HomeMy WebLinkAboutResolution 4494-07-2015 A Resolution
NO. 4494-07-2015
ST ATE MENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE,
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE
TRINITY RIVER VISION - CENTRAL CITY PROJECT AND THE TRINITY
UPTOWN SERVICE AREA PHASE 1 - BRIDGE AND CHANNEL RELOCATION,
PART 3 PROJECT
WHEREAS, the City of Fort Worth, Texas (the "City") is a home-
rule municipality and political subdivision of the State of Texas; and
WfIEREAS, on July 21, 2015 the City Council approved M&C C-27388
authorizing certain expenditures for the Trinity River Vision Central City Project
and the Trinity Uptown Service Area Phase 1 and Bridge and Channel Relocations
Part 3; and
WHEREAS, M&C C-27388 referenced adoption of a Reimbursement
Resolution but such Resolution was not attached; and
WHEREAS, this Resolution constitutes the Reimbursement Resolution
referenced in M&C C-27388; and
WHEREAS, the City expects to pay expenditures in connection with the
design, planning, acquisition and construction for the Trinity River Vision - Central
City Project and the Trinity Uptown Service Area Phase 1 - Bridge and Channel
Relocations, Part 3 project ass on the attached map (the "Project") prior to
the issuance of obligations by the City in connection with the financing of the
Project from available funds; and
WHEREAS, the City finds, considers, and declares that the
reimbursement o f t he City for the payment of such expenditures will
be appropriate and consistent with the lawful objectives of the City
and, as such, chooses to declare its intention, in accordance with the
provisions of Section 1.150-2 of the Treasury Regulations, to reimburse
itself for such payments at such time as it issues obligations to finance
the Project;
A-
RT ART
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FOR WORTH, TEXAS:
See-ti'on"-1. The City reasonably expects debt, as one or more series of
obligations, may be issued or incurred by the City with an aggregate maximum
principal amount not to exceed $750,000.00 for the purpose of paying the
aggregate costs of the Project.
S e c tion 2. All costs to be reimbursed pursuant hereto will be capital
expenditures. No obligations will be issued by the City in furtherance o f t his
Statement after a date which is later than. 18 months after the later of (1) the
date the expenditures are paid or (2) the date on whicli the property, with
respect to which. such expenditures were made, is placed in service.
Section 3. The foregoing notwithstanding, no obligation will be issued
pursuant to this Statement more than three years after the date any
expenditure which is to be reimbursed is paid.
IFOIRr '14�
Adopted this 28th day of Jul 2015. "00.00
�cy 0 00 A 0
0 %0
0
0
�to
0 00
C)0 0
o 0
0
ATTEST: 0 00
0 0
*1W
A 0
000000 0
Byl ..........
Mary Kayser, y Secretary
RTWO
P
City of o Worth, Texas
Mayor and Council Communication
'�� %`Li ` :``i►'p�proved on 7/21/2015 - Resolution 4494 07 2
GATE: Tuesday, July 21, 2015 REFERENCE NO.: C-27356
LOG NAME: 60TRV 3MAINC03-SJ OUIS
SUBJECT:
Authorize Execution of Change Order No. 3 to City Secretary Contract No. 44405 with S.J. Louis
Construction of Texas, Ltd., in the Amount of$558,240.05 for Trinity River Vision, Central City Project and
the Trinity Uptown Service Area Phase 1 and Bridge and Channel Relocations Part 3, for a Revised Total
Contract in the Amount of$6,945,034,65, Consistent with the City's Limit of$26.6 Million on Expenditures
for the Trinity River Vision and Adopt Reimbursement Resolution (COUNCIL DISTRICTS 2 and )
RECOMMENDATION:
It is recommended that i Council:
1. Authorize the execution of Change Order No. 3 to City Secretary Contract No. 44405 with S.J. Louis
Construction of Texas, Ltd., in the amount of$555,240.05 for Trinity River Vision Central City Project and
the Trinity Uptown Service Area Phase 1 and Bridge and Channel Relocations Part 3, for a revised
contract total amount of ,034.65„ consistent with the City's limit of$26.6 million on expenditures for
the Trinity River Vision„ and
. Adopt the attached resolution expressing official intent to reimburse expenditures with proceeds of
future debt for Change Order No. 3 to City Secretary No.44405 for Trinity River Vision Central City Project
and the Trinity Uptown Service Area Phase 1 and Bridge and Channel Relocations Part 3.
