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Home My WebLink AboutIR 7080 04FORMAL REPORT TO CITY COUNCIL MEMBERS No. 7080 ��ffORT p To the Mayor and Members of the City Council December 17, 1985 ;rEX�g Subject: FINAL CHANGES IN 1986-88 CAPITAL IMPROVEMENT PROGRAM The following report has been prepared in an effort to respond to the few remaining issues needing resolution in order to finalize the 1986-88 C.I.P. EAST FORT WORTH BUSINESS ASSOCIATION REQUEST During the pre-council meeting of December 12, 1985, a representative of the East Fort Worth Business Association spoke to the City Council and delivered a resolution that suggested a method of financing several street, storm drain and bridge projects in East Fort Worth. The group proposed to add these projects to the 1986-88 C.I.P. The projects are: 1. Cooks Lane: John T. White Road to Trinity Boulevard 2. Cooks Lane: U.S. Hwy. 80 (E. Lancaster) to Meadowbrook Drive South 3. Randol Mill Road: I.H. 820 to Eastchase Parkway 4. John T. White Road-Lamar Boulevard Connection This group is to be commended for suggesting that its members would be willing to contribute their share of the cost in advance rather than asking to delay their payment until the projects are complete, as is usually the case. Unfortunately, it appears that the timing of this request is not optimal. The cost of these projects will be quite high (estimated at $17.5 million). Funding for these projects would compete with urgently needed street reconstruction projects in the inner city. It should also be noted that during the past several years the City has invested very heavily in street, storm drain, bridge and overpass/interchange projects in East Fort Worth to stimulate and encourage growth. While some growth has begun, it is moving slowly and the City Council might wish to delay any additional projects until a greater return occurs on the present investment. Projects that have been completed in the area of I.H. 820 in the last few years include: 1. Fire Station No. 7 at 7601 John T. White Road 2. Eastchase Parkway: John T. White Road to Meadowbrook Drive (Including the interchange with I.H. 30) 3. John T. White Road: I.H. 820 to Bentley Village 4. Brentwood Stair Road: Enoch Drive to Ranch Road 5. Ederville Road: Warner Lane to Stair Road ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS — IMFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7080 - p. 2 December 17, 1985 To the Mayor and Members of the City Council �rExP`�• Subject: FINAL CHANGES IN 1986-88 CAPITAL IMPROVEMENT PROGRAM .., Although just outside this area, the Bridge Street/John T. White Road Connection from near Country Club Drive to I.H. 820 certainly contributes greatly to the area and has been completed only for a short time. The total cost of these projects was over $16 million. In addition, two other projects are now under construction in this area. They are: 1. Cooks LanejI-30 Interchange 2. Cooks Lane: I-30 to Brentwood Stair Road The total cost of these two projects is approximately $5.3 million. Other projects at various stages of development include-: 1. Cooks Lane: I-30 to John T. White Road 2. Meadowbrook Drive: Eastchase Parkway to Village Creek 3. Meadowbrook Drive/Green Oaks Boulevard Bridge over Village Creek 4. Randol Mill Road: I-30 to Meadowbrook Drive It is anticipated that these projects will cost approximatley $2.5 million. When added together, the cost of all of these projects is estimated to be approximately $23.8 million. TRANSFER OF FUNDING FROM NEW DEVELOPMENT TO STREET RECONSTRUCTION At the City Council meeting of December 12, 1985, it was recommended that 15% of the funds recommended for City participation in new development be shifted to street reconstruction - (NOTE: New development funds--- $31 ,495,000 x 15%. a $4,724,250). Retaining adequate funds for engineering would allow $4 million to be added to street reconstruction projects. Attached to this report is a list of possible projects for inclusion should the City Council wish to make this shift of funds. CITY HALL RENOVATION PROJECT It has been suggested by Councilman Lancaster that the City Hall Renovation Project (estimated at $2 million) be reinstated in the C.I.P. and that it be treated as a separate proposition. If it is the consensus of the City Council to include this project, direction will be needed in terms of either simply adding it to currently proposed projects or eliminating other projects of equal dollar value in order to keep the program total at $164.9 million. it is the staff recommendation not to include the City Hall project in the C.I.P. for the following reasons: ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 7080 - P. 3 December 17, 1985 fonr To the Mayor and Members of the City Council iil j�(Js r6XAy, Subject: FINAL CHANGES IN 1986-88 CAPITAL IMPROVEMENT PROGRAM r•r] 1.) This project essentially entails the reorientation and renovation of an existing structure and not new construction or reconstruction. Therefore, long-term debt financing may be less appropriate for this project than for others in the recommended C.I.P. 2.) It has long been an objective to finance certain capital expenditures on a gay-as-you go basis in order to reduce reliance on debt financing. It has also usually been City practice to limit the expenditure of reserve funds to non-recurring type items. This