Loading...
HomeMy WebLinkAboutResolution 5933-04-2024A Resolution NO.5933-04-2024 AUTHORIZING AN APPLICATION FOR FINANCIAL ASSISTANCE FROM THE TEXAS WATER DEVELOPMENT BOARD IN THE AMOUNT UP TO $90,000,000.00 FROM THE FLOOD INFRASTRUCTURE FUND FOR THE UPPER LEBOW CHANNEL FLOOD MITIGATION PROJECT; DESIGNATING AN AUTHORIZED REPRESENTATIVE; AND AUTHORIZING RELATED ACTIONS AND FINDINGS WHEREAS, the Texas Water Development Board, as approved by the state Legislature and Texas voters through a constitutional amendment, manages the Flood Infrastructure Fund; and WHEREAS, the Flood Infrastructure Fund provides financial assistance in the form of grants and loans for flood control, flood mitigation, and drainage projects; and WHEREAS, the City of Fort Worth, Texas (the "City") deems it necessary to apply to the Texas Water Development Board for financial assistance in an amount up to $90,000,000.00 for the Upper Lebow Channel Flood Mitigation project, which will consist of multiple phases and will mitigate flooding conditions through replacement of the existing earthen channel section with a wider and deeper channel, larger culverts under each roadway crossing and a detention pond at Long Avenue; and WHEREAS, the City Council desires to authorize the submission of an application for financial assistance to the Board under one or more programs for which it would be eligible to receive funding, including the Flood Infrastructure Fund. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, THAT: Section 1. The City Manager, or their duly authorized designee, is hereby approved and authorized to make an application to the Texas Water Development Board seeking financial assistance in an amount up to $90,000,000.00 to provide funding for the Upper Lebow Channel Flood Mitigation Project; Section 2. That the City Manager, or their duly authorized designee, be and is hereby designated the authorized representative of the City of Fort Worth for purposes of furnishing such information and executing such documents as may be required in connection with the preparation and filing of such application for financial assistance and the rules of the Texas Water Development Board; Section 3. That the City Manager, or their duly authorized designee, together with the City's Bond Counsel, Financial Advisors, and Consulting Engineers named in such application, are hereby authorized to appear before the Texas Water Development Board in support of such application and project; Section 4. A certified copy of this Resolution shall be attached to the application for financial assistance herein authorized to be prepared and submitted to the Texas Water Development Board; and Section 5. It is hereby officially found and determined that the meeting at which this Resolution was considered was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. Adopted this 91' day of April, 2024. ATTEST: By: Jannette S. GoodaIl, City Secretary City of Fort Worth, Texas Mayor and Council Communication DATE: 04/09/24 M&C FILE NUMBER: M&C 24-0280 LOG NAME: 20SWM LEBOW FLOOD MITIGATION TWDB GRANT APPLICATION SUBJECT (CD 2) Adopt a Resolution Authorizing an Application for Financial Assistance from the Texas Water Development Board in an Amount Up to $90,000,000.00 for the Upper Lebow Channel Flood Mitigation Project RECOMMENDA11ON• It is recommended that the City Council adopt the attached resolution authorizing an application for financial assistance from the Texas Water Development Board in an amount up to $90,000,000.00 for the Upper Lebow Channel Flood Mitigation Project, designating an authorized representative, and authorizing related actions and findings. DISCUSSION: This Mayor and Council Communication (M&C) is to adopt a resolution authorizing an application for financial assistance from the Texas Water Development Board (TWDB) for the Upper Lebow Channel Flood Mitigation project. The funding is from the TWDB Flood Infrastructure Fund (FIF). The award of the funding is based on projects across the state which compete for the available funding. Distributions are decided by TWDB. Staff is seeking up to $90,000,000.00 in funding. The FIF includes two types of funding: grant funding and zero -percent interest loans. Based on application criteria, the maximum grant funding available in the FIF for the Upper Lebow Flood Mitigation project is $18,750,000.00 (if awarded). To provide the balance of the requested funding, TWDB may, or may not, offer a zero -percent interest loan either in conjunction with grant funds, or as a sole source of funding. If a no -interest loan is made available, the City would issue drainage utility (sormwater) revenue bonds, which would be sold directly to TWDB. Stormwater staff will work with Finance and the City's external bond attorneys and financial advisors to prepare bond documents, including an ordinance to authorize issuance of debt. As indicated below, the timing for such bonds would be tied to TWDB's decision in late 2024 or early 2025. The City's ability to accept any loan funding and issue bonds will be guided by debt capacity, City financial policies, previous commitments, and goals of the Stormwater Program. Further, if funding is offered to the City by TWDB, and the City is unable to accept the full amount offered, the City may accept a lesser amount that fits within the Stormwater Program's debt capacity, goals, commitments, and financial policies. If a loan is accepted and bonds are issued, they will be repaid utilizing available Stormwater revenues. In January, staff applied for two Federal Emergency Management Agency (FEMA) grants as authorized by MC 23-1058. In the event that one or both of the FEMA grants is awarded, the TWDB funding (if awarded) could be used to help cover the City's share of the FEMA grant match. The Upper Lebow Channel area is a critical and high -priority area for flood mitigation. Five fatalities due to roadway flooding have occurred in recent years in Lebow Channel. The area has a history of frequent and repetitive flooding of structures, properties, and roadways. In the Upper Lebow area (north of Long Avenue), there are eight hazardous roadway overtopping (HRO) locations and over 200 structures (mostly homes) within the FEMA floodplain. The abridged application is due to TWDB on April 15th, 2024. If invited to submit a complete application by the state, the complete application will be due in the Fall of 2024, and the TWDB board will consider financial assistance commitments in late 2024 or early 2025. This project is located in COUNCIL DISTRICT 2. This M&C does not request approval of a contract with a business entity. 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 approval of this recommendation will have no material effect on City funds. Submitted fdr City Manager's Office W_ Jesica McEachern 5804 Originating Business Unit Head: Lauren Prieur 6035