HomeMy WebLinkAboutIR 8020 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8020
RTEq August 8, 1996
To the Mayor and Members of the City Council
Page`1�ot 2
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>x Subject: Proposed Revisions To The Hillside Tax Abatement Contract and
1873 Proposed CFA.Ftmdmg Issue
On July 18-' 1995 the City Council approved a Tax Abatement agreement between the City of
Fort Worth and Downtown Fort Worth Initiatives Inc. for the proposed redevelopment of the
Hillside area. The agreement has yet to be executed by Downtown Fort Worth Initiatives Inc.
due to the continued process of assembling property.
The Economic Development office staff have been contacted by representatives of Downtown
Fort Worth Initiatives Inc. requesting an amendment to the yet to be executed agreement which
reflects the current business plan. The following summary of the proposed changes is submitted
for clarification purposes:
Term July 1995 July 1996 (Revised)
Number of units 57 Buildings 59 Buildings
175 Living units * 175 Living units
HIa
Investment
Structure 5.2 Million 5.2 Million
Personal Property 338,000 250,000
Site Imp. 953,000 1.4 Million
Parking Spaces 315 264
Construction start July 1996 September 1996
Construction
Fort Worth Contractor 75-80% 30%
MWBE 30% 30%
Supplies &Services $400,000 $400,000
Fort Worth Vendors 85% 65-70%
MWBE Vendors 20-25% 20-25%
• Initial construction of 166 living units with the remainder (9)constructed upon completion of
acquisition of four out parcels.
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ISSUED BY THE CITY MANAr;FR cncrr nncsru rev n c
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8020
G�pRTEt{F4 .
To the Mayor and Members of the City Council A t 8 1!96
v, �
gage 2 of 2
Subject:
1871 Proposed Revisions To The Hillside Tax Abatement Contract and
Proposed CFA Funding Issue
In a related issue, the City Council authorized an aggregate total of $1,475,050 to fiund
infrastructure improvements. This funding was identified as $437,300 from CDBG funds,
$543,775 from street bond funds, $460,275 from the various components of the Transportation
Public Works budget, and $33,700 from the Water Department operational.budget. In addition,
the CDBG community loan program has made a loan commitment totaling $640,000 in support
of the project.
Since this budget was established, the project consultant has further identified additional
development expense estimated to be$452,608 and has requested this to be an additional expense
by the city.
This information is being submitted in anticipation that both of these issues will be presented to
the City Council for appropriate action in the near future.
Should addict information be desired please contact Mike Groomer at 571-6140. -ON
Bob erred
City Manager
Attachment
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ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS
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HILLSIDE DEVELOPMENT
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ITEM REVISED FUNDING ESTIMATE AS OF 7-11-86
TPN-8S21 TPW\GS88 TPM-GS83 N-PW53 W-PS58 QRTG TOTALS
Streets Lights Moint Water Sewer CDBQ
l. Strout improvements
Overlays 160,275
Reconstruction 305/013 38'625
2. Sidewalks 83.397
3. Street Lights 280`008
4. Sewer Improvements 83,508
6. Water Improvements 18,787 -
6. Storm Drainage 317/857
7. Street Trees 54'120
8. Sodding 16'788
8, 10' 11. Demolition 91`453
~ 12. Environmental 65'550
13, 14` 15. 16. Warehouse drive 82,352
17. Street Signs, signals? 20'008
18. Entry Monuments 50'000
19, Relocation 88`000
20,21'22,23'24. Utility rn|o 12/000
26. Engineering 42'376 1.128 5'610 7'319
26. Surveying 7'063 188 935 1`220
27. Inspection by DOE 14'116 376 1'870 2`440
28. Contingencies (5%) 36'313 940 4,876 24/344
TOTALS 817`145 300,000 160`2764 21,429 108,588 522'210 1'827'858
ORIGINAL BUDGET 543'775 300'000 160.275 18.700 15'000 437'300 1,475.860 ^
DIFFERENCE -273'370 O O -2,729 -31`588 -84`910 -452 6U8
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