HomeMy WebLinkAboutOrdinance 17375-01-2007Ordinance No. 17375-01-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF $198,400,
SUBJECT TO RECEIPT OF THE GRANT FROM THE U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT, FOR THE PURPOSE OF FUNDING
THE REDEVELOPMENT OF THE TEXAS AND PACIFIC WAREHOUSE AND
LANCASTER CORRIDOR PROJECT; MAKING THIS ORDINANCE
CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2005-
2006 and in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Grants Fund in the amount of $198,400, subject to receipt of the grant from the
U.S. Department of Housing and Urban Development, for the purpose of funding the redevelopment
of the Texas and Pacific Warehouse and Lancaster Corridor Project.
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. 16582 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 said
conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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:
Assistant City Attorney
ADOPTED AND EFFECTIVE: January 23, 2007
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 1/23/2007 -Ordinance No. 17375-01-2007
DATE: Tuesday, January 23, 2007
LOG NAME: 17EDILANCASTER REFERENCE NO.: **G-15593
SUBJECT:
Authorize Application for and Acceptance of an Economic Development Initiative -Special Purpose
Grant to Support the Redevelopment of the Texas and Pacific Warehouse and Lancaster Corridor in
Downtown Fort Worth; Authorize Execution of Related Grant Agreement; and Adopt Appropriation
Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to apply for and accept an Economic Development Initiative (EDI) -
Special Purpose grant in the amount of $198,400 from the U.S. Department of Housing and Urban
Development (HUD) to support the redevelopment of the Texas and Pacific Warehouse and Lancaster
Corridor (the Project) in Downtown Fort Worth;
2. Authorize the City Manager to execute a grant agreement with HUD, if the City is awarded the grant;
and
3. Adopt the attached appropriation ordinance increasing. estimated receipts and appropriations in the
Grants Fund by $198,400, upon receipt of the grant.
DISCUSSION:
During the FY2005 federal appropriations process, the City requested and received an EDI -Special
Purpose Grant of $198,400 to support the redevelopment of the Texas and Pacific Warehouse and
Lancaster Corridor in Downtown Fort Worth. The City Council unanimously selected the Texas and Pacific
Warehouse or other complementary project as the EDI -Special Purpose appropriations priority for FY
2005. Utilizing the EDI grant to leverage private investment will support the City's broader initiative to
redevelopment the Downtown portion of Lancaster Avenue, one of the City's targeted investment areas.
The redevelopment of the Texas & Pacific Warehouse entails the adaptive reuse of the 585,000 square feet
National Historic Landmark into 350 units of apartments and structured parking to support the development.
The City Council is considering entering into an Economic Development Program Agreement (EDPA) with
the owner of the property, Cleopatra, Inc., to support the approximately $60 million project. The EDPA
would address the terms under which the City would utilize the EDI grant funds for the Texas and Pacific
Warehouse project. Should. the City enter into an EDPA with Cleopatra, Inc., for the redevelopment of the
T&P Warehouse, and if the project is eligible for EDI funds, the EDI Grant would be applied toward a portion
of the construction costs. The EDI funds do not have a matching requirement.
The Project is located in COUNCIL DISTRICT 9 and in the Lancaster Corridor Tax Increment Reinvestment
Zone Number 9.
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FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon approval of the above recommendations, receipt of the grant, and
adoption of the attached appropriation ordinance, funds will be available in the current operating budget as
appropriated, of the Grants Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
GR76 451727 017206111000 $198.400.00
GR76.5 (VARIOUS) 017206111010 $198.400.00
Submitted for City Manager's Office bv: Dale Fisseler (6140)
Originating Department Head: Tom Higgins (6192)
Additional Information Contact: Christine Maguire (8187)
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