DISCUSSION:
On March 26, 2013, (M&C C-26178) the City of Fort North (City) Council authorized a contract with S.J,
Louis Construction of Texas, Ltd., in the amount of$5,929,744.19 for Trinity Uptown Service Area Phase
1 and Bridge and Channel Relocations Part 3. The contract was subsequently revised by two change
orders with ant total amount of$457,050.41.
Change Order No. 3 will provide compensation for additional pavement repair and replacement
subsequent to water and/or sanitary sewer installation at the following locations (as shown the attached
location maps) due to the poor condition oft the existing pavement and sub-grade which necessitated
additional improvements beyond the trench width„ Adolf Street, White Settlement Road, Rupert Street,
Greenleaf Street„ North Commerce Street, North Main Street, NE 11th Street and 6th Street.
Subject to approval of this &C, appropriations for Change Order No. 3 will consist of the following,
� �. � �. ..... _..
Water Sewer Storm Drain Totals Authorization
Original
Contract 5,564,255.24$176„027..00$167,431.95$5,929,744.19 C-26175
Amount
f..,.....__ _.._...__. ................._. .._......_ _ ._. .-- -......, .. ..._.r ....__..._ ... ......._ .. ..._....... �...,._._..._.......
Logna c: 6o,rRVP3 4A.I.NC(.)3-SJt..,Ot..JIS Page 1 of
I
Change $395, 1. $753 1 32�$ -0- �& 358,362.66 C-26297
�Order No. 1 �
.,.. .. .......
9 . _ ........ ....__ .._ _._._._ _....._ _._.. _._.. ,
Chan e
Order $90,684.75 �`$ -0- 98,687.75 drninistrative
�N9..._
mount .
A � j _...._, ,,._ __—�. __........ ......_,..... ____...L...... ...�.,.,._._
of
�Proposed i
Change $482, $75,732. -0- $558,240.05 i s M&C
Order
No. 3 }
i
1 015 676.32
Contract ($5,761 926.381 .... ... _. . , ..,.._.....L...... _ _..._,,___
�$ , $167,431.951$6,945,034.65
Arnoun.t
Water and sanitary sewer program costs associated with the T V Project include both costs necessitated
by the TRV Project and costs related to betterments and operational considerations. Upon approval of this
&C, the total of these water and sewer program costs will consist of following:
Engineering Agreements C$ 7,745,913.00
Construction Contracts 15,218,186.20'
Construction Staking, Progectl ,.._._
Management, Inspection, �
Material Testing and
Contingencies $ 2,007,561.63
IPro'ect A .....__ _. . .._...... _ ........ .......... ....._......_.._. ..._..
propriations X 24,971,660.83
FUND Exisro riationsIAppropriations doRevro dr'ations'Encurnbrances�Rernaini.ng_._
PP P PP P and Balance
iExpenditures
_ ........., ......._..,, ... _.... _.........._ ...... _ . ........ _ ,..._ .,..,.m.. _.._
liVater Capital $14,026,209.
$Oo $1 @026,209. $13,378u 17 '$647,
Projects Fund
(P265) f
.,._______...,� ... ._...,,. _._._. 0. ._..._ _V _. ..... .. .......�_.�. g. ._6 558.7 .._..
Sewer Capital $7,180, 7,180,938.1 _ __. .,,_.._...
p" �$ $ $6 96 , $21 .3
Projects Fund
(P275) i I
2017 Water $3,206,273.00 1$558,240. $3,764,511 $2, , 3.00 $841,7
and Sewer
Revenue
Bonds Capital
Project Fund
(P266) j
_. .......- �. _ g.. .. '..,
_.......... .. ......_._._._ __......, .. ....w...._.,
rProject Total 24 413,420.781$558,240.05 $24,971,660.83 1
$.._.... ..__..,.�.. ..._,.. $23,268,233 92 �1 703 426.9,._
This project is anticipated to be included in a future revenue bond issue fort the Water and Sewer
Lon e. 0'I°RVP3M7►tNC0 -SJL,t;U1S Page 2 of
Fund. Available cash within the Water and Sewer portfolio and the City' s portfolio along with the
appropriation authority authorized under the Direct Purchase Note program will be used to provide interim
financing for this project until debt is issued. To the extent resources other than the Water and Sewer
portfolio are used to provide interim financing, the Water and Sewer Fund will be charged interest that is
equivalent to the overall rate of return being earned by the City portfolio (currently approximately one
percent annually). Should the City' s portfolio not support the liquidity needed to provide an interim short-
term financing source, another funding source will be required, which could mean issuance of securities
under the Direct Purchase Note program or earlier issuance of Water and Sewer revenue bonds than is
currently planned. Once debt associated with this project is sold, bond proceeds will be used to reimburse
the Water and Sewer portfolio and the City' s portfolio in accordance with the attached Reimbursement
Resolution.
In accordance with the provisions of the Financial Management Policy Statements, Staff anticipates
presenting revenue-supported debt issuances to the City Council for consideration within the next three
years. The Financial Management Services Department is currently working with all departments to
ensure that multi-year capital improvements plans are in place. Newly developed and already existing
plans, such as the Water Department's current multi-year capital improvement plan, will be presented to
City Council for review and adoption. If the City Council-adopted plan does not include issuance of debt
for this specific project, the project will be funded from other financing sources. If the Council-adopted
plan calls for debt issuance, that debt must be issued within approximately three years to provide
reimbursement for these expenses. If that does not occur, the costs will no longer be reimbursable by
issuing tax-exempt debt and the funding source will have to be made whole through other budgetary
methods. Adoption of this resolution does not obligate the City to sell bonds, but preserves the ability to
reimburse the City from tax-exempt bond proceeds.
Of the $558,240.05 cost of this change order, the amount of$147,834.00 is necessitated by theTrinity
River Vision (TRV) Project while the remaining amount of$410,406.05 is non-TRV related. Upon
execution of this change order, the City will have met its $26.6 Million commitment to the TRV
Project. TRV related expenditures above the $26.6 Million commitment will be reimbursed by the Tax
Increment Financing District and the Tarrant Regional Water District. Of the $147,834.00 considered TRV
related, the amount of$7,092.02 is in excess of the City's $26.6 Million commitment, and will be
reimbursed upon project completion.
M/WBE OFFICE - S.J. Louis Construction of Texas, Ltd., agrees to maintain its initial MBE commitment of
14 percent that it made on the original contract and extend and maintain that same M/WBE commitment of
14 percent to all priors up to and inclusive to this change order No 3. Therefore, S.J. Louis Construction
of Texas, Ltd., remains in compliance with the City's M/WBE Ordinance and attests to its commitment by
its signature on the Acceptance of Previous MBE Commitment form executed by an authorized
representative of its company.
This project is located in COUNCIL DISTRICTS 2 and 9, Mapsco 62R, 62U, 62V, 62W, 62X and 62Y.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that funds are available in the 2017 Water and
Sewer Revenue Bonds Capital Project Fund for this contract. Currently available revenue in the 2017
Water and Sewer revenue Bonds Capital Project Fund is $55,654,275.06. Upon approval of the
recommendation, Revenue will be appropriated for use in the project, as follows:
Logname: 60TRVP3MAINCO3-SJL0UIS Page 3 of 4
_........_..� _.. _._. ......_______............ .. . . _ ... ........... _._.......�_.......�
Available Projected
Fund Appropriation I Balance
Amount
2017 Water and ._....
Sewer
Revenue Bonds � 4,27 .06 $553,241.00 5,096,034.0
Capital
Project Fund.......... ... .._. .
After appropriation of the amount of ,241.00 to the project, the amount of$55,096,034.06 in
available revenue will remain in the 2017 Water and Sewer Revenue Bonds Capital Project Fund.
FUND CEN°"'I°"'ERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
P26 541200 6091700 6987 214L82 508.05
P266 541200 7091700 6987 $75,732.00
CERTIFICATIONS:
Submitted for City Manager's Office bk Fernando Cost ( 122)
Originating Department Head: John Carman ( 246)
Additional Information Contact: Liam Conlon ( )
I,ogname: 0TVP3 3- J UI e 4 of 4