HomeMy WebLinkAboutOrdinance 17376-01-2007Ordinance No. 17376-01 2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SPECIAL TRUST FUND IN THE AMOUNT OF
$93 474 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING TWO
POSITIONS IN THE ECONOMIC AND COMMUNITY DEVELOPMENT
DEPARTMENT FOR TAX INCREMENT FINANCING ADMINISTRATION,
PROVIDING FOR A SEVERABILITY CLAUSE, 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 2006-
2007 in the Budget of the City Manager there shall also be increased estimated receipts and
appropriations in~the Special Trust Fund in the amount of $93 474 from available funds for the
purpose of funding two positions in the Economic and Community Development Department for Tax
Increment Financing administration.
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 17142 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed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 17376-01 2007
m
DATE Tuesday January 23 2007
LOG NAME 17TIFADMINFY07 REFERENCE NO *G-15594
SUBJECT
Authorize Transfer of Funds from the North Tarrant Parkway TIF the Lancaster Corridor TIF and
the Fort Worth Local Development Corporation into a Special Trust Fund for FY'06-'07 TIF
Administration by Economic & Community Development Department and Adopt Related
Appropriation Ordinance
RECOMMENDATION
It is recommended that the City Council
1 Transfer $88 474 from the Special Assessment District Fund to the Special Trust Fund to fund a portion
of two authorized positions in the Economic & Community Development Department responsible for TIF
administration and
2. Transfer $5 000 from the Fort Worth Local Development Corporation to the Special Trust Fund to fund
a portion of two authorized positions in the Economic & Community Development Department responsible
for TIF administration and
3 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Special Trust Fund by $93 474 from available funds
DISCUSSION
In 2004 City Council authorized the creation of two new positions in the Economic & Community
Development Department for TIF administration City staff was directed to pursue initial funding from the
Fort Worth Local Development Corporation (LDC) until these positions could be funded solely from tax
increment allocated to TIF administrative expenses. For FY 2006-2007 two positions and operating
expenses shall be funded in part by an existing balance of $24 016 plus 5 percent of the annual increment
generated by the Lancaster Corridor TIF and the North Tarrant Parkway TIF In order to cover any
outstanding balance for the 2006-2007 fiscal year on October 31 2006 the LDC authorized approval of a
grant in the amount of $5 000 Subsequently on November 29 2006 the Lancaster Corridor TIF Board
approved its 5 percent increment of $83 587 for TIF administration expenses On December 5 2006 the
North Tarrant '.Parkway TIF Board approved 5 percent of its increment for TIF administration expenses in
the amount of $4 887 The sum total of the three amounts is $93 474
The attached ordinance will increase receipts and appropriations in the Special Trust Fund by $93 474 to
ensure that funds are available for TIF administration for the remainder of the 2006-2007 fiscal year
Logname. 17TIFADMINFY07 Page 1 of 2
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval of the above recommendations and adoption of the
attached appropriation ordinance funds will be available in the current operating budget, as appropriated of
the Special Trust Fund
TO Fund/AccountlCenters FROM Fund/Account/Centers
FE72 472087 017587001000 $88,474.00 GS87 538070 002708005000 $83.587.00
FE72 472106 017587001000 5 000.00 GS87 538070 002707004000 4 887.00
FE72 511010 017587001000 $93.474.00 R106 538070 013106003000 5 000.00
Logname 17TIFADMINFY07 Page 2 of 2