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Home My WebLink AboutIR 7664 INFORMAL REPORT TO CITY COUNCIL MEMBERS No.. 7664 December 3, 1992 To the Mayor and Members of the City Council Subject: FUTURE FINANCIAL COMMITMENTS The City Council has requested a comprehensive report of known financial obligations that will require future funding . City staff has prepared this report , including probable costs for all known future commitments , in response to this request . This report does not reflect any costs related to pending litigation in which the City is a participant . Hillwood Interchaqg_q The Hillwood interchange with I-35W is located in the Alliance corridor . The design of the interchange has been completed, and the project is awaiting State Highway Department contracting, tentatively scheduled for the Spring of 1993 . The City of Fort Worth is , responsible for 20% of the total project cost at the time the contracts are finalized. The City has already incurred the cost of the design work, and is in the process of acquiring the necessary rights-of-way for the project . The costs already incurred by the City will be counted as part of the City ' s 20% match. The City ' s portion of the cost , in addition to the amount already incurred, is expected to be approximately $700 , 000 . Funding for this project is expected to be available in the Capital Projects Reserve Fund. Basswood Interchange The Basswood interchange with 1-35W is located in north Fort Worth, and consists of the construction of a segment of the road east of 1-35 to Riverside Drive. The City' s cost obligation entails the construction of the road segment . Design of this project is currently underway by an outside firm. Completion of this project is expected to facilitate a project being undertaken by Burlington Northern which consists of the design of a portion of Basswood Boulevard west of the 1-35 interchange, a new bridge over I-35W, and new frontage roads . The City 's cost for this project is expected to be approximately $600 ,000 , and is anticipated to be available in the Capital Projects Reserve Fund. Trinity Boulevard Phase II Reconstruction Trinity Boulevard was originally constructed in the early 1980 ' s , and has since suffered considerable damage from wat e under the roadway. A portion of the road, located a a e a', OP114 t i Highway 360 to just east of Amon Carter Boulevard, as a COY SECRITARY F FT OR 0 T tj T. tun "URTH, TM T W [ISSUED BY THE CITY MANAGER FE WORTH,FORT WO T , I r INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 7664 December 3, 1992 01" To the Mayor and Members of the City Council Page 2 of 8 Subject: FUTURE FINANCIAL COMMITMENTS been reconstructed. Phase II will consist of concrete repair work from just east of Amon Carter Boulevard to Diplomacy Street . Repair work is expected to consist of the removal and replacement of selected panels of concrete, rather than total reconstruction, at an anticipated cost of approximately $200 , 000 . No timeframe for this project has been established . Funding is anticipated to be available in the Capital Projects Reserve Fund . Will Rimers Mt orial Center Auditorium Showers/Restrooms The showers and restrooms at the Will Rogers Memorial Center Auditorium represent an expansion/renovation of the current dressing room facilities located at the Auditorium. Currently, no Guild shows will perform at the WRMC Auditorium, because the dressing room facilities at the Auditorium do not meet Guild standards . The expansion of the showers/restrooms will allow the Auditorium to meet Guild standards, and enhance the usefulness of the Auditorium. The preliminary engineering work on this project 000.1 has been approved by the City Council . The total project cost of this expansion is estimated to be approximately $250 ,000 , and is expected to be available in the Capital Projects Reserve Fund. The completion date of this renovation is anticipated to be in February of 1993 . Page Avjet Phase II and Phase III Expansion Page Avjet currently operates one hangar at Fort Worth's Meacham Airport renovating aircraft equipment . The company plans to expand its operation to a second and third hangar at the airport. The City has committed to constructing automobile parking, aircraft ramp space in front of the hangars , and taxiways from the hangars to the runways for each of these two additional hangars . The timeframe relative to the construction of this infrastructure is dependent upon the rate of expansion by Page Avjet . It is expected that expansion to the second hangar (Phase II ) will be required sometime in 1993 , and that expansion to the third hangar (Phase III ) will be required sometime in 1994, or as late as 1995 . The total cost of both phases is expected to be approximately $1, 800 , 000 , and funding is anticipated to be available in the Capital Projects Reserve Fund. 0 FFIC 1 RECOnn AL nu owl CRY SECRUARY FT. WORTH, TEL IP -ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7664 December 3, 1992 IP 7f A,, 3 of 8 .G10 R74- To the Mayor and Members of the City Council rix P,! Subject FUTURE FINANCIAL COMMITMENTS '813 Community Facilitie Aqreements in the Alliance Corridor The City of Fort Worth committed $10 . 8 million to the Alliance corridor in the form of storm drain installation, street construction, and installation of street lighting. In order to accelerate the development of the Alliance corridor , the Perot Group in some instances incurred the cost of enginee-r-ing, inspection and administration, and negotiated for reimbursement by the City for these activities . To date, the Perot Group is eligible to request reimbursement for $269,000 incurred by them in engineering, inspection and administrative costs related to the Alliance corridor . Funding for this reimbursement is expected to be available in the Capital Projects- Reserve Fund . Botanic Garden Center Parking Lot Lighting The design of lighting for the parking lot located at the Botanic Garden Center and Conservatory has been completed by the Park and Recreation Department . Implementation of the design has not yet occurred. The cost of installation for these lights is anticipated to be approximately $80 ,000 . No funding source has been identified for the installation of these lights. Bond funds are currently unavailable for this project . No timeframe for the installation of these lights '--!a-- been developed at this time. Future ADA Compliance Costs The City of Fort Worth has appropriated $1 , 000 ,000 for the first year of ADA compliance activities . This first year of compliance is to consist of curb cuts , ramps , handicapped parking, and signage . Compliance with federal regulations under the Americans with Disabilities Act is expected to occur over a three year period, with completion before the ADA deadline of January 26, 1995 . The first year priority is to enable disabled persons to enter a building; the second year priority is to enable disabled persons to circulate within all buildings; and the third year priority is to provide accessible restrooms in all buildings. The full three-year cost of the City of Fort Worth's ADA compliance program is unknown at this time. Funding for the remaining years of the program is expected to come from the Capital Projects Reserve Fund. 01MCIAL RECORD MY SECRETARY FT. WORTH, TEX. - ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7664 December 3, 1992 To the Mayor and Members of the City Council op"* Page 4 of 8 X 91 Subject: FUTURE FINANCIAL COMMITMENTS Capital jE�rj_eLcts_ Reserve-Fund The balance of the Capital Projects Reserve Fund as of October 31, 1992 is $989, 512 . The fund receives an annual payment from Centreport for $1 , 434 , 193 on June 5th of each year through 1997 , and an annual payment from Dallas/Fort Worth Airport for $909,091 each April through 1994. Barring any unforeseen uses , after all payments are received, the balance in the Capital Projects Reserve Fund as of June 5, 1993 should be $3 , 332 ,796 . The anticipated sale of other assets will add to this total . Future funding obligations anticipating funding from the Capital Projects Reserve Fund in calendar year 1993 total $2 ,550 ,000 , with another possible $469,000 required in calendar year 1993 . An additional $800 ,000 will be required from the Capital Projects Reserve Fund for Phase III of the Page Avjet expansion in either calendar year 1994 or 1995 . Future ADA compliance costs are also anticipated to come from the Capital Projects Reserve Fund in