HomeMy WebLinkAboutOrdinance 17586-06-2007Ordinance No 17586-06-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE REVOLVING LOAN FUND IN THE AMOUNT OF
$1064100 FROM AVAILABLE FUNDS FOR THE PURPOSE OF
TRANSFERRING SAID FUNDS TO THE GRANTS FUND FOR COMMUNITY
DEVELOPMENT BLOCK GRANT PROGRAM INCOME 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 Revolving Loan Fund in the amount of $1 064 100 from available funds for the
purpose of transferring said funds to the Grants Fund for Community Development Block Grant
program income
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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed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
APP VEDAS TO FORM AND LEGALITY
Assistant City Attorney
ADOPTED AND EFFECTIVE. _ June 5, 2007
Legend
Phase l
,'~ Phase II
Health Department
.- Library
TIF Prea
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 6/5/2007 Ordinance No 17586-06-2007 Sz 17587-06-2007
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DATE Tuesday June 05 2007
LOG NAME 17EVANSROSEPUR REFERENCE NO L 14331
SUBJECT
Authorize the Sale of City Owned Property Located in the Evans and Rosedale Project Area to
Cypress Equities L.P in accordance with Chapter 272 of the Texas Local Government Code and
Adopt Attached Appropriation Ordinances
RECOMMENDATION
It is recommended that the City Council
1 Authorize the City Manager to execute two option agreements to sell City owned property in the Evans
and Rosedale Project Area to Cypress Equities, L.P in accordance with Chapter 272 of the Texas Local
Government Code
2. Authorize the City Manager to execute appropriate deeds conveying the property to Cypress Equities,
L.P if the terms of the option agreements are satisfied
3 Authorize the use of $1 064 100 00 in Community Development Block Grant (CDBG) Program Income
from the proceeds of the land sale
4 Adopt the attached appropriation ordinance increasing the estimated receipts and appropriation of the
Revolving Loan Fund by $1 064 100 00 from available funds,
5 Authorize the transfer of $1 064 100 00 from the Revolving Loan Fund to the Grants Fund and
6 Adopt the attached appropriation ordinance increasing the estimated receipts and appropriations in the
Grants Fund for program income of $1 064 100 00
DISCUSSION
The City owns approximately 8 acres located in the Evans and Rosedale Project Area The Evans and
Rosedale Project boundaries are as follows. Lueda Street to the North Evans Avenue to the East,
Rosedale to the South and Interstate 35W to the West.
Earlier this year the City Council approved the selection of Cypress Equities L.P ("Cypress') as the Master
Developer of the Project. As part of the development of the Evans and Rosedale Area Cypress has
requested that the City relocate the fire station located on Evans Avenue In order to begin the
development as soon as possible staff is recommending that the City enter into two separate option
agreements for the property The first option agreement would be for the City owned property south of
Terrell Street and West of Missouri The second option agreement would be for the City owned property
south of Terrell and west of Evans Avenue A map showing the two phases is attached The purchase
price was determined by an independent appraisal
The terms of the Option Agreements are as follows
Logname 17EVANSROSEPUR Page 1 of 2
Option I West Retail
Purchase Price $730 700
Approximate Size - 194 776 square feet
Option Period - 6 months
City Retains Mineral Interest
As Is
Closing Contingencies.
PDSU with site plan
Necessary easements granted to City at no cost
Bill Board Relocated
Certificate of Closure from TCEQ on property
Executed Economic Development Agreement
Option II Evans Avenue
Purchase Price $333 400
Approximate Size- 94 822 square feet
Option Period- 6 months from notice the Fire Station is moving
City Retains Mineral Interest
As Is
Closing Contingencies
PDSU with site plan
Easements granted to City at no cost
City relocation of fire station
Satisfactory performance of Economic Development Agreement
The City purchased the property with Community Development Block Grant (CDBG) funds provided by the
U S Department of Housing and Urban Department (HUD) The proceeds from the sale in accordance
with federal regulations, must be returned to the City in the form of CDBG program income
The City published notice of its intent to sell the properties in the official newspaper as required under the
City Charter on May 11th May 18th May 25th and June 1st.
The Evans and Rosedale Project Area is in COUNCIL DISTRICT 8
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval of the above recommendations, adoption of the attached
appropriation ordinance and receipt of proceeds funds will be available in the current operating budget, as
appropriated of the Grant Fund
TO Fund/AccountlCenters
FROM Fund/Account/Centers
3) GR76 444180 005206066000 $1,064,100.00
3)GR76 451685 XXX206XXX)OCX $1,064,100.00
3) GR76 539120 XXX206XXX)OCX $1,064,100.00
GR91 5XXX)CX 005206066010 $1,064,100.00
GR91 444180 005206066000 $1,064,100.00
Submitted for City Manager's Office b~
Originating Department Head.
Additional Information Contact:
Dale Fisseler (6140)
Tom Higgins (6192)
Jay Chapa (5804)
Logname 17EVANSROSEPUR Page 2 of 2