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DATE F;EFERENCE NUMBER ~.QG NAME PAGE
9/9/03 BH-21Q 13PID6BENEHEAR 1 oft
SUBJECT BENEFIT HEARING FOR FART WORTH PUBLIC IMPROVEMENT DISTRICT NO. 6
{PARK GLEN AREA}, ADOPTION OF APPROPRIAT#ON ORDINANCE AND LEVYING
OF ASSESSMENTS FOR FISCAL YEAR 2003-2004
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a beneht hearing on September 9, 2003, concerning the proposed property assessments for
Fiscal Year 2003-2004; and
2. Close the benefit hearing; and
3. Adopt the attached ordinance which levies the proposed assessments; and
4. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations by
$1,185,047 in the Special Assessment District Fund from available funds.
DISCUSSION:
fln August 26, 2003 {M&C G-14075}, the City Council directed that certain improvements and/or
services {the "Improvements"} should be provided in Fort Worth Public Improvement District {PID} No. 6
during the Fiscal Year 2003-2004. It also adapted the proposed assessment roll and provided notice of
this benefit hearing.
The improvements to be provided and the costs thereof are:
{1 } Maintenance and landscaping
{2} Security patrols
{3 City administrative fee
{4} Operating expen~~s
(5) Contingency
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Totals
Ta Be Assessed
Total Cost FY 2003-2044
$ 736,971 $ 699,455
$ 100, 000 $ 100, 000
$ 8,500 $ 8,500
204,000 ~ 204,000
5 10.000 5 10.000
X1,222.563 X1,185,047'
~` The 537.516 difference between total costs and assessments reflecfs a direct reimbursement from the
City of Fort ~!'~:!~rfh for park maintenance, which was appropriated from General Fund balance by ~'itv
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Cr'ty of Fart T~orth, Texas
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LATE REFERENCE NUMBER LC7G NAME p,gCE
919103 BN-~~ p 13PID6BENEHEAR 2 of 2
suB~ECT BENEFIT HEARENG FOR FORT 1NORTH PUBLIC IMPROVEMENT DISTRICT NO. 6
(PARK GLEN AREA}, ADOPTION OF APPROPRIATION ORDINANCE AND LEVYING
OF ASSESSMENTS FOR FISCAL YEAR 2003-2004
All costs of improvements shall be assessed against private property located in the district and the
owners of the property. The City Manager has filed with the City Secretary a proposed assessment roll
and an estimate of the assessments against each parcel.
Based on the appraised value of the property, and considering the benefits to be received from the
proposed improvements, it is the opinion of City staff that each parcel of property will be enhanced in
value by an amount equal to or more than the proposed assessments upon completion of the
improvements in accordance with the PID No. 6 management contract between the City and Principal
Management Group.
FISCAL INFORMATIONICERTIFICATION:
The Finance Director certifies that upon adoption of the attached ordinances, funds will be available in
the Fiscal Year 2003-2004 operating budget, as appropriated, of the Special Assessment District Fund.
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