HomeMy WebLinkAboutIR 7941 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7941
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6t,M� To the Mayor and Members of the City Council August 8, -1995
WX Subject: RE-APPOINTMENT OF BOARDS OF DIRECTORS:
1873 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 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
ow, 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 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
rF _ economic development activities.
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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 794-1
To the Mayor and Members of the City Council August 8, 1995
Page 2 of 2
ox► Subject: RE-APPOINTMENT OF BOARDS OF DIRECTORS:
DEVELOPMENT AND IMPROVEMENT AUTHORITIES
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 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 recent change in
Council membership and the expiration of appointments made in 1993, re-appointments
need to be made for all authorities,with the exception of the Lone Star Airport
Improvement Authority. This Authority has three directors whose terms extend to August
6, 1996. The attached schedule outlines the size and term of each entity's board as well as
the present officers.
The staff recommends that Council take action to re-appoint board members as soon as
practical.
Bob Terrell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH,TEXAS
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