project presents the ideal opportunity to expend part of our more than adequate General Fund surplus for a one-time capital improvement project. PARK AND RECREATION IMPROVEMENTS PROPOSITION The City Council requested information regarding the unspecified funds in the 1986-88 Park and Recreation Improvements Proposition. Funds in the amount of $2.5 million are unspecified in the Developing Areas category and funds in the amount of $700,000 are unspecified in the General Park Development category. When compared with the 1982-84 C.I.P. funding levels for these categories, the 1986-88 C.I.P. funding levels are consistent, The General Park Development category funds are used for cost overruns, which are often inflation related, and experience with the 1982-84 C.I.P. indicates funding levels may be inadequate as funds in this category are essentially exhausted. In addition, these funds are used to accommodate special projects or problems unanticipated in the formulation stages of the C.I.P. or which may occur during the period of the C.I.P. The Developing Areas category funds will permit reasonable recreational development to occur in park sites resulting from new residential subdivision development. These funds will also allow the inclusion of cost sharing items within Community Facilities Agreement contracts and will insure the continued health of our park dedication policy. Other Park and Recreation funds included in the 1986-88 Capital Improvement Program include $1,000,000 for Community Parks Acquisition which are specified to acquire and partially develop two community park sites: the far West and the far Southwest. In addition, funds in the amount of $400,000 are included for Inner City Park acquisition to address park deficient areas in the south, southwest, and southeast portions of the City. School/park cooperatives will be a primiary vehicle utilized in accomplishing this task. Also included are funds in the amount of $1,300,000 for Athletic fields which will likely include: four new softball fields ($150,000 each), four new lighted soccer fields ($90,000 each), and thirteen renovated fields ($60,000 each). It is anticipated that, as the past, staff will work closely with the athletic associations to identify citizen priorities. Some of the areas under consideration at the present time include: Handley; Rosemont; Rockwood; Rolling Hills; Candleridge; Westcreek; Buck Sansom and Gateway. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS — F INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 70$0 - p.4 eFWk rIt r. �p�foRrc To the Mayor and Members of the City Council us ;rBxA�. Subject: FINAL CHANGES IN 1986-88 CAPITAL IMPROVEMENT PROGRAM ASSUMPTIONS FOR CHANCES IN ASSESSED VALUATION 1986-1990 The following assumptions were used in estimating growth in assessed valuation which in turn was used to calculate the effect of the bond program on the tax rate: 1. The Tarrant Appraisal District will reappraise personal real property in even-numbered years (1986 and 1988). Increases in property values are based on the average percentage increases in new home prices between 1985 and 1990 (Source: UCLA National Business Forecast). 2. The Tarrant Appraisal District will reappraise property in odd-numbered years (1985, 1987, and 1989) . Increases in personal property values are based on the projected percentage increases in the Consumer Price Index (All Items, All Urban) between 1985 and 1990 (Source: Congressional Budget Office and the UCLA National Business Forecast). 3. Values for new construction are based on a trend-line analysis using data from the last nine years. These values have changed from the 1986-1990 Long-Range Financial Forecast projection because of updated information on new construction, real property, and personal prroperty. The percentage rate changes are: 1986-87 -7.36% 1987-88 +9.03% 1988-89 +8.287 1989-90 +7.65% 4. Exemptions are calculated by using the ratio of exemptions to total assessed values in 1984-85. This ratio is held constant throughout the forecast period. These assumptions were used to generate the "Net Taxable" amounts shown on the attached table. This net taxable amount was used to calculate the debt service impacts of different bond sale amounts in Informal Report No. 7062, dated November 5, 1985. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INI~ORMgL REPORT TO CITY COUNCIL MEMBERS No. Z00 - D• 5 December 17, 1985 ��,4►4cAr,��+ To the Mayor and Members of the Guar Council *JEXAy Subject: FINAL CHANGES IN 1986-88 CAPITAL IMPROVEMENT PROGRAM «is PROJECTED COMPOSITION OF PROPERTY TAX BASE: 1986-1990 New Real Personal Net Construction Property Property Total Taxable 1989-90 493,539,377 14,442,946,036 3,169,216,329 18,105,701,742 16,164,127,297 1988-89 458,465,624 14,442,946,036 2,580,277,012 17,481,688,672 15,607,030,597 1987-88 423,391,872 12,650,028,597 2,580,277,012 15,653,697,481 13,975,065,003 1986-87 388,318, 119 12,650,028,597 2,344,870,748 15,383,217,464 13,733,590,052 1985-86 416,934,163 11 ,895,864,912 2,344,870,748 13,743,943,144 12,270, 104,176 1984-85 367,987,018 1 ,906,000,000 1983-84 175,743,296 1,925,499,000 1982-83 229,072,400 1 ,853,860,000 1981-82 203,667,104 1980=81 174,781,808 1979-80 134,447,600 1978-79 90,908,072 1977-78 83,583,328 1976-77 77,000,000 Douglas Harman City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS �^