HomeMy WebLinkAboutOrdinance 15274Ordinance No. ~ V ~~
AN ORDINANCE INCREASING ESTIMATED RECEII'TS AND APPROPRIATIONS
IN THE RENTAL REHABILITATION PROGRAM FUND IN THE AMOUNT OF
$80,000 FROM AVAILABLE FUNDS, FOR THE PURPOSE OF EXECUTING A
CONTRACT WITH FORT WORTH SOUTH, INC. FOR THE OLEANDER WALK
NEIGHBORHOOD (OWN) DEVELOPMENT PROJECT, 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 2002-2003 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Rental
Rehabilitation Program Fund in the amount of $80,000 from available funds, for the purpose of executing a
contract with Fort Worth South, Inc. for the Oleander Walk Neighborhood (OWN) Development 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. 15184 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ordinances and appropriations are hereby expressly repealed.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.
AP ROVED A TO RM AND LEGALITY
r
Assis t City A ey
'~1~~~~
ADOPTED AND EFFECTNE.
~'ity of Fo~'t Worth, Texas
Mayor and Council Communication
DATE
10/8/02
**G-13756
LOG NAME
050WN
PAGE
1 of 2
SUBJECT TRANSFER FROM RENTAL REHABILITATION PROGRAM FUND TO THE FORT
WORTH HOUSING FINANCE CORPORATION FUND FOR THE OLEANDER WALK
NEIGHBORHOOD DEVELOPMENT PROJECT
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Rental Rehabilitation Program Fund by $80,000 from available funds, and
2 Authorize the transfer and use of $80,000 in rental rehabilitation funds from the Rental
Rehabilitation Program Fund to the Fort Worth Housing Finance Corporation Fund in order to
execute a contract with Fort Worth South, Inc for the Oleander Walk Neighborhood .(OWN) Project.
DISCUSSION
The City Council has designated Magnolia Village as one of the ten key mixed-use growth areas or
"villages" in the City, which is eligible for designation as a Neighborhood Empowerment Zone, once the
village core is rezoned mixed-use The development of urban villages is a critical element in the
revitalization of the Central City, one of the City Council's strategic goals for 2002 thru 2006
Magnolia Village is at the intersection of Hemphill Street and Magnolia Avenue, and extends several
blocks west on Magnolia Avenue and north to West Rosedale Street. Oleander Street is located in the
western section of Magnolia Village It is centrally located to other employment centers in the south
Fort Worth area and is ideally suited for residential redevelopment.
With funding provided by the Fort Worth Housing Finance Corporation (FVVHFC) and a private
foundation, Fort Worth South, lnc. commissioned the development of a unified master plan for the area
along Oleander Street -the OWN Concept Plan Fort Worth South, Inc. is anon-profit organization
promoting business and residential investment in the Medical District, which encompasses Magnolia
Village The OWN Concept Plan is the basis for an implementation strategy that will initiate the OWN
Development Program The goals of this program are
• To re-establish the vitality of this pre-World War 11 residentia! neighborhood, and
• To return vacant land within the neighborhood to a higher and more productive use, and
• Compatibly refill the existing lots with residential structures that serve a wide range of family types
and a diversity of income levels, while providing potential housing options for the 30,000
individuals working in the Fort Worth South District, as well as the Central City at large, and
• Use Oleander Walk, a narrow, lane-like street, as the armature for reconfiguring additional
residential in-hll Bungalows, row houses, stacked flats and duplex dwellings will be employed,
anti
• Compliment the proposed commercial developments of Gateway Village and Magnolia Green
City of Fort North, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
10/8/02 **G-13756 050WN 2 of 2
SUBJECT TRANSFER FROM RENTAL REHABILITATION PROGRAM FUND TO THE FORT
WORTH HOUSING FINANCE CORPORATION FUND FOR THE OLEANDER WALK
NEIGHBORHOOD DEVELOPMENT PROJECT
In order to begin a quality residential redevelopment on Oleander Walk, Fort Worth South, Inc. has
requested gap financing of $500,000 to partly fund predevefopment costs and land acquisition Phase I
will consist of fourteen housing units. Construction could start as early as 2003 Phase II is a mixed.
commercial/residential project that would include eight homes The estimated total development cost of
Phases I and II is $8 3 million, indicating a leveraging ratio of City dollars of $1 to $17 Two private
banks and Fort Worth South, Inc. will provide the balance of the development cost.
The Housing Department recommended granting Fort Worth South, Inc. a loan of $500,000, of which
$80,000 will be funded out of rental rehab program income, as proposed in this Mayor and Council
Communication, and $420,000 out of FWHFC's interest earnings on its endowment fund The interest
rate on the loan will be 2%, and the loan will be repaid as homes are sold Sale of Phase I homes is
projected to commence in 2004, and Phase II homes are expected to be sold by 2008
On September 10, 2002, the Economic and Community Development Committee endorsed these
recommendations to the FWHFC and the City Council
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval of the above recommendation and adoption of the
attached appropriation ordinance, funds will be available in the current operating budget, as
appropriated, of the Fort Worth Housing Finance Corporation Fund
RR.n
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
2)R109 472092 005109005000 $80,000.00
Reid Rector 6140 1) GR92 441112 005206078000 $80,000 00
Originating Department Head: 1) GR92 538070 005206078030 $80,000.00 ,
Jerome Walker 7537 (from) APPROVED 10/08!02
2) GR92 538070 005206078030 $80,000.00 ORD.# 15274
Additional Information Contact:
Jerome Walker 7537