HomeMy WebLinkAboutOrdinance 21118-02-2014 Ordinance No. 21118-02-2014
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SPECIAL., TRUST FUND IN THE AMOUNT OF
$262,223.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING
POSITIONS IN THE HOUSING AND ECONOMIC DEVELOPMENT DEPARTMENT
RELATED TO ADMINISTRATION OF TAX INCREMENT REINVESTMENT ZONES
AND THE FORT WORTH LOCAL DEVELOPMENT CORPORATION; PROVIDING
FOR A SEVERAB:I:L,ITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THI;CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2013-2014 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Special Trusts Fund in the arnount of $262,223.00, from available funds, for the purpose of fielding
positions in the Housing and Economic Development Department related to administration of Tax
Increment Reinvestment Zones and the Fort Worth Local Development Corporation.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or
void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining
provisions shall be and remain in fu 11 force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No. 20952-09-2013 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions
of said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall.take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY
Assistant City Attorney Ia....
ty y rY J. IZa s raF
ADOPTED AND EFFECTIVE: February 11, 20I4
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/11/2014 - Ordinance No. 21118-02-2014
DATE: Tuesday, February 11, 2014 REFERENCE NO.: **G-18120
LOG NAME: 171-IFADMINFY14
SUBJECT:
Authorize Transfer of Funds in the Amount of $236,223.00 from Various Tax Increment Financing Districts
and Accept Funds in the Amount of$26,000.00 from the Fort Worth Local Development Corporation Into a
Special Trust Fund for Fiscal Year 2013-2014 for the Purpose of Funding Positions in the Housing and
Economic Development Department Related to the Administration of Tax Increment Reinvestment Zones
and the Fort Worth Local Development Corporation and Adopt Appropriation Ordinance (ALL COUNCIL
DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the transfer in the amount of$236,223.00 from Tax Increment Reinvestment Zones
No. 7 (North Tarrant Parkway) No. 8 (Lancaster) and No. 12 (East Berry Renaissance) to the
Special Trust Fund for the purpose of funding positions in the Housing and Economic Development
Department related to the administration of Tax Increment Reinvestment Zones;
2. Accept the amount of$26,000.00 from the Fort Worth Local Development Corporation to the
Special Trust Fund for the purpose of funding positions in the Housing and Economic Development
Department related to the administration of the Fort Worth Local Development Corporation; and
3. Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations
in the Special Trust Fund in the amount of$262,223.00 from available funds for the purpose of funding
positions in the Housing and Economic Development Department related to administration of Tax
Increment Reinvestment Zones and the Fort Worth Local Development Corporation.
DISCUSSION:
As the need for administration of the City's Tax Increment Financing (TIF) Districts and the Fort Worth
Local Development Corporation (LDC) has grown, Staff was directed to pursue additional funding sources
to meet the need.
For Fiscal Year 2014, positions in the Housing and Economic Development Department relating to the
administration of TIF Districts will be partially funded by a four percent set-aside of the tax increment
generated by the North Tarrant Parkway, Lancaster, and East Berry Renaissance TIF Districts, capped at
the amount of$236,223.00. In addition, the amount of $26,000.00 of LDC revenues will be used to fund
positions in the Department relating to administration of the LDC.
All other administrative steps to obtain this funding have been accomplished as follows:
August 26, 2013 —the East Berry Renaissance TIF Board of Directors approved a four percent increment
Lognanie: 1.7TIFADME''FY 14 Page I of 2
transfer in the amount of 821.229.00 fOrT|F administration purposes,
November 5, 2013 —the LOC Board approved a transfer in the amount of $26,000.00 for administration
expenses.
Janua[y 13, 2014 —1he North Tarrant Parkway T|F Board Of Directors approved a four percent increment
transfer in the amount of $QB.7B8.00 for T|F administration purposes.
January 22, 2014 —the Lancaster TIF Board of Directors approved a four percent increment transfer in the
amount of $116.2O8.00 for T|F administration purposes.
The attached appropriation ordinance will increase estimated receipts and appropriations to the Special
Trust Fund in the amount of $262,223.00 to ensure that funds are available for the administration of TIF
Districts and the L[}C for Fiscal Year 2O14,
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriations ordinance, funds will be available in the current operating
bUdget, as appropriated, of the Special Trust Fund-
FUND
CENTERS:TO Fund/Account/Centers FROM Fund/Account/Centers
2 3) FE72 461813 017587001000
$26,000.00 $26,000,00
1 3) FE72 461813 017587001000 $236,223.00 $98�6,00
3) FE72 511010 017587001000 �62�3,00 $21,229.00
1) GS87 539120 002708005000 $116,20X8.00
CERTIFICATIONS:Submitted for City Manager's Office bV:
Fernando Costa (6122)
Originating Department Head: JoyChapa (5804)
Avis Chaisson K6342l
Additional Information Contact: Henry Day 0376\