TMS's securing a second NASCAR NEX~t Cup Race at Texas Motor Speedway. -- ~~~°~•~-~ Kane Russell has significant experience in providing legal assistance to cities in stadium and arena development including issues related to marketing and advertising. THe Texas Motor Speedway is located in CQUNC}L DISTRICT 2. FISCAL. INFORMATIOIVlCERTIFICATION: The Finance Director certifies that upon approval of the above recommendations and the adoption of the attached supplemental appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the Property and Casualty Insurance Fund. The unaudited unreserved designated balance in the Insurance f=und after #his appropriation will be $7,368,219.00. T.~,~„~T„~• ~ 7x~rr. pang , ~~~ TC3 l;undlAccountlCenters FROM 1+undlAccountlCenters ~E71 538110 0137121 $25,OOOAO FE71 538110 0137121 25 000.00 Submitted for City Manager's Office b~ RicfYard Zavala (Acting} {6183) Qriginating Department Head: Clavid Yett (7623) Additional lnforrnation Contact: ©avid Yett {7623) l.n~name_ 12KRC;T. PacTP ~ ~f~