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HomeMy WebLinkAbout26-28715 - City Council - OrdinanceORDINANCE 26-28715 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN CAPITAL INTERFUND TRANSFERS OUT IN THE CULTURE AND TOURISM FUND IN THE AMOUNT OF $16,003,000.00 FOR THE PURPOSE OF TRANSFERRING TO THE CULTURE AND TOURISM CAPITAL PROJECTS FUND BY INCREASING APPROPRIATIONS IN THE USE OF FUND BALANCE IN THE AMOUNT OF $10,179,180.00, AND BY DECREASING APPROPRIATIONS IN THE CONTRIBUTION TO FUND BALANCE IN THE AMOUNT $5,823,820.00; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: SECTION 1. In addition to those amounts allocated to the various City departments for Fiscal Year 2025-2026 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in capital interfund transfers out in the Culture and Tourism Fund in the amount of $16,003,000.00 for the purpose of transferring to the Culture and Tourism Capital Projects Fund by increasing appropriations in the use of fund balance in the amount of $10,179,180.00, and by decreasing appropriations in the contribution to fund balance in the amount $5,823,820.00 SECTION 2. 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 full force and effect. SECTION 3. This ordinance shall be cumulative of Ordinance 27979-09-2025 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. Ordinance No. 26-28715 Page 1 of 2 SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: Jannette S. Goodall Assistant City Attorney ADOPTED: August 25, 2026 EFFECTIVE: August 25, 2026 City Secretary paoo40R 6100 OOOOO OOOOOO 0 a�ati nEXA5aaa Ordinance No. 26-28715 Page 2 of 2 MAYOR AND COUNCIL COMMUNICATION MAP COUNCIL DISTRICT 9 400 E Vickery Boulevard r t� 4 - - ' f !' i r r = e. T. lv 400 E Vickery Blvd >J• Fort Worth, TX 76104 I ii -- Daggett 2nd Addition N Block 6 Lots 1-6, 7A -12A / Block 9 Lots 1,2,13A, & 14A I 0 40 80 Feet Copyright © 2026 City of Fort Worth. Unauthorized reproduction is a violation of applicable laws. This data is to be used for graphical representation only. The FORT WORTH, accuracy is not to be taken/used as data produced for engineering purposes or by a registered professional land surveyor. The City of Fort Worth assumes no responsibility for the accuracy of said data. General Location FORT WORTH„ MAYOR AND COUNCIL COMMUNICATION 7.1.10 FWCC ADV CAPITAL VICKERY PURCHASE AND STEEL RELEASE PH2 DATE: 08/25/26 M&C FILE NUMBER: M&C 26-0592 DEPARTMENT: PUBLIC EVENTS SUBJECT (ALL) Authorize the Fee Simple Acquisition of Approximately 1.407 Acres of Property Located at 400 East Vickery Boulevard, Fort Worth, Texas 76104 from Boykin Land Company, LLC in the Amount of $6,000,000.00 for Storage Purposes, Authorize the Payment of Closing Costs in an Amount Up to $3,000.00, and the Purchase of Steel for the Phase 2 Convention Center Expansion with an Advance of $16,003,000.00 from Culture and Tourism Fund Balance to be Reimbursed from Future Bond Proceeds; and Adopt Appropriation Ordinances and Amend the Fiscal Year 2026 Adopted Budget and Fiscal Years 2026-2030 Capital Improvement Program RECOMMENDATION It is recommended that the City Council: 1. Authorize the fee simple acquisition of approximately 1.407 acres of property known as Lots 1-6 and Lots 7A -12A of Block 6 and Lots 1, 2, 13A and 14A of Block 9, of the Daggett 2nd Addition (unrecorded), an addition to the City of Fort Worth, Tarrant County, Texas and located at 400 East Vickery Boulevard, Fort Worth, Texas 76104 from Boykin Land Company, LLC for storage purposes in the amount of $6,000,000.00; 2. Authorize the payment of estimated closing costs related to the property acquisition in an amount up to $3,000.00; 3. Authorize the City Manager or his designee to accept the conveyance and execute and record the appropriate instruments; 4. Authorize the purchase of steel for the Phase 2 Fort Worth Convention Center Expansion; 5. Adopt the attached appropriation ordinance increasing receipts and appropriations in the Culture and Tourism Fund in the amount of $16,003,000.00 for the purpose of transferring to the Culture and Tourism Capital Projects Fund by increasing appropriations in the use of fund balance in the amount of $10,179,180.00, and by decreasing appropriations in the contribution to fund balance in the amount $ 5,823,820.00; 6. