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INFORMAL REPORT TO CITY ,.JUNCIL MEMBERS No. 7732
To the Mayor and Members of the City Council June 22 1993
Subject: Appointment of Boards of Directors and Officers:
IS" Development and Improvement Authorities
Former City Councils created several development and improvement authorities
for the purpose of promoting housing, aviation and economic development
through the issuance of tax exempt revenue bonds. These authorities and the
purposes for which they were created are as follows:
Fort Worth Housing Finance Corporation - created in 1979 pursuant to the
Texas Housing Finance Corporation Act. The corporation was organized for the
purpose of financing the cost of residential ownership and development of
single family dwellings for persons of low and moderate income.
Trinity Housing Finance Corporation - created in 1981 pursuant to the Texas
Housing Finance Corporations Act to provide a means of financing the costs of
multi-family residences for persons of low and moderate income.
Alliance Airport Authority. Inc. - established by Council resolution in 1989 for
the promotion and development of new and expanded business enterprises to
promote and encourage employment and public welfare.
Sunbelt Industrial Development Corporation - created in 1985 pursuant to the
Development Corporation Act of 1979. The purpose of the corporation is the
promotion and development of new and expanded industrial and
manufacturing enterprises in the City of Fort Worth.
Lone Star Airport Improvement Authority, Inc. - created in 1982 as Fort Worth
Airport Improvement Authority, Inc. pursuant to the Development Corporation
Act of 1979 for the purpose of developing airport expansions and improvements
at that portion of the Dallas/Fort Worth International Airport located within the
corporate limits of the City. Name changed in December of 1984.
Stoc!ZXds Improvement Authori1y, Inc. - created in 1984 pursuant to Section
4 of the Development Corporation Act of 1979. The purpose of the corporation
is the promotion, development and improvement of the City's Historic
Stockyard District.
Fort Worth Local Development Corporation - formed in 1987 to administer a
proposed low-interest rate program for business development in and around
the Stockyards area in accordance with the EDA Block Grant Program;
however, articles of incorporation are broad enough to allow involvement in
almost any kind of city-wide economic development activities.
OFRCIAL RECORD
CITY SECRETARY
FT WORTH, TEX.
ISSUED BY THE CITY MANAGER LQ_gal 3AACO.".
OPW 404t
INFORMAL REPORT TO CITY jUNCIL MEMBERS No. 7732
To the Mayor and Members of the City Council June 22 , 1993
Page 2 of 2
Subject:
Appointment of Boards of Directors and Officers:
Development and Improvement Authorities - continued
Each of these authorities is a separate legal entity with a board of directors and
officers. Some entities have boards which consist of the fun City Council while
others have boards of fewer persons. Not all of these entities are currently
active in the issuance of bonds: however, with the exception of the Fort Worth
Local Development Corp. and the Stockyards Improvement Authority, all have
bonds outstanding, and the potential exists for some action to be required of
the board of directors. Because of the change in Council membership, new
appointments and new designations of officers need to be made for all
authorities. The attached schedule presents the size and term of each entity's
board as well as officers and their terms.
The staff recommends that Council take action to appoint board members and
officers as soon as practical.
Bob Terrell
City Manager
BT.tm
OFFICIAL RECORD
CITY SECRETARr
FT. WORTH, TEX.
ISSUED BY THE CITY MANAGER FORT WORTH,TEXAS
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