HomeMy WebLinkAboutResolution 4387-12-2014 A Resolution
NO. 4387-12-2014
COMMITTING TO FINANCIAL PARTICIPATION IN THE VENUE
PROJECT CONSISTING OF A MULTIPURPOSE ARENA AT THE
INTERSECTION OF HARLEY AVENUE AND GENDY STREET AND
ADJACENT SUPPORT FACILITIES AND ANY RELATED
INFRASTRUCTURE; SPECIFYING THE GEOGRAPHIC
BOUNDARIES IN WHICH THE VENUE PROJECT WILL BE
LOCATED; CREATING THE VENUE PROJECT FUND; AND
NOTIFYING THE TEXAS COMPTROLLER OF PUBLIC
ACCOUNTS OF THE QUALIFIED PROJECT COMMENCEMENT
WHEREAS, on October 22, 2013 the City Council of the City of Fort Worth adopted Ordinance No.
21011-10-2013, designating Project Financing Zone Number One, City of Fort Worth, Texas (the "Zone"),
and requesting the Texas Comptroller of Public Accounts (the "Comptroller") to deposit incremental hotel-
associated revenue from the Zone into a suspense account for use by the City in the payment of bonds or
other obligations issued or incurred to acquire, lease, construct, improve, enlarge and equip qualified
projects, all as more specifically authorized and set forth in Section 351.1015, Texas Tax Code; and
WHEREAS, on July 15, 2014, the City Council adopted Resolution No. 4327-07-2014, authorizing
a multipurpose arena at the intersection of Harley Avenue and Gendy Street and adjacent support facilities,
and any related infrastructure, as a venue project(the "Venue Project") and designating methods of financing
for the Venue Project in accordance with Chapter 334, Texas Local Government Code, as amended; and
WHEREAS, on August 12, 2014, the City Council adopted Ordinance No. 21374-08-2014, calling
for and ordering a special election to be held on November 4, 2014 at which special election all qualified
voters of the City of Fort Worth would have the opportunity to vote for the purpose of approving and
implementing Resolution No. 4327-07-2014 authorizing the Venue Project and designating methods of
financing for the Venue Project in accordance with Chapter 334, Texas Local Government Code, as
amended; and
WHEREAS, on November 4, 2014, a special election was held at which the qualified voters of the
City of Fort Worth had the opportunity to vote for the purpose of approving and implementing Resolution
No. 4327-07-2014 authorizing the Venue Project and designating methods of financing for the Venue
Project, in accordance with Chapter 334, Texas Local Government Code, as amended; and
WHEREAS, on November 18, 2014 the City Council adopted Resolution No. 4378-11-2014 finding
and declaring that the results of such November 4, 2014 election are that the Venue Project was approved in
accordance with Chapter 334, Texas Local Government Code, as amended, and that the City Council is
authorized to impose (i) an admissions tax on each ticket sold as admission to an event held at the Venue
Project, at a rate not to exceed ten percent (10%) of the price of the ticket; (ii) a livestock facility use tax on
each stall or pen used or occupied by livestock during an event held on one or more consecutive days in
which the Venue Project is used, not to exceed twenty dollars ($20.00) in the aggregate per stall or pen rental
for any event; and (iii) a parking tax on each motor vehicle parking in a parking facility that serves or will
serve the Venue Project, not to exceed five dollars ($5.00) for each motor vehicle; and
ORT WO T
Resolution No.4387-12-2014
WHEREAS, a private sector entity has committed to raising fifty percent of the estimated total
Venue Project cost as well as causing any cost to be paid in excess of the estimated total Venue Project cost
of$450,000,000; and
WHEREAS, the City Council desires for the City to commit funding for fifty percent of the costs of
the Venue Project located within the boundaries depicted in the map attached hereto as Exhibit "A", not to
exceed $225,000,000, from a variety of funding sources, including sources approved by the November 4,
2014 election; and
WHEREAS, in accordance with the requirements of Section 334.042, Texas Local Government
Code, as amended, the City Council desires to establish a Venue Project Fund, with separate accounts for the
various revenue sources; and
WHEREAS, under Section 351.1015, Texas Tax Code, the Venue Project is also considered a
"qualified project" that is eligible to receive funding from the City from revenues deposited by the
Comptroller in the suspense account created for the Zone; and
WHEREAS, the City Council desires the City Manager to notify the Comptroller of the
commencement of the qualified project for purposes of and in accordance with Chapter 351, Texas Tax
Code, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH THAT:
SECTION 1. The declarations and findings contained in the preamble of this Resolution are hereby
found to be true and correct and shall be made a part hereof.
SECTION 2. The City Council is committed to financial participation in the Venue Project in an
amount equal to fifty percent of such costs of the Venue Project, not to exceed $225,000,000, from various
revenues including:
a. an admissions tax on each ticket sold as admission to an event held at the Venue Project, at a rate
not to exceed ten percent(10%) of the price of the ticket;
b. a livestock facility use tax on each stall or pen used or occupied by livestock during an event held
on one or more consecutive days at a designated facility of the Venue Project, not to exceed
twenty dollars ($20.00) in the aggregate per stall or pen rental for any event;
c. a parking tax on each motor vehicle parking in a parking facility that serves or will serve the
Venue Project,not to exceed five dollars($5.00) for each motor vehicle;
d. state funds disbursed from the Comptroller in accordance with Chapter 351, Texas Tax Code, as
amended;
e. local revenue derived in accordance with Chapter 351, Texas Tax Code, as amended;
f. any other revenue the City of Fort Worth determines is appropriate.
SECTION 3. The City Council hereby directs the City Manager to establish the Venue Project
Fund and to establish separate accounts within the Fund for the various revenue sources, in accordance with
the requirements of Section 334.042, Texas Local Government Code.
UTWRT
Resolution No.4387-12-2014
SECTION 4. The City Council hereby anticipates that the Venue Project and existing adjacent
support facilities shall be located in the area as depicted on the map attached hereto as Exhibit "A", which is
hereby made a part of this Resolution for all purposes.
SECTION 5. The City Council hereby directs the City Manager to notify the Comptroller of the
commencement of the qualified project for purposes of and in accordance with Chapter 351, Texas Tax
Code, as amended, and to instruct the Comptroller to disburse the state funds to the City's Venue Project
Fund hereby established.
SECTION 6. It is hereby officially found and determined that the meeting of the Fort Worth City
Council at which this Resolution was adopted was open to the public, and that public notice of the time,
place and purpose of said meeting was given, as required by Chapter 551 of the Texas Government Code.
Adopted this 9th day of December, 2014
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