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Culture and Tourism Capital Projects Fund, in the amount of $16,003,000.00, transferred from the Culture and Tourism Fund, for the purpose of funding the FWCC Expansion & Project Management project (City Project No. 102582); and 1 of 3 FORT WORTH. 7. Amend the Fiscal Year 2026 Adopted Budget and Fiscal Years 2026-2030 Capital Improvement Program. DISCUSSION The purpose of this Mayor and City Council Communication (M&C) is to recommend that the City Council authorize the fee simple acquisition of property located at 400 East Vickery Boulevard, Fort Worth, Texas 76104 (the Property) from Boykin Land Company, LLC (Seller) for the purpose of the Phase II Expansion of the Convention Center for storage. Seller and City have agreed to a purchase price of $6,000,000.00. The mineral estate will not be acquired and the deed will contain a surface use waiver for the exploration of the mineral estate. The real estate taxes will be pro -rated with Seller being responsible for taxes up to the closing date and the City will pay closing costs in an amount up to $3,000.00. The building is currently being leased by the City from the Seller. The Convention Center expansion project is being accomplished in two phases. Phase 1 has been completed. Phase 2 is coming in September 2026. The purpose of the $16,003,000.00 advance before bond proceeds is to purchase steel for $10 million and to purchase Vickery Warehouse for $6 million. All of the funds will be returned to Culture and Tourism Fund after the bond sale. The advance is required in order to keep the project moving and on schedule while awaiting bond proceeds. Funding - The project was initially funded through a $52,000,000.00 ARPA Grant funds (M&C 21-0934) and $43,000,000.00 in 2023 Combination Tax and Revenue Certificates of Obligation bonds (M&C 23-0250). The Public Events Department recommends using existing Culture & Tourism (C&T) fund balance as the interim capital advance appropriation and as the source to make progress payments until the sale of the 2025 Certificates of Obligation, at which time such funding will replace the advanced capital funding and the C&T fund balance will be restored in its full amount. As designs and plans are completed, the construction contractor will provide estimates and the construction cost will increase, there will be future M&Cs before Council. It is anticipated that a final project budget will be in the range of $600,000,000.00 and $700,000,000.00. Additional funding will be appropriated in the project on a future M&C to cover all estimated project costs. The Fort Worth Convention Center is located in COUNCIL DISTRICT 9 but will benefit all council districts. The actions in this M&C will amend the Fiscal Year 2026 Adopted Budget as approved in connection with the Ordinance 27979-09-2025 effecting the budget of the municipal government of the City of Fort Worth for the ensuing Fiscal Year beginning October 1, 2025, and ending September 30, 2026, Section 2. Special Revenue Funds and Section 7. Capital Improvements. 2 of 3 FORT WORTH„ Funding for this project was included in the FY2026-2030 Capital Improvement Program in the amount of $9,000,000.00. Additional funding in the amount of $16,003,000.00 is needed to purchase steel and to acquire property to keep the project on schedule. The action in this M&C will amend the FY2026-2030 Capital Improvement Program as approved in connection with Ordinance 27979-09-2025. This contract requires a Form 1295. FISCAL IN FORMATION/CERTIFICATION The Director of Finance certifies that funds are currently available in the Culture and Tourism Fund and upon approval of the above recommendations and adoption of the attached appropriation ordinances, funds will be available in the Culture and Tourism Capital Projects Fund for the ARPA FWCC Expansion & Pr] Mgmt project to support the execution of the fee simple acquisition and purchase of steel. Prior to an expenditure being incurred, the Public Events Department has the responsibility of verifying the availability of funds. SUBMITTED FOR CITY MANAGER'S OFFICE BY: Giordano, Dianna, # 7783 ORIGINATING BUSINESS UNIT HEAD: Cynthia Sanchez Serrano, #2598 ADDITIONAL INFORMATION CONTACT: Keith A. Chisolm, #2525 ATTACHMENTS 1. 400 E VICKERY Purchase M& C Map [7.1.10.1 - 1 page] 2. FWCC ADV Capital Vickery Purchase and Steel Release AO R5 [7.1.10.2 - 2 pages] 3. FWCC ADV Capital Vickery Purchase and Steel Release AO R6 [7.1.10.4 - 2 pages] 3 of 3