HomeMy WebLinkAboutResolution 4342-08-2014 i
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A Resolution
NO. 4342-08-2014 i
AUTHORIZING THE EXECUTION OF A FUNDING AGREEMENT
WITH FORT WORTH SOUTH INC. IN THE AMOUNT OF $10,000,000.00
FOR COUNCIL DISTRICT 9 STREET REPAIR AND I
RECONSTRUCTION PROGRAM f
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WHEREAS, the Fort Worth South Near Southside Medical District serves as the city's second
largest employment center, with approximately 30,000 workers and an estimated $5.5 billion annual
economic impact to Tarrant County and $4.2 billion to Fort Worth; and
WHEREAS, Fort Worth South, Inc. ("FWSI") is the non-profit redevelopment corporation
working since 1995 to revitalize the Near Southside and its Medical District; and
WHEREAS, FWSI administers the Tax Increment Reinvestment Zone No. 4 ("Southside TIF") j
to promote new investment and economic development in the Southside TIF district through a
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contract with the City; and
WHEREAS, the City of Fort Worth desires to enter into a funding agreement with FWSI in the
amount of $10,000,000.00 to implement a Street Repair and Reconstruction Program ("Program")
within the district; and
WHEREAS, the Program leverages funding in an amount up to $5,000,000.00 from the
Southside TIF; and
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WHEREAS,the City will commit up to $5,000,000.00 as an equal match from the 2014 Capital
Improvement Program ("2014 CIP"); and
WHEREAS, the 2014 CIP includes $1,000,000.00 in Street Improvement Funds for Council
District 9 street construction, reconstruction and rehabilitation of streets, and $4,000,000.00 in
Transportation Improvement Funds - Transportation Grant Matches for an amount of$5,000.000.00; i
and
WHEREAS the Street Repair and Reconstruction Program leverages funding in an amount u p
to $5,000,000.00 under a 50/50 partnership that will address deteriorating streets through construction,
reconstruction and rehabilitation improvements that will facilitate redevelopment and revitalization in
Fort Worth's Near Southside District;
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ORT WO T
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Resolution No.4342-08-2014
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE I
CITY OF FORT WORTH, TEXAS:
The City Manager is hereby authorized to execute a Funding Agreement with Fort Worth i
South, Inc. in the amount of$10,000,000.00 to implement a Street Repair and Reconstruction Program
in Council District 9
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Adopted this 5th day of August, 2012.
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ATTEST: paQ 000"A
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By' — -- — ------------ off oo
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Mary Kayse ty Sec etary
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OUT SNORT
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City of Fort Worth, Texas
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Mayor and Council Communication c
r COUNCIL ACTIO Approved on X8/5/2014 �Resoltuion No 4342 U8 2014 & Ordiance No `a:
DATE: Tuesday, August 05, 2014 REFERENCE NO.: C-26906
LOG NAME: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM i
SUBJECT:
Adopt Resolution Authorizing Execution of a Funding Agreement with Fort Worth South, Inc., in the Amount
of$10,000,000.00 for Street Repair and Reconstruction Program, Authorize Acceptance of Funds in an
Amount Up to $5,000,000.00 from Tax Increment Reinvestment Zone No. 4 to be Matched by Funds in an
Amount Up to $5,000,000.00 from the 2014 Bond Program and Adopt Appropriation Ordinance (COUNCIL
DISTRICT 9) j
RECOMMENDATION:
It is recommended that the City Council:
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1. Adopt the attached resolution authorizing the execution of a Funding Agreement with Fort Worth South,
Inc., in the amount of$10,000,000.00 for Street Repair and Reconstruction Program;
2. Authorize acceptance in the amount up to $5,000,000.00 from Tax Increment Reinvestment Zone No.
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4; and
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3. Adopt the attached Appropriation Ordinance increasing the estimated receipts and appropriations in I
the Specially Funded Capital Projects Fund in the amount up to $5,000,000.00, upon receipt of funds, for
Council District 9 Street Repair and Reconstruction Program.
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DISCUSSION:
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The attached draft Funding Agreement with Fort Worth South, Inc., summarizes the background, roles,
responsibilities and financial contributions of Fort Worth South, Inc., and the City of Fort Worth for Council
District 9 Street Repair and Reconstruction Program (Program). The Program leverages funding in the
amount up to $5,000,000.00 from the Tax Increment Reinvestment Zone No. 4 (Southside TIF) over the
next four years. The City will commit up to $5,000,000.00 as an equal funding match. The Program
provides a major opportunity to leverage funds under a 50/50 funding partnership that will address needed
street improvements by doubling the amount of street repairs and improvements and facilitate
redevelopment and revitalization in identified areas of the Near Southside District.
The City of Fort Worth will match funds in an amount up to $5,000,000.00. The 2014 Bond Program
includes Street Improvements Funds for street construction, reconstruction and rehabilitation within
Council District 9. Multiple streets in Council District 9 are identified in the 2014 Bond Program and listed
in the draft Funding Agreement for improvements in the amount of$1,000,000.00. The remaining City
funding amount, up to $4,000,000.00, is from the $6.4 million included in the 2014 Bond Program for
transportation grant matches. Upon approval of this M&C, $2.4 million will remain in the 2014 Bond
Program for other transportation grant matches.
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Logname: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM Pagel of 2
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Some of the expenses associated with these projects are included in the 2014 Bond Program. Available 1
resources within the General Fund will be used to provide interim financing for the expenditures j
associated with this project until debt is issued. Once debt associated with the projects is sold, bond
proceeds will reimburse the General Fund, in accordance with the statement expressing official intent to I
reimburse that was adopted as part of the ordinance canvassing the bond election (Ordinance 21241-05- 1
2014).
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This program is located in COUNCIL DISTRICT 9. �
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FISCAL INFORMATION /CERTIFICATION: I
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The Financial Management Services Director certifies that funds are available in the General Fund to pay j
expenses which will be incurred on this contract until reimbursement can occur from the issuance of public '
securities and that upon approval of the above recommendations and adoption of the attached
appropriation ordinance, funds will be available in the current capital budget, as appropriated, of the I�I
Specially Funded Capital Projects Fund. I
FUND CENTERS:
TO F und/Accou nt/C enters FROM Fund/Account/Centers
3)C291 488100 209210237583 $1.500.000.00 2) GS87 539120 002704097000 $5.000.000.00
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3) C291 488100 209210238783 $1.500,000.00 j
3) C291 488100 209210238883 $1,000,000.00
3) Q291 488100 209210238983 $1.000,000.00 I
3) Q291 541200 209210237583 $1,500,000.00
3) C291 541200 209210238783 $1,500,000.00
3)C291 541200 209210238883 $1,000.000.00
3) Q291 541200 209210238983 $1,000.000.00
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CERTIFICATIONS:
Submitted for City Manager's Office b Fernando Costa (6122)
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Originating Department Head: Douglas W. Wiersig (7801)
Additional Information Contact: Jim Walker (8009)
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Logname: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM Page 2 of 2