HomeMy WebLinkAboutIR 8644 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8644
To the Mayor and Members of the City Council November 30, 2004
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} SUBJECT: SIERRA VISTA PROJECT UPDATE
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The purpose of this informal report is to provide City Council with an update on the proposed
Sierra Vista Residential Development project. Staff made a presentation to City Council on this
project November 2, 2004.
The development concept includes the demolition of 1,014 apartment units in three complexes
known as Trinity I, Trinity II and Jamestown. The units will be replaced with 232 single-family
homes. The total estimated development cost is $23.5 million. The principals involved in this
development are Vertex Asset Partners, L.P., American City Vista and History Maker Homes.
During the November 2nd presentation staff reported the site development (acquisition, demolition
and infrastructure) was estimated at $6,210,862 and that there was a $2,498,862 funding gap.
City staff has determined that additional offsite water, wastewater and drainage improvements
are needed to serve this project and the surrounding community. As a result of these additional
,,o-orojects and construction contingencies, the estimated city participation is now $3,509,890. The
.unding sources associated with this project are listed below:
• Water and Wastewater Rehabilitation Funds $1,494,312
• Water revenue bonds and Enhanced Community Facility Agreement - $1,359.724
• NEZ Fee Waivers - $ 326,389
• Fort Worth Housing Finance Corporation Endowment Fund - $ 329,465
Staff will present a funding request for $329,465 to the Fort Worth Housing Finance Corporation
at the November 30 meeting. A Mayor and Council Communication for the approval of fee
waivers and an Enhanced Community Facility Agreement for the remaining funds will be
scheduled for the December 7, 2004 Council meeting.
Plea cont t Dale Fi seler at (817) 392-6140 if any additional information is needed.
'Charles B s ell
City Manager
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS