HomeMy WebLinkAboutOrdinance 21364-08-2014 Ordinance No. 21364-08-2014
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN 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; PROVIDING
FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES; REPEALING ALL ORDINANCES CONFLICT
HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FOR 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
Specially Funded Capital Projects Fund in the amount up to $5,000,000.00, upo the receipt of funds, for
Council District 9 Street Repair and Reconstruction Program.
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 full 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 s�id 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of said prior ordinances and appropriations are hereby expressly repealed.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: ATTEST:
Assistant City Attorney Ma J. {a , City retary
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ADOPTED AND EFFECTIVE: August 5,2014
MAYOR AND COUNCIL COMMUNICATION MAP
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 81512014 - Resoltuion No. 4342-08-2014 & Ordiance No.
21364-08-2014
DATE: Tuesday, August 05, 2014 REFERENCE NO.: C-26906
LOG NAME: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM
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)
RECOMMENDATION:
It is recommended that the City Council:
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.
4; and
3. Adopt the attached Appropriation Ordinance increasing the estimated receipts and appropriations in
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.
DISCUSSION:
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.
Logname: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM Page I of 2
Some of the expenses associated with these projects are included in the 2014 Bond Program. Available
resources within the General Fund will be used to provide interim financing for the expenditures
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
reimburse that was adopted as part of the ordinance canvassing the bond election (Ordinance 21241-05-
2014).
This program is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that funds are available in the General Fund to pay
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
Specially Funded Capital Projects Fund.
FUND CENTERS:
TO Fund/Account/C enters FROM Fund/Account/genters
3) C291 488100 209210237583 $1,500,000.00 2)GS87 539120 002704097000 $5.000.000.00
3)Q291 488100 209210238783 $1,500,000.00
3) Q291 488100 209210238883 $1,000,000.00
3) C291 488100 209210238983 $1,000,000.00
3) Q291 541200 209210237583 $1,500,000.00
3) Q291 541200 209210238783 $1,500,000.00
3)Q291 541200 209210238883 $1,000.000.00
3) Q291 541200 209210238983 $1,000.000.00
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Douglas W. Wiersig (7801)
Additional Information Contact: Jim Walker (8009)
Logname: 20CD9 STREET REPAIR AND RECONSTRUCTION PROGRAM Page 2 of 2