HomeMy WebLinkAboutIR 9537 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9537
To the Mayor and Members of the City Council January 29, 2013
`�` Page 1 of 2
r
SUBJECT: STATUS OF ASSETS TRANSFERRED FROM THE FORT WORTH
rF AIR AND SPACE MUSEUM FOUNDATION
The purpose of this informal report is to update the Fort Worth City Council on the status of
assets transferred from the Fort Worth Air and Space Museum Foundation (Foundation).
On January 25, 2011, the Fort Worth City Council authorized a loan agreement through City
Secretary Contract ("CSC") Contract No. 41669 between the City and the Foundation for an
amount up to $3 million to create a temporary traveling exhibition known as "Ascent ... When
Dreams Defy Gravity,"(the "Exhibit") which was displayed in the Fort Worth Museum of Science
and History. All loan proceeds were to be repaid by the Foundation in full by September 30,
2011. Despite fundraising efforts the Foundation was unable to repay the loan. In lieu of
incurring legal and administrative fees to foreclose on the loan, the Foundation agreed to transfer
title and all rights to the Exhibit and all other assets of the Foundation to the City. On March 6,
2012, the City Council approved M&C C-25484 cancelling the loan agreement and advance
promissory note set forth in CSC Contract No. 41669.
On May 2, 2012, the Aviation Department completed the transfer of the Exhibit and remaining
assets to facilities located at Meacham Airport. The Aviation Department entered into a
memorandum of understanding with the Veterans Memorial Air Park Museum to assist in the
cataloging of the Exhibit as well as other assets transferred to the City in preparation for the
assets appraisal. On August 2, 2012, the Aviation Department entered into an agreement with
National Appraisal Consultants to complete an appraisal to determine the orderly liquidation value
of the assets. The assets were separated into the following inventory categories:
• Exhibit or display pieces, usually interconnected and focused on a specific narrow aviation
theme;
• Books (by box number);
• Multi-use fixtures, not necessarily part of a display, which could be used independently of
the museum display theme;
• Furniture or office equipment used in connection with the business operation;
• Fine or decorative artwork including paintings, posters, etc.;
• Aircraft or parts thereof not used in connection with the main Exhibit; and
• Other: Stand-alone items not belonging to any other grouping or unit.
In November 2012, National Appraisal Consultants submitted their final report to the Aviation
Department valuing the assets at $123,819.00.
City staff intends to move forward as follows unless we receive objections from the City Council
by January 30, 2013.
• Staff intends to enter into an agreement with the Veterans Memorial Air Park Museum
located at Meacham Airport to lend selected assets valued at $90,000.00 for display at
their museum. This includes historic photos, model planes, books, aircraft such as the
Lockheed Al2 mock up, Vultee BT-13 World War II trainer and other artifacts. This could
also include some of the exhibit items that are not retained by the City.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9537
To the Mayor and Members of the City Council January 29, 2013
`�` Page 2 of 2
r
SUBJECT: STATUS OF ASSETS TRANSFERRED FROM THE FORT WORTH
rF AIR AND SPACE MUSEUM FOUNDATION
• Staff intends to retain assets valued at $18,819.00 that are useful to the City of Fort Worth.
There are a number of technology assets that would be useful to the City as well as some
display items that could be used in and around the airports for educational purposes. Most
of these assets are from the traveling exhibit that was created for the Museum of Science
and History. Items include computers, projectors, projection screens, televisions, software
and furnishings such as stand up displays, display cases and tables.
• Staff intends to auction remaining assets valued at $10,000.00 which have been
determined to have no historical importance to the City of Fort Worth. Under this category
there are items from the exhibit such as metal benches, metal frames, tables and other
items not used as part of the exhibit.
If you have any questions about this information, please contact Bill Welstead, Aviation Director,
at 817-392-5402 or bill.welstead @fortworthtexas.gov.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS