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INFORMAL REPORT TO CITY COUNCIL MEMBERS No.
MAT&" March 2, 2004
To the Mayor and Members of the City Council
Discussion and Consideration of the Fiscal Year 2005 Page I of 1
Federal Appropriations Request for the Economic
Development Initiative (EDI) Grant
City staff gave a presentation to the Central City Revitalization and Economic Development (CCRED)
Committee on February 10, 2004 to select a project to be nominated for the Economic Development Initiative
(EDI) Special Project Program in the FY 2005 U.S. Department of Housing and Urban Development(HUD)—
Veterans Administration Appropriations Bill. Over the past three budget cycles, the City requested and
received EDI funds for each year:
Magnolia Green Development Project- $1,000,000 (FY 2002),
PolytechnicNVesleyan Village-$967,500 (FY 2003),
FY 2004: Panther City mixed-use project- $200,000 (FY 2004).
The City has the opportunity to receive similar funding for the FY 2005 and is requesting $1,000,000 for an
additional project that supports the Council's Strategic Goal of revitalizing Central City neighborhoods and
commercial districts. On December 3, 2003, City Council directed staff to issue a call for projects and the
deadline for submitting proposals to the City was January 31, 2004. An interdepartmental selection
committee that scored the projects included staff from Economic and Community Development, Housing,
Planning, TPW, and the Grants office. The projects were evaluated based on location within targeted areas
throughout the City, the potential to leverage private resources, the ability of the project to be "ready to go"
upon receiving EDI funds, and the ability to demonstrate significant economic impact.
The City Council approved M&C G-14256 on February 10, 2004, which adopted the 2005 Federal Legislative
Agenda, including the submittal of one project for EDI earmark funding. At the CCRED Committee meeting,
the Committee recommended pursuing the EDI appropriations request for the T&P Warehouse development,
contingent upon the developer (Cleopatra Inc.) substantially completing all predevelopment work so that the
project is "ready to go" before August 1, 2004. Redevelopment of this National Register building along
Lancaster includes a mixed-use plan with approximately 350 apartment units and 50,000 square feet of retail.
The T&P Warehouse project offers significant opportunity for community impact, scoring highest among the
projects in terms of the potential to leverage considerable economic and fiscal impacts. Redevelopment of
the T&P Warehouse also supports "sustainable development" concepts along the south end of Downtown.
After August 1, 2004, if the developer for the T&P Warehouse cannot demonstrate to City staff adequate
support and the capability to move forward on the project, the City's request for EDI funds will be made on
behalf of the second highest ranked project—the Oleander Walk Development.
Oleander Walk consists of a three phased mixed-use development in the heart of the Magnolia Green Urban
Village. Phase one involves the construction of 12 attached row houses along South Adams. The second
phase of the development consists of a three-story building to accommodate retail, office, and approximately
60 residential units for lease with a third phase of the development to include ten attached urban lofts.
The CCRED Committee has directed staff to coordinate with Fort Worth's Congressional Delegation on the
EDI Special Projects request for the T&P Warehouse, and, contingently, the Oleander Walk Project. The
appropriations request is an important component of Fort Worth's FY 2005 Federal Agenda to revitalize the
Central City. City Council leadership will present the FY 2005 Federal Agenda to Fort Worth's Congressional
Delegation during the March 5-9 National League of Cities Conference.
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City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS