HomeMy WebLinkAboutIR 9543 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9543
To the Mayor and Members of the City Council February 5, 2013
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SUBJECT: CITY EXPENDITURES FOR TRINITY RIVER VISION PROJECT
At the January 9 City Council workshop on capital projects, staff proposed to allocate
approximately $47.8 million in revenue bonds for water and sewer relocations associated with the
Trinity River Vision (TRV) project. In answer to your subsequent question, such an allocation
would not cause the City to exceed our authorization of $26.6 million in expenditures for the TRV
project because the TRV Tax Increment Finance (TIF) district and the Tarrant Regional Water
District (TRWD) have pledged to reimburse the City for all TRV-related expenditures above that
cap.
As you will recall, the total estimated cost of the TRV project is approximately $909.9 million. We
anticipate that federal sources will cover approximately $487.8 million or almost 54 percent of the
total, while a combination of local sources will cover the balance of approximately $422.1 million.
Local sources include the City of Fort Worth ($26.6 million), Tarrant County ($11.0 million),
TRWD ($64.4 million), and the TIF district ($320.1 million).
To date, the City has expended a net amount of $16.9 million for the TRV project. We anticipate
expending the remaining authorization of $9.7 million, including $8.1 million for water and sewer
relocations, during the next three years. Other water and sewer relocation expenses would
include $27.8 million for TRV-related improvements to be reimbursed annually by the TIF district
and/or TRWD plus $11.9 million for non-TRV improvements within the TRV project area.
If you have any questions about this information, please contact Mark Rauscher at 817-392-2446
or mark.rausc er fortwort texas. ov.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS