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Home My WebLink AboutOrdinance 21229-05-2014 Ordinance No. AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE CULTURE AND TOURISM FUND IN TFIF AMOUNT 0F $3l8'7O0.00, DECREASING THE ASSIGNED FUND BALANCE 8y THE SAME AMOUNT, FOR. THE PURPOSE OF PURCHASING A 0.366 /\[8B TRACT LOCATED ON BRYCBAVENDE NEAR MONTGOMERY STREET; PKOVlDING FOR A8EVE8ABULITYCLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; RE9B&LDNG ALL ORDINANCES IN CONFLICT REQEVVlTB; AND PROVIDING AN EFFECTIVE DATE. OElTOR0/\INEDBYTHE CITY CODNCU.DF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That io addition tothose 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 Culture and Tourism Fund in the amount of$3|8,7OO.00, decreasing the aosi%nod fund balance hy the same amount, for the purpose of purchasing a 0.366 acre tract located on Bryce Avenue near Montgomery Street. SECTION 2. That should any portion, section or part of section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion orjudgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and nomuio in full force and effect. SECTION 3. That this ordinance sbu|| be cumulative of Ordinance No. 20052-09-2013 and all other ordinances arid appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other o,diuuocao 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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/\5TO FORM AND LEGALITY: C[7y SECRETARY tax 1'()"' 7 ADOPTED AND EFPECTIVE: May 6,2014 nilN � � 4 7 @ CL 3 5 / I 9, r � i r f w 1 oa i rrr , S � h i 5 viV' s� I 11 Pn If � r 1 PAM TRAIL PARKWAY Y y � Cll of Fart Worth CULTURAL D CEL 61 AND CHISHOLM TRAIL PARKWAY CHISHOL eao DISTRICT GRIFFIN TRACT XClWk NSY. p{9NAMtl4t I/If VlYOmrAGyMew+0kla IA,1010 020000m MN!0IW UMN�r>W%01NA/TOYSll14N0Wnwamwki�N�e'rWlrn MadmvM 1II111 City of Fort Worth, Texas Mayor and Council Communication usx YwNAlibYr!FIIIYNYW MN1 91(H AI f W W t16,W iN(fAl✓/aGRGRU1WiWtAWNFM& ( a4&gl lR'NieAil/llalYt.MF9.c"r!1VlNIMC9A8/III iiGUOII/l(IRIRIR/(I!/1AAIJWlIIIHIII YY. AIIIH IIN f1u101 J1I IOfJim00. IllllllttGVh,WOpwAg4/9iP,Wl9gwPml®ply'Ill�pppppl@ W,'(6WNflA!/!/i////Wly(.Ittfl FM01Yf.IrNa tP114m:M1g6Q MgCPJ 4AbIMAN1tlM1NIYwNNi A\OVNNXAfl9liQNM1A191"JN4NILO LINIWNOPoYVIWYAwNWAOY,AMlfllk COUNCIL ACTION: Approved on 5/6/2014'! - Ordinance No. 21229-05-2014; ,,„. mlwmnN ll,nretlwlea 11lrinl uva ry awlraa.—I l rl, 1 r r .I ��,mvwnnud lmmsvwnullllurorYwumlrrrnororororoororHmrmmurmumnmr rll llwln Hmnrwrm00000ll m...nlrawrwua�nue wlnwnrm—IMMhM mwotm2uomw^,agamMM;wrmroialMi�rnmmmttry DATE: Tuesday, May 06, 2014 REFERENCE NO.: L-15678 LOG NAME: 17PURCHASESALELICENSE SUBJECT: Authorize Sale of City-Owned Property Located near West Vickery Boulevard and Rutledge Street to Events Facilities Fort Worth, Inc., Authorize Purchase of Property Located at Bryce Avenue near Montgomery Street from Wells Fargo Bank, Successor Trustee of the Lois Eldredge Griffin Testamentary Trust and Joan G. Gambill, Authorize License Agreement with Event Facilities Fort Worth, Inc., and Adopt Appropriation Ordinance (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the sale of approximately 1.495 acres out of the W.B. Conner Survey located near West Vickery Boulevard and Rutledge Street to Events Facilities Fort Worth, Inc., in the amount of $716,254.00; 2. Authorize the acceptance of the assignment of a Purchase Agreement to purchase 0.366 acre tract located on Bryce Avenue near Montgomery Street from Joan G. Gambill and Wells Fargo Bank, National Association, as Successor Trustee of the Lois Eldredge Griffin Testamentary Trust for the benefit of Joan Griffin Gambill in the amount of$318,700.00 with the purchase price and all closing costs to be paid by Events Facilities Fort Worth, Inc.; 3. Enter into a fifteen year License Agreement in the amount of $397,544.00 with Events Facilities Fort Worth, Inc., to use their property located at West Vickery Boulevard and Rutledge Street for outside storage for the Public Events Department; 4. Adopt the attached supplemental appropriation ordinance increasing estimated receipts and appropriations in the Culture and Tourism Fund in the amount of$318,700.00; and 5. Authorize the City Manager or his designee to execute and record documents giving effect to these recommendations. DISCUSSION: In 2006, the City of Fort Worth acquired property located south of the intersection of West Vickery Boulevard and Rutledge Street for right-of-way for the Chisholm Trail Parkway (Parkway). The acquisition included a 1.495 acre tract (City Tract) that was excess property, due to the Parkway cutting off City Tracts' access to a right-of-way. Because the City Tract does not have right-of-way access, it cannot be platted or developed independently. After the Parkway was constructed, the City was approached by Events Facilities Fort Worth, Inc. (EFFW) with a request to purchase the City Tract since it is adjacent to one of its properties. As part of EFFW's consideration for the purchase of the City Tract, EFFW offered to pay the purchase price and closing costs Logname: 17PURCHASESALELICENSE Page 1 of 2 for the City to purchase property on Bryce Avenue near Montgomery /BryC Tract) from Joan G. Gambill and Wells Fargo B8nk, National Association, as Successor Trustee of the Lois Eldredge Griffin Testamentary Trust for the benefit of Joan Griffin Gambill, which the City will purchase under a Purchase Agreement assigned to the City. The Bryce Tract iS adjacent to the Will Rogers Facility and |o needed by the City of Fort Worth's Public Events Department for the storage of materials to support agricultural and livestock events at Will Rogers and for future development. |nan effort tnmove the discussions forward, the City obtained appraisals Of both tracts. Because the City acquired property for the Parkway under rules promulgated by the Texas Department of Transportation (TxDOT), the City requested that the appraiser appraise the City Tract under TxDOT rules, as if it was a part of an adjoining tract with 8oneoo to o right-of-way. The appraised value of the City Tract is $716,254.00. The appraised value nf the Bryce Tract is $318.700.00. Due to the difference invalue, EFFVV has proposed entering into a 15 year License Agreement with the City on its property located near West Vickery Boulevard that would a||ovv the City to store dirt and other items necessary for the operation of the Will Rogers Facility, The City would receive a License Fee credit for the difference in the value of the two tracts. The 15 year License Agreement iO the amount 0f $397.544.O0 will be a deferred outflow that will be expensed at $26,502.93 per year over the life of the Agreement. A map of the Bryce Tract and the City Tract is attached. FISCAL INFORMATION / CERTIFICATION: The Financial Management Services Director certifies that upon approval of the above recommendations and adoption of the attached supplemental appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the Culture and Tourism Fund. FUND 1)) GG04 444162 0251000. �16�54.00 $318,700]00 4)) GG04 159000 0000000 $397,544J00 CERTIFICATIONS:Submitted for City Manager's Office bV: Fernando Costa /6122\ JGyChapa /5004\ Originating Department Head: Kirk Slaughter C2501> Additional Information Contact: Cynthia Garcia (8187) : 17PURCHASESALELICENSE Page 2ot2 ��