HomeMy WebLinkAboutIR 7012 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7012
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50 To the Mayor and Members of the City Council April 9, 1985
'rEX Subject: INDUSTRIAL DEVELOPMENT BONDS
1071
In 1982, a joint committee of the City of Fort Worth and the Chamber of
Commerce was named to study alternative approaches to financing economic
development in Fort Worth. Attached is a copy of their report which
includes the following conclusion relating to industrial revenue bonds
(I RBs):
There appears to be sufficient potential benefits to Fort
Worth in having the City establish its own IRB issuing
authority to warrant further consideration of this issue by
the City and Chamber.
Since the 1982 study, a number of circumstances related to this issue
have changed. They include:
1. The Trinity River Authority now is issuing IRBs only for pollu-
tion control and water-related projects;
2. Tarrant County has established a county-wide IRB Authority and
has approved three projects in the City of Fort Worth;
3. The City has received a number of inquiries about the avail-
ability of IRB financing for projects in various locations;
4. The Executive Committee of the Chamber of Commerce has approved a
position recommended by its Economic Development Council that the
City of Fort Worth create a city-wide industrial development
authority to issue IRBs.
At this time, Council direction about how to proceed on this issue is
requested.
.A
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o Douglas Harman
City Manager
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Attachment
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS