HomeMy WebLinkAboutOrdinance 27067-08-2024Ordinance No. 27067-08-2024
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GENERAL FUND, IN AN AMOUNT NOT TO
EXCEED $6,487,008.00, FROM THE FISCAL YEAR 2023 GENERAL FUND
ASSIGNED FUND BALANCE FROM THE SALES OF THE CENTRAL LIBRARY,
FOR THE PURPOSE OF TRANSFERRING TO THE GENERAL CAPITAL
PROJECTS FUND, FOR THE CENTRAL LIBRARY PROJECT (CITY PROJECT
NO. 104599); PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2023-2024 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the General
Fund in the amount not to exceed $6,487,008.00, from the Fiscal Year 2023 General Fund assigned fund
balance from the sales of the central library, for the purpose of transferring to the General Capital Projects
Fund for the Central Library project (City Project No. 104599).
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 26453-09-2023 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: August 13, 2024
CITY SECRETARY
Jannette S. Goodall
City Secretary
MAYOR AND COUNCIL COMMUNICATION MAP
COUNCIL DISTRICT 9
512 W 4TH ST DOWNTOWN LIBRARY PURCHASE
City of Port Worth, Texas
Mayor and Council Communication
DATE: 08/13/24 M&C FILE NUMBER: M&C 24-0690
LOG NAME: 21512 W4TH ST CENTRAL LIBRARY PURCHASE
SUBJECT
(CD 9) Authorize the Fee Simple Acquisition of Approximately 0.46 Acres of Improved Property Known as the Center for Transforming Lives
Building Located at 512 West 4th Street, Fort Worth, Tarrant County, Texas 76102 for the Downtown Library from Center for Transforming Lives in
the Amount of $6,455,000.00, Authorize the Payment of Closing Costs in an Amount Up to $32,008.00 for a Total Cost of
$6,487,008.00, Authorize a Leaseback of the Property for a Term Not to Surpass May 31, 2025, Adopt Appropriation Ordinances, Amend the
Fiscal Year 2024 Adopted Budget, and Amend the Fiscal Years 2024-2028 Capital Improvement Program
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the fee simple acquisition of the Center For Transforming Lives building consisting of approximately 31,537 square feet on
approximately 0.46 acres, being Lots 2 and 3, Block 47, of Fort Worth Original Town, an addition of the City of Fort Worth, Tarrant County
Texas and also known as 512 West 4th Street, Fort Worth, Tarrant County, Texas 76102 from Center For Transforming Lives in the amount of
$6,455,000.00;
2. Authorize execution of a seller leaseback agreement for the property with Center for Transforming Lives as tenant, effective upon the closing
date of the purchase and expiring January 31, 2025 for $1.00 for the initial term, with an option to extend the leaseback up to four additional
months to expire May 31, 2025 for $55,000.00 for each month of the extended leaseback from funds escrowed with the title company at
closing;
3. Authorize the payment of estimated closing costs in an amount up to $32,008.00;
4. Authorize the City Manager or his designee to accept the conveyance and execute and record the appropriate instruments;
5. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the General Fund in an amount not to
exceed $6,487,008.00, from the Fiscal Year 2023 General Fund assigned fund balance from the sales of the central library, for the purpose
of transferring to the General Capital Projects Fund for the Central Library Project (City Project No. 104599);
6. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the General Capital Projects Fund in an
amount not to exceed $6,487,008.00, transferred from the Fiscal Year 2023 General Fund assigned fund balance, for the purpose of funding
the Central Library Project (City Project No. 104599);
7. Amend the Fiscal Year 2024 Adopted Budget and the Fiscal Years 2024-2028 Capital Improvement Program.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to authorize the fee simple acquisition of land and improvements located at 512
West 4th Street (Property) from the Center for Transforming Lives (CTL) for use as the Downtown Library.
On December 1$, 2022 (M&C 22-1056), Fort Worth City Council (Council) approved the sale of the former downtown library at 500 W. 3rd Street
and entered into a one-year leaseback with the new owner to allow time to establish a temporary library at 200 Texas Street and conduct a search
to identify a location for a new downtown library.
After an extensive search for properties to lease or purchase, a property that would be more cost-effective than a long-term lease was identified for
purchase.
The Property, commonly known as the Center for Transforming Lives Building, is an approximately 31,537-square-foot, historic -designated six -
story office building located in the Fort Worth Central Business District. The land and improvements will provide Library services and programming
in a downtown, central location.
The property owner has agreed to a purchase price of $6,455,000.00. Upon closing, the City of Fort Worth (City) has agreed to lease the Property
back to the CTL until January 31, 2025, for one dollar, with an option to extend the lease on a month -to -month basis not to exceed four months. CTL
will escrow $220,000.00 at closing and provide written notice to the City if the leaseback will be extended. If the leaseback is extended,
$55,000.00 will be paid to the City from the escrow account for each month of the extension. The mineral estate will not be acquired, and the deed
will contain a surface waiver for the exploration of the minerals. The real estate taxes will be pro -rated, and the seller will be responsible for taxes
up to the closing date. The City will pay estimated closing costs in an amount up to $32,008.00.
Upon City Council approval, staff will proceed with acquiring the fee simple interest in the improved property, except for the mineral estate.
Property
Property
property
Property
Address/Legal
Amount
Ownership
Interest
Size
Description
for Fee Simple Lots 2 and 3,
Vning and 0.46 Block47, Fort
Improvements Acres Worth Original
Town Addition
11CIosi gTotal stCostsd 11 $32,008.00
�CIosinq�
The action in this M&C will amend the Fiscal Year 2024 Adopted Budget as approved in connection with Ordinance 26453-09-2023, Section 1, as
listed on page 2.
Fund I
Department
FY2024 Adopted
Budget Change
Revised
Budget Category
Budget
(Increase/Decrease)
FY2024 Budget
Authority
Revenues
Charges for
$166,210.00
$166,210.001
Services
Fines
$42,370.00
$42,370.00
Other Revenue
$930.00
$930.00
Use of Fund
M&C 24-0001
$239,540.00
$239,540.00
Balance
$209,510.00
$239,540.00
$449,060.00
Expenditures
Library
$27,822,947.00
M&C 24-0001
$239,540.00
$28,062,487.00
Transfer to
1=
This M&C
$6,487,008.00
$6,487,008.00
Capital Fund
Rec. 5
$27,822,947.00
$6,726,548.00
$34,549,495.00
Funding for this project was not included in the FY2024-2026 Capital Improvement Program because a location for the New Central Library had
not been identified. The action in this M&C will amend Library's contribution to the Fiscal Years 2024-2028 Capital Improvement Program as
approved in connection with Ordinance 26453-09 2023, as follows:
Capital Fund
Project Name
Existing
AppropriationsAppropriations
Authority
Additional
Project Total
30100
- General
104599 -
Central Library
$0.00
This M&C
$6,487,008.00
$6,487,008.00
Capital Projects
Purchase
Rec 6
Fund
Project Total
$6,487,008.00
$6,487,008.00
Funding is available for appropriation from the General Fund fund balance to purchase the Property t within the General Capital Project Fund. As
part of the Fiscal Year 2023 process, funds from the proceeds of the central library sale were set aside for future library capital needs, and an
available fund balance from the General Fund was assigned for this purchase.
This project is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION I CERTiF1CATION:
The Director of Finance certifies that funds are currently available in the General Fund and upon approval of the above recommendations and
adoption of the attached appropriation ordinances, funds will be available in the General Capital Projects Fund for the Central
Library Purchase project to support the approval of the above recommendations and the acquisition of the property. Prior to an expenditure being
incurred, the Property Management and Library Departments have the responsibility of verifying the availability of funds.
Submitted for CitManagees; Office by: Dana Burghdoff 8018
Originating Business Unit Head: Marilyn Marvin 7708
Additional Information Contact: Ricardo Salazar 8379
Lisa Alexander 6328