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QATE REFERENCE N[.1MBER LOG NAME PAGE
919103 BN-~~ ~ 13PID7BENENEAR 1 of 2
SUBJECT BENEFIT NEARING FOR FORT WORTH PUBI_fC IMPROVEMENT DISTRICT Nfl. 7
{HERITAGE AREA), ADOPTION OF APPROPRIATION ORDINANCE AND LEVYING
flF ASSESSMENTS FOR FISCAL YEAR 2003-2004
RECOMMENDATION:
It is recommended that the City Council:
1. Nold a benefit hearing concerning the proposed property assessments for Fiscal Year 2003-2004,
on September 9, 2003; 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
$196,394 in the Special Assessment District Fund from available funds.
DISCUSSION:
On August 26, 2003 {M&C G-14076), the City Council directed that certain improvements andlor
services (the "Improvements"} should be provided in Fart Worth Public Improvement District (PID) No. 7
during the Fiscal Year 2003-2004. It also adopted the proposed assessment roll and provided notice of
this benefit hearing.
The improvements to be provided and the costs thereof are:
To Be Assessed
Total Cost FY 2003-04
{1) Maintenance and Landscaping $311,512 $145,234
(2) Operating expenses $ 97,252 $ 45,340
(2} City administrative fee $ 2.500 $ 2.500
(4} Contingency $ 10_000 S 3.320
Totals 5421.264
5196.394`
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~. ~ s ~~ ~.:s a ~~ ~~,~ ~ i~ ect ~~I 'lb~~rsen,, ,
~om t'ie Clty of Fort '~^;;"or'h for mowing oubllc areas, which s/as apprcpriafed from _,ene~al Fur d
= balance by City Council on ,august 26 2000 iP/1&C G-14C~i6 a S1i1.045 subsidy from Hillwood
Development Corporation, and a S24.000 subsidy from Builders Assessments.
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DATE REFERENCE NUMBER LC7G NAME PAGE
9/9/03 BH-211 13PID7BENEHEAR ~ of ~
suB.~ECT BENEFIT NEARING FOR FORT WORTN PUBLIC IMPROVEMENT DISTRICT NO. 7
{HERITAGE AREA), ADOPTION OF APPROPRIATION ORDINANCE AND LEVYING
OF ASSESSMENTS FOR FISCAL YEAR 2003-2004
Based on the appraised vaiue of the property, and considering the benefits to be received from the
proposed improvements, it is the opinion of the City staff that each parcel of property will be enhanced
in vaiue by an amount equal to or more than the proposed assessments upon completion of the
improvements in accordance with the PID No. 7 management contract between the City and Premier
Communities.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon adoption of the attached ordinances, funds required for this
expenditure will be available in the Fiscal Year 2003-2004 operating budget, as appropriated, of the
Special Assessment District Fund.
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