HomeMy WebLinkAboutIR 8075 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8o75
TE
31 To the Mayor and Members of the City Council
U. X June 17, 1997
•
X Subject:
1873 RE-APPOINTMENT OF BOARDS OF DIRECTORS:
DEVELOPMENT AND IMPROVEMENT AUTHORITIES
Former City Councils have created several development and improvement authorities for
the purpose of promoting housing, aviation,economic development, sports, and
educational facilities 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 Corporation 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.
STOCKYARDS IMPROVEMENT AUTHORITY, 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 a d,
the Stockyards area in accordance with the EDA Block Grant Program; howev r,Offk)k RECORD
of incorporation are broad enough to allow involvement in almost any kind of
economic development activities. SECUTARY
FT. WORTH, TEX.
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8o75
,AWTErj,`c 0
F
0• To the Mayor and Members of the City Council
June 17, 1997
NX Subject: Page 2 of 2
1873 RE-APPOINTMENT OF BOARDS OF DIRECTORS:
DEVELOPMENT AND IMPROVEMENT AUTHORITIES
FORT WORTH SPORTS AUTHORITY - Created in 1995 to facilitate the financing and
construction of a NASCAR motor speedway, this Authority may also assist in the
development of stadiums, ball parks, auditoriums, exhibition facilities and other related
projects.
FORT WORTH HIGHER EDUCATION FINANCE CORPORATION - Created in
1996, this Corporation assists non-profit institutions of higher education in providing
educational facilities and housing facilities.
Each of these authorities is a separate legal entity with a board of directors and officers.
Some entities have boards which consist of the full City Council; some include a lesser
number of Council members; and the Higher Education Finance Corporation, by law,
includes no Council member. Not all of these entities are currently active in the issuance
of bonds; however, several have bonds outstanding, and the potential exists for some
action to be required of the board of directors. Because of the recent changes in Council
membership, re-appointments need to be made for all authorities, excluding the Fort
Worth Sports Authority and the Fort Worth Higher Education Finance Corporation. The
attached schedule outlines the size and term of each entity's board as well as the
previously elected officers.
Resolutions appointing and re-appointing members to the appropriate boards will be
presented to the Council as soon as practical.
Bob Terrell
City Manager
Attachment
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