HomeMy WebLinkAboutOrdinance 15170F ~~ ~'' 07-31-0 2 P 1 2 32 I N
Ordinance No. !~" ~~
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE GENERAL FUND IN THE AMOUNT OF $780,147 FROM AVAILABLE
FUNDS FOR THE PURPOSE OF FUNDING THE CURRENT AND PREVIOUS
PURCHASES OF PROPERTY ASSOCIATED WITH LAGRAVE FIELD, MAKING
THIS ORDINANCE CUMULATNE OF PRIOR ORDINANCES IN CONFLICT
HEREWITH, AND PROVIDING AN EFFECTNE 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 2001-02 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the General
Fund in the amount of $780,147 for the purpose funding the current and previous purchases of property
associated with LaGrave Field.
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. 14745 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ordinances and appropriations are hereby expressly repealed.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.
APPRO AS TO RM AND LEGALITY
ssistant Atto ey
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ADOPTED AND EFFECTIVE.
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
7/30/02 **L-13365 02LAGRAVE 1 of 2
SUBJECT AUTHORIZE THE PURCHASE OF PROPERTY LOCATED AT 500 NORTH COMMERCE
FROM PANTHER CITY REAL ESTATE, LLC FOR THE DEVELOPMENT OF LAGRAVE
FIELD AND ADOPTION OF APPROPRIATION ORDINANCE
RECOMMENDATION
It is recommended that the City Council
1 Authorize the transfer of $780,147 from a General Fund escrow account to the General Fund
operating budget; and
2 Adopt the attached supplemental appropriation ordinance increasing estimated receipts and
appropriations in the General Fund by $780,147 from available funds, and
3 Authorize the City Manager to execute all necessary documents to purchase approximately 75,000
square feet of land and improvements legally described as Lot 1, Block A-R, Union Land Company
Addition for a full sale price of $155,983
DISCUSSION
On November 14, 2000 (M&C G-13075), the City Council approved the purchase of property for the
development of LaGrave Field The parcel described in recommendation No 3 above is the final parcel
of land necessary to complete the property assemblage
Minor utility bills also must be paid for water, electricity and gas used at the site The total of all utility
bills is $869 No future utility costs to the City are anticipated An independent appraisal, at a cost of
$3,000, is also included in the total cost.
The remaining amount of $620,000 in recommendation No 1 above is to correct an error in M&C G-
13075 that authorized the purchase of the original 33 acres That M&C failed to account for the transfer
of funds from the Hillwood settlement escrow account to the General Fund It is anticipated that interest
earnings in that escrow account will offset the cost of the land purchases over the life of the Hillwood
development. The error in the original M&C resulted in the use of General Fund fund balance for the
$620,000 purchase This Mayor and Council Communication corrects that and adds $620,000 to the
General Fund fund balance
T
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City of Fort Worth, Texas
Mayor and Council Communication
DATE
7/30/02 REFERENCE NUMBER
**L-13365 LOG NAME
02LAGRAVE PAGE
2 of 2
SUBJECT AUTHORIZE THE PURCHASE OF PROPERTY LOCATED AT 500 NORTH COMMERCE
FROM PANTHER CITY REAL ESTATE, LLC FOR THE DEVELOPMENT OF LAGRAVE
FIELD AND ADOPTION OF APPROPRIATION ORDINANCE
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 General Fund
CB k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
1&2) GG01 481306 0905500 $780,147.00
Charles Boswell 8511 2) GG01 539120 0905500 $780,147.00
Originating Department Head:
Charles Boswell 8511 (from) APPROVED 07/30/02
1) GG01 240155 0000000 $780,147.00 ORD.# 15170
Additional Information Contact: 3) GG01 539120 0905500 $160,147.00
Skip Krueger 8514