the next two years; however , the cost of these activities is currently unknown . Other than the Capital Projects Reserve Fund, the only remaining source of funding for any of these projects is the General Fund fund balance. Therefore , all commitments for future funding obligations not accomodated within the Capital Projects Reserve Fund would be expected to be funded from the General Fund reserves. Attached are two tables for your information. The first table lists each obligation, its probable cost , and the approximate date that the funding will be required. The total cost of all known future funding obligations, not including those involving litigation, is estimated to be $3,899, 000 . The second table compares the revenue coming into the fund and the expenditures going out of the fund in chronological order over a three year period, with the . balance in the fund reflected after each major transaction. Should the City Council desire additional information on this item, it will be provided upon request . CAMJ$.J 9.&4AAA4 BOB TERRELL FOMICIR RMORon i City Manager C" SECKTARY FT. WORTH, TLIL M. - ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No.7664 December 3, 1992 `gfosr�p To the Mayor and Members of the City Council Page 5 of 8 00,11 x Subject: FUTURE FINANCIAL COMMITMENTS TABLE I ANTICIPATED FUNDING PROJECTED AMOUNT DESCRIPTION SOURCE PATE Probable 1993 Commitments : $ 250 ,000 Showers/Restrooms at CPR Feb ' 93 WRMC Auditorium $ 700 ,000 Hillwood Interchange CPR May ' 93 0"k $ 600 ,000 Basswood Interchange CPR Nov ' 93 $_1 1Q_0P 10_CLQ Page Avjet Phase II CPR 1993 $2 , 550 ,000 Total Probable Commitments for 1993 Possible 1993 Commitments : $ 200 ,000 Trinity Blvd. Phase II CPR Unknown Reconstruction $ 269,000 Alliance CFA' s CPR Unknown $ Unknown Future ADA Compliance CPR 1993 Costs OW $ 469,000+ Total Possible Commitments for 1993 RECORD Cff SECRrrA LIARY lun FT. ITURN, TEX M -ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7664 December 3, 1992 To the Mayor and Members of the City Council Page 6 of 8 us x C11 Subject: FUTURE FINANCIAL COMMITMENTS ANTICIPATED FUNDING PROJECTED AMOUNT DESCRIPTION SOURCE DATE Probable 1994-95 Commitments : $ Unknown Future ADA Compliance CPR 1994-95 Costs Page Avjet Phase III CPR 1994-95 $ 800 , 000+ Total Probable Commitments for 1994-95 Other Commitments : $ 80 ,000 Botanic Garden Center No funding Unknown Parking Lot Lighting $3 , 899 ,000 Total Known Unfunded Commitments OFM RECORD CITY SECRETARY FT. WORTH, TM ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7664 December 3, 1992 To the Mayor and Members of the City Council Page 7 of 8 X (a. Subject: FUTURE FINANCIAL COMMITMENTS 1473 TABLE 2 Capital Projects Reserve Fund Balance-10/31/92 $ 989, 512 Less : WRMC Auditorium Expansion-February, 1993 Balance at end of February , 1993 739 , 512 Plus : Revenue from D/FW Airport-April , 1993 X09 , 091 Balance at end of April , 1993 $1 , 648 , 603 Less : Hillwood Interchange-May, 1993 ($ 70Q_,000) ,owl Balance at end of May, 1993 $ 948 , 603 Plus : Revenue from C entreport-June, 1993 _�14_34,193 Balance at end of June, 1993 $2 , 382 ,796 Less : Basswood Interchange-November, 1993 ($ 600 ,000) Page Avjet Phase II Expansion-1993 ($1 ,000 ,000) Trinity Blvd. Phase II Reconstruction ($ 200 ,000 ) Alliance Community Facilities Agreements ($ 269,000) ADA Compliance Costs-1993 (_$_qpknown) Capital Projects Reserve Fund Balance-12/31/93 313 ,796 OFRCK RECORD ' CITY SECRETARY FT. WORTH, TEX. -ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No.7664 December 3, 1992 To the Mayor and Members of the City Council Page 8 of 8 Subject: ,all FUTURE FINANCIAL COMMITMENTS Capital Projects Reserve Fund Balance-12/31/93 $ 313 , 796 Plus : Revenue from D/FW Airport-April , 1.994 $ 909 ,091 Revenue from Centreport-June, 1994 $.1 , 434,_19 3 Balance at end of June, 1994 $2 , 657 , 080 Less : Page Avjet Phase III Expansion-1994 ($ 800 , 000 ) ADA Compliance Costs-1994 Capital Projects Reserve Fund Balance-12/31/94 $1 ,857 ,080 011� Plus : Revenue from Centreport-June, 1995 —93 Capital Projects Reserve Fund Balance-12/31/95 $3 , 291 ,273 [OFFICIAL R]ECON CITY 4 C y SECRETARY ITY SECRETARY TH FT. WoRru I TEX. I fit ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS