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Home My WebLink AboutFWLDC-2025-15 - Fort Worth Local Development Corporation (FWLDC) - ResolutionRESOLUTION NO. FWLDC-2025-15 FORT WORTH LOCAL DEVELOPMENT CORPORATION RESOLUTION OF THE BOARD OF TRUSTEES Approving the 2026 Fiscal Year Budget WHEREAS, the administrative staff of the Fort Worth Local Development Corporation, a Texas non-profit corporation ("Corporation"), presented the attached proposed budget for the 2025 fiscal year ("Budget') of the Corporation during the meeting on September 30, 2025; and WHEREAS, members of the Board of Trustees were permitted to ask questions and to request clarification of the staff with respect to the Budget. NOW, THEREFORE, BE IT RESOLVED, THAT: 1. The administrative staffs Budget presentation having been completed and all questions and clarifications requested by members of the Board of Trustees having been answered, the Budget is hereby adopted for all purposes. Adopted this September 30, 2025. By: ^^ CC C� Deborah Aeepbs n-Brla ,4t cam- Rm idOPresident Attest: Jannette S. Goodall Corporate Secretary FY2026 Proposed Operating Budget Fort Worth Local Development Corporation Ori Fernandez, Assistant Director Economic Development Department Development Corporation • Initially created in 1987 as part of the process of using two Economic Development Administration (EDA) grants for the Stockyards area to set up a revolving loan fund and to be responsible for the administration of the grants, staff recommended that this be a city- wide initiative and not solely for the Stockyards area. • Encouraging, fostering, and promoting the renovation, construction, rehabilitation, and establishment of economic development facilities and related infrastructure activities within the geographic jurisdiction of the beneficiary. • Administering programs to provide financial assistance to qualified applicants within the geographic jurisdiction ... for the purpose of making loans to qualified applicants related to job creation and economic development activity within the geographic jurisdiction of the beneficiary. 2 Gas Lease -Royalties Interest -Savings, Short-term CD Program Income Recovery from Prior Expense Total Revenue FWLDC REVENUE $25,016.34 $29,426.70 $338,268.68 $171, 943.71 $4,000.00 $6,000.00 $115.654.25 0.00 $482.939.2.7 $207.370.41 $32,000.00 $185,000.00 $4,000.00 $537.076.00 $758.076.00 3 FY2025 LDC Economic Development Projects Camp Bowie, Inc for MOU with Lake Como Neighborhood Advisory Council Fort Worth Economic Development Partnership (FWEDP) AECOM Technical Services Main Street Program Extension Handley Urban Village and Revitalization Project Total LDC Projects $35, 000.00 $500, 000.00 $765, 000.00 $300,000.00 $69,515.00 $1,669,515.00 rd Grant Agreement between Camp Bowie Inc. and Lake Como Neighborhood Advisory Council (LCNAC) • Grant -funded MOU provides specific deliverables, timeline, and understandings of the work and collaboration between the two entities regarding: • Neighborhood Conservation Overlay • Long-term strategic planning • Establishing process for LCNAC • Strategizing with LCNAC to establish long-term community development and oversight plan • Explore possibility of establishing a separate support organization for LCNAC, independent of Camp Bowie District Inc. Marketing MOU with EDP for $500K • In January, in order to facilitate a more strategic effort, staff proposed the execution of an agreement with the Fort Worth Economic Development Partnership (FWEDP) to formalize targeted business recruitment, attraction and marketing strategies. • Under this agreement, the execution of the marketing strategy, including the use of third -party vendors, will be exclusively managed by the Fort Worth Economic Development Partnership and augmented by private funding. • Any third -party vendors utilized will submit invoices for services/expenses incurred and will be paid by the FWLDC after review by the FWEDP and staff. • Agreement was executed on July 14. • FWEDP sent out an RFP/Creative Brief for marketing services in late July/early August with a proposal deadline of August 22. AECOM Technical Services • On September 24, 2024, the Local Development Corporation's posted agenda indicated it would consider a resolution to authorize the LDC to enter into an agreement with AECOM Technical Services, Inc. in the amount of $765,000 for the Southeast Downtown Fort Worth Project • The intent had been for the LDC to approve providing funding to the City for its contract with AECOM. • On February 25, 2025, the rescinded the prior one an City as originally intended. d LDC Board adopted a resolution that authorized the transfer of funds to the Main Street Program Extension Continue yearly funding for administration and project implementation for both Northside and Polytechnic Pilot Programs in an amount not to exceed $300,000. • Continuation of Historic Northside District funding and technical support with the Fort Worth Hispanic Chamber of Commerce for two years. • Extension of Poly's contract with Texas Wesleyan University and the addition of new Main Street America training, assistance, and program development for two years. Historic Handley Urban Village • Approved on August 26, 2025, for the purchase and closing of the tax - foreclosed properties located at 6851 and 6855 E. Lancaster Avenue for up to $69,515 to facilitate the redevelopment of the properties and revitalization of Historic Handley Urban Village Bank Charges Outside Contract Services Accounting Services Contractual Services Insurance Marketing & Research Research Software Subscriptions Other Contractual Services Berry-Stalcup Project MOU with FWEDP Handley Project Urban Main Pilot Program LDC Funded Projects Transfer to CFW Total Expenditure Net Income FWLDC EXPENDITURES $117.50 $2,090.00 $100.00 $3,850.00 $765,000.00 $.00 $3,400.00 $3,400.00 $3,500.00 $229,839.00 $97,783.00 $12,000.00 $1,046.00 $1,021.00 $1,100.00 $401,243.80 $30,000.00 $1,000.00 $46,269.00 $0 $0 $52,700.00 $36,699.00 $1,934.00 $0 $0 $3,210,822.00 $0 $0 $500,000.00 $0 $0 $69,515.00 $90,000.00 $138,500.00 $600,345.00 $1,737,205.10 $0 $0 $222,285.00 $0 $00 $2,787,955.40 $1,074,493.00 $4,400,316.00 ($2.305.016.131 ($867.122.591 ($3.642.240.001 Fund Balance Projections Fund Balance as of 08/31/2025 Projected FY26 Revenue Budget Proposed FY26 Expenditure Budget Proposed FY26 Net Contribution Proposed FY26 LDC Project Funding Committed (Future Obligation) Fund Balance Reserve (20%) Cash Balance $5892089.0�] $758,076.00 ($4,400,316.00) $2,249,849.00 ($1,874,000.00) $375, 849.00 Staff Recommendation Staff recommends that the LDC Board approve the resolution adopting the FY 2026 Budget. 12 Thank you. 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