HomeMy WebLinkAboutOrdinance 16352-03-2005Ordinance No.~1o~'~~-s~OC~~/
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE CERTIFICATES OF OBLIGATION SPECIAL
PROJECT FUND IN THE AMOUNT OF $5,200,000 TO BE OBTAINEb
THROUGH THE SALE OF CERTIFICATES OF OBLIGATION, FOR THE
PURPOSE OF FUNDING THE PURCHASE OF THE BUILDING LOCATED AT
1111 MONROE STREET, ALL OF LOTS 10 THROUGH 21 AND A PORTION OF
LOTS 9 AND 22, BLOCK 5, JENNINGS EAST; 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 estimated receipts and
apprapria#ions in the Certificates of Obligation Special Project Fund in the amount of $5,200,000 to
be obtained through the sale of Certificates of Obligation, for the purpose of funding the purchase of
the building located at 1111 Monroe Street, all of Lots 10 through 21 and a portion of Lots 9 and 22,
Block 5, Jennings East.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invafid,
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 cumulative of Ordinance No. 16081 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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.
APPROV S TO F ND LEGALITY:
Assis ant City ttorney _..
ADOPTED AND EFFECTIVE: `~~~~ ~ ~ ~J,~
pity ®f F'®~ VII/®.~f~, Texas
Mayor and Council Communication
COUNCIL ACTION: Approrred on 3/2912005 -Ordinance No. 16352.03-2005
DATE: Tuesday, March 29, 2005
LOG NAiV1E: 20BUYZIPPER
REFERENCE N®.: L-14052
SUBJECT:
Adapt Appropriation Ordinance and Authorize the Purchase of the Building Located at 1111 Monroe
Street from Fort Worth Telco Center, Ltd.
Ft1=coM14~ENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance increasing estima#ed receipts and appropriations in the
Certificates of. Obligation Special Project Fund by $5,200,000 from available funds to be obtained through
the safe of Certificates of Obligation; and
2. Authorize the City Manager to execute all necessary documents to purchase, for a full sale price of
$5,200,000, the approximately 70,000 square foot buifding located at 1111 Monroe Street, commonly
referred to as the Zipper Building and legally described as: "all of Lots 10 through 21 and a portion of Lots 9
and 22, Block 5, Jennings East."
DISCUSSION;
On March 8, 20pS, the City Council passed an ordinance authorizing the issuance of a Notice of fntent to
sell Certificates of Obligation for the purchase of the Zipper Building. The sale of the Certifcates of
Obligation is scheduled for April 5, 2005 with closing in mid-May, after which time the purchase of the
buifding will be finalized. The purchase of the buifding is contingent upon the successful closing of the
Certificates of Obligation sale.
The 35,000 square foot second floor of the building will be renovated to provide office space for the City's
Finance and Information Technology Solutions departments. The relocation of these two departn-ients to
the Zipper Building will create space in City Hall far the establishment of a centralized building permit center
to more effectively serve citizens and developers planning building construction projects. The first floor of
the Zipper Building is leased to MC! far approximately $48,000 per year. The revenue from the MCl lease
will offset approximately 84% of the debt service on the Certificates of Obligation.
The Zipper Building is located in Council District 9.
FISCAL INFORIVIATIONICERTIFICATION:
The Finance IOirector certifies that upon approval of the above recommendations, adoption of the attached
appropriation ordinance, and successful closing of the CO sale, funds will be available in the current capital
budget, as appropriated, of the Certificates of Obligation Special Project Fund.
Logname: 20BUYZIPFER page 1 ~f 2
TO FundlAccountlGenters
c29a 485205 201o~o02a143 $5,200.OOO.ao
C290 541250 201070020143 $5,200.000.00
FROM FundlAccountlCenters
c2sa 541250 201070o2o14s ~,zoa ooa.oo
Submitted for City.,Ma_~ta,ger's Off"rce bK. Marc Ott (8476)
Originating De artment Head: Robert Goode {78Q4)
Additional Information Contact: Greg Simmons (7862)
Logname: 2QBUYZIPPER }?aye 2 0~ 2