HomeMy WebLinkAboutOrdinance 15674
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~`ity of Fort Wo~t~i, Textrs
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DATE REFERERlCE NUMF3ER L(~G t~IAME PACE
919/03 BH-211 13PID7BENEHEAR 1 of 2
su~..aECT BENEFIT HEARING FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 7
{HERITAGE AREA}, ADOPTION OF APPROPRIATION ORDINANCE AND LEVYING
OF ASSESSMENTS FOR FISCAL YEAR 2003-2004
RECOMMENDATION:
It is recommended that the City Council:
1. Hold 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. Adapt 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 Fort 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 ~ 1C1.OOQ $ 3.320
Totals 5421.264 X196.394'
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`?o?~~ the ~.;~ty of Fort .~~~'o~th for tT~;~w~ng publ~e areas, which was appro~;riated from General Fu?~d
k~aiance try City Council on ~+uaust 26 2003 iM&C G-140;6). a 51 ~ 1.545 subsidy from Nillwood
Development Corporation. and a 524.000 subsidy from E3ui~ders Assessments.
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~'i~ of Fart T~art~i, .Texas
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DATE REFERENCE NUMBER LOG NAME PAGE
9/9143 BN-~'~ ~ 13PID76ENEHEAR 2 of 2
SUBJECT BENEFIT HEARING FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 7
{HERITAGE AREA), ADOPTION OF APPROPRIATION ORDINANCE AND LEVYING
C?F ASSESSMENTS FOR FISCAL YEAR 2443-2444
Based on the appraised value 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 value 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 INFC?RMATIONICERTIFICATION:
The Finance Director certifies that upon adoption of the attached ordinances, funds required for this
expenditure will be available in the Fiscal Year 2403-2444 operating budget, as appropriated, of the
Special Assessment District Fund.
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