HomeMy WebLinkAboutOrdinance 27589-04-2025ORDINANCE NO.275S9-04-2025
AN ORDINANCE AMENDING THE FISCAL YEAR 2024-2025 BUDGET AND FIVE-
YEAR SERVICE PLAN FOR PUBLIC IMPROVEMENT DISTRICT NO. 11 —
STOCKYARDS; MAKING THIS ORDINANCE CUMULATIVE OF ALL OTHER
ORDINANCES; PROVIDING FOR A SEVERABILITY CLAUSE; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the Public Improvement District Assessment Act, Chapter 372 of the Texas Local
Government Code ("Act"), allows for the creation of public improvement districts;
WHEREAS, on January 28, 2003, the City Council of the City of Fort Worth ("City Council")
authorized the establishment of Public Improvement District No. 11 — Stockyards ("District"), as a public
improvement district in accordance with the Act and Resolution No. 2925;
WHEREAS, on September 17, 2024, City Council adopted Ordinance No. 27162-09-2024, approving
the fiscal year (FY) 2024-2025 Budget, Five -Year Service Plan, Assessment Plan, and Tax Year 2024
Assessment Roll for the Sun Valley PID;
WHEREAS, the City Council desires to amend the fiscal year 2024-2025 budget and five-year service
plan ("Amended Service Plan"), which is attached hereto -as Exhibit A and incorporated herein for all purposes,
WHEREAS, the Amended Service Plan is intended to supersede the Service Plan set out in Ordinance
No. 27162-09-2024; and
WHEREAS, the Amended Service Plan will not affect the previously adopted Assessment Plan or
Assessment Roll.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS THAT:
SECTION 1.
The Recitals and findings listed above are true and correct and form the basis upon which this Ordinance
is being adopted and are incorporated herein by reference.
SECTION 2.
The City Council hereby approves and adopts the Amended Service Plan for fiscal year 2024-2025. In
doing so, the City Council finds that the supplemental services and improvements set forth in the Service Plan
are feasible and advisable and will serve the needs and desires of the property owners in the District.
SECTION 3.
Should any portion, section or part of a section of this Ordinance be declared invalid, inoperative, or
void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of sections of this Ordinance, which shall remain in full force
and effect.
W
Pagel of 3
SECTION 4.
This Ordinance is cumulative of all other ordinances and appropriations amending the same except in
those instances where the provisions of this Ordinance are in direct conflict with such other ordinances and
appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are
hereby expressly repealed.
SECTION 5.
The City Secretary is directed to cause a copy of this Ordinance to be recorded in the real property
records of Tarrant County, Texas no later than the seventh (7111) day after the adopted date of this Ordinance.
SECTION 6.
This Ordinance takes effect and will be in full force and effect from and after the date of its passage.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM
AND LEGALITY:
I -am Colli 5l er
Lamer (Apr 30, 2025 15:20 CDT)
Larry Collister, Sr. Assistant City Attorney
M&C: 25-0371
Adopted and Effective: April 22, 2025
ATTEST:
Jannette S. Goodall, City Secretary
Ordinance No. 27589-04-2025
Page 2 of 3
REVENUES
PIO Assessments
City payment Mau of Assessments
Budgeted Revenues
EXHIBIT A
AMENDED SERVICE PLAN
City of Fort worth
Five Year Service Plan FY25; FY29
Public Improvement District No., 94 - Stockyards
MID -YEAR ADJUSTMENT
F AI= FY25i16 FY207 FY27128 FY28129
$ 444.145 S 457,469 S 471,193 $ 485,329 $ 499,889
$ 10.458 S 9,149 S 9.424 $ 9,707 $ 9,999
$ 454,603 5 466,619 S 480,617 S 495,D36 5 .509,887
Usa of Fund Balanco
$
18,871
S 7,794
S 8,028
$ 8,269
S 8,517
Tatal Budgeted Revenues
S
473,474
$ 474,413
S 458,645
S ISM,=
S 518,404
EXPENSES
Management Feo
$
00,676
$ 01,494
S 94,239
$ 97.066
S 99.978
Soourlty
$
201,000
$ 210,000
S 220,000
S 220,000
S 230.000
Maintenance 8 Operadoris
S
127,706
S 10D.500
S 110.000
$ 115.000
$ 115,000
Public Events
$
1o,000
S 10,DDD
S 10,000
$ 10,000
S 10600
Capital improvements
S
1,D60
S 19,087
S 6,794
$ 8,338
S 10228
Matkotricj & Resoxch (YVebsi}nftlmv6tenf2ty
$
31,DD0
S 31,000
S 35,0D0
$ 40,0t10
S 40A00
City Audit Fee
S
3,000
S 3,000
S 3,600
$ 3,000
$ 3,000
City AdmiNstradveFee
$
9,D92
S 9,382
$ 9,612
$ 9.901
S 10,108
Total Budgeted Expenses
$
473,474
$ 474,413
S .488,645
S 503,305
S 518,404
Net Change In Fund Balance
$
(18,871)
S (7,794)
S (8,028)
$ (81269)
S (8,517)
Beg lnr ing Fuind Safame, Fstfmated (Yrs 2-5)
S
299,958
S 281,087
S 273,293
$ 265,Z55
$ 256,996
EsdrhaLed Fund Balance; Fed of Year
S
281,067
$ 273.293
S 265.265
$ 256,996
S 24BA70
Rescrv+i Requirement
$
19,08S
S Bt,457
S 83,901
1 86,418
$ 86,418
Over (Under) Reserve
$
202,062
$ 191,536
$ 151,394
S 170,S78
$ 162,061
IFY202S Assessment Rate c S.12
The total budgeted costs of the improvements and services for the District for fiscal year 2024-2025 are
$473,474.00. Of this amount, $444,145.00 will be funded by assessments collected on privately -owned parcels
located in the District. The remainder of the costs will be funded by other revenue sources, including:
• $10,458.00 in direct payments from the City for payment in lieu of assessments, which was appropriated
from the General Fund balance by City Council action on September 17, 2024, and by this amendment.
• $18,871 in additional funds to be transferred from the unaudited, unassigned fund balance.
Ordinance No. 27589-04-2025
Page 3 of 3
City of Fort Worth
Five Year Service Plan FY25 - FY29
Public
Improvement
District No.11
- Stockyards
MID YEAR
ADJUSTMENT
FY24125
FY25126
FY26127
FY27128
FY28129
REVENUES
PID Assessments
$
444,145
$
457,469
$
471,193
$ 486,329
$ 499,889
City Payment in -lieu of Assessments
$
10,458
$
9,149
$
9,424
$ 9,707
$ 9,998
Budgeted Revenues
$
454,603
$
466,619
$
400,617
$ 495,036
$ 509,887
Use of Fund Balance
$
18,871
$
7,794
$
8,028
$ 8,269
$ 8,517
Total Budgeted Revenues
$
473,474
$
474,413
$
488,645
$ 503,305
$ 518,404
EXPENSES
Management Fee
$
90,676
$
91,494
$
94,239
S 97,066
$ 99,978
Security
$
201,000
$
210,000
$
220,000
$ 220,000
$ 230,000
Maintenance & Operations
$
127,706
$
100,500
$
110,000
$ 115,000
$ 115,000
Public Events
$
10,000
$
10,000
$
10,000
$ 10,000
$ 10,000
Capital Improvements
$
1,000
$
19,087
$
6,794
$ 8,338
$ 10,228
Marketing & Research (Website/Newsletter)
$
31,000
$
31,000
$
35,000
$ 40,000
$ 40,000
City Audit Fee
$
3,000
$
3,000
$
3,000
$ 3,000
$ 3,000
City Administrative Fee
$
9,092
$
9,332
$
9,612
$ 9,901
$ 10,198
Total Budgeted Expenses
$
473,474
$
474,413
$
488,645
$ 503,305
$ 618,404
Net Change in Fund Balance
$
(18,871)
$
(7,794)
$
(8,028)
$ (8,269)
$ (8,517)
Beginning Fund Balance, Estimated (Yrs 2-5)
$
299,958
$
281,087
$
273,293
$ 265,265
$ 256,996
Estimated Fund Balance, End of Year
$
281,087
$
273,293
$
265,265
$ 256,996
$ 246,479
Reserve Requirement
$
. 79,085
$
81,457
$
83,901
$ 86,418
$ 86,418
Over (Under) Reserve
$
202,002
$
191,836
$
181,364
$ 170,578
$ 162,061
`FY2025 Assessment Rate = $.12
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/22/25 M&C FILE NUMBER: M&C 25-0371
LOG NAME: 17PID11 MIDYEAR FY25
SUBJECT
(CD 2) Adopt Ordinance Amending Fort Worth Public Improvement District 11 — Stockyards Fiscal Year 2024-2025 Adopted Budget and Five -
Year Service Plan; Authorize the Execution of an Amendment to the Associated Management and Improvement Services Agreement with Fort
Worth Stockyards, Inc. to Align with these Changes; and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance amending Public Improvement District 11 — Stockyards Fiscal Year 2024-2025 Budget and Five Year Service
Plan to reflect amendments associated with a mid -year review; and direct the City Secretary to record the same in the real property records
of Tarrant County, Texas no later than the seventh (7th) day after adoption by the City Council; and
2. Authorize the execution of an amendment to the associated Management and Improvement Services Agreement with Fort Worth
Stockyards, Inc. (City Secretary Contract No. 62188) to align with these changes; and
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District
11 - Stockyards Fund in the amount of $11,000.00, from available, unreserved fund balance, for the purpose of funding mid -year budget
adjustments.
DISCUSSION:
The City of Fort Worth's Department of Economic Development administers the City's Public Improvement Districts (PIDs). The City's PID Policy
outlines the need to proactively work with the City's PID management companies to oversee the services being provided within each of the PIDs.
PID 11— Stockyards (or the Stockyards PID) is managed by Fort Worth Stockyards, Inc. (FWSI).
On September 17; 2024, City Council adopted Ordinance No. 27162-09-2024, approving the Fiscal Year (FY) 2024-2025 Budget, Five -Year
Service Plan, Assessment Plan, and Tax Year 2024 Assessment Roll for the Stockyards PID. Following a mid -year review of the Stockyards PID
budget, City staff and FWSI have identified the need for a budget adjustment to better align expenses with actual activities. The primary changes
include increased funding for maintenance and operations to cover sidewalk repairs, a reduction in capital improvements to help offset these
costs, and the addition of a visitor center monitor to provide district -related information to visitors.
Revenue adjustments:
Previously
Recommended
Amended
Line Item
Approved FY25
Mid Year
FY25 Budget
Budget Item
Adjustment
Item
PID
Assessments
$444,145.00
$0.00
$444,145.00
City Payment In
lieu of
$10,458.00
$0.00
$10,458.00
Assessments
Use of Fund Balance
$7,871.00
$11,000.00
$18,871.00
Totals
$462,474.00
$11,000.00
$473,474.00
Expenditure adjustments:
Line Item
Previously
Approved
FY25
Budget Item
Recommended
Mid Year
Adjustment
Amended
FY25
Budget
Item
Management Fee
$90,676.00
$0.00
$90,676.00
Security
$201,000.00
$0.0011
$201,000,00
Maintenance & Operations
$100,500.00
$27,266.00
$127,706.00
Public Events11
$10,000,0011
$0.00
$10,000.00
Capita! Improvements
1 $17,206.00
($16,206.00)
$1,000.00
Marketing & Research (WebsitelNewsletter)
$31,000.00 J$0.00 $31,000.00
City Audit Fee
—$3,000.001 $0.00 $ 3,000.00
City Administrative FeeJ
$9,092.00�1 $0.00 $9,092.00
Totals
$462,474.00 $11,000.00 $473,474.00
Upon approval of the above recommendations, the total budgeted expenses for FY 2024-2025 will be $473,474.00. This mid -year budget
adjustment will increase the FY25 adopted budget from the unaudited, unassigned fund balance by a total of $11,000.00. The revised budget and
Five -Year Service Plan will take effect upon approval by City Council. The City and FWS1 will amend the existing management contract to
reflect the mid -year adjustment (City Secretary Contract No.62188).
Funding is available for appropriation in the fund balance of the FWPiD #x11- Stockyards Fund. The beginning balance is $402,987.03, after this
M&C, available balance will be $391,987.03.
The Stockyards PID is located in COUNCIL DISTRICT 2.
A Form 1295 is not required because: This MSC does not request approval of a contract with a business entity.
FISCAL. INFORMATION 1 CERTIFICATION:
The Director of Finance cerfifies that upon approval of the above recommendations and adoption of the attached appropriation ordinance, funds
will be available in the current operating budget, as appropriated, in the FWP1D ##11 - Stockyards Fund. Prior to any expenditure being incurred,
the Economic Development Department has the responsibility to validate the availability of funds.
Submitted
for City Manager's Office bye
Jesica McFachern
5804
Originating
Business Unit Head.
Kevin Gunn
2015
Additional Information Contact: Crystal Hinojosa 7808
Expedited