HomeMy WebLinkAboutOrdinance 14990M ~
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Ordinance No f ~ ~~y
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE GRANTS FUND IN THE AMOUNT OF $1,000,000 FOR THE PURPOSE OF
FUNDING AN ECONOMIC DEVELOPMENT INITIATNE (EDI) - SPECIAL
PROJECT GRANT FOR THE MAGNOLIA VILLAGE PROJECT ON HEMPHILL
STREET AND TO EXECUTE RELATED GRANT AGREEMENT, MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL
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 m the
Budget of the City Manager, there shall also be increased estimated receipts and appropnations in the Grants
Fund in the amount of $1,000,000 for the purpose of funding an Economic Development Initiative (EDI) -
Special Project Grant for the Magnolia Village Project on Hemphill Street and to execute related grant
agreement.
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 approprrahons
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ordinances and appropriations are hereby expressly repealed.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 EFFECTNE. Z ' Z (' D Z
G-f3s3 7
City of Fort Wo~tlz, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
r 2/26/02 **G-13537 22MAGNOLIA 1 of 2
suB~ECT AUTHORIZATION TO APPLY FOR AND ACCEPT AN ECONOMIC DEVELOPMENT
INITIATIVE -SPECIAL PROJECT GRANT FOR THE MAGNOLIA VILLAGE PROJECT
ON HEMPHILL STREET AND TO EXECUTE RELATED GRANT AGREEMENT
RECOMMENDATION
It is recommended that the City Council
1 Authorize the City Manager to apply for and accept an Economic Development Initiative (EDI) -
Special Project grant in the amount of $1,000,000 from the U S Department of Housing and Urban
Development (HUD) for the Magnolia Village project on Hemphill Street; and
2 Authorize the City Manager to execute a grant agreement with HUD for funding development of the
Magnolia Village project; and
3 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Grants Fund by $1,000,000, upon receipt of the grant.
DISCUSSION
During the FY2002 federal appropriations process, the City requested and received an EDI -Special
Project grant in the amount of $1,000,000 for the redevelopment of a mixed-use residential and
commercial center at the southwest corner of Hemphill Street and West Rosedale Street in Magnolia
Village Magnolia Village is one of the ten urban villages for which commercial corridor conceptual
redevelopment plans have been prepared The EDI funds do not have a matching requirement.
The Magnolia Village project, known as Magnolia Green Development, is a mixed-use retail/office and
retail/residential anchor development on a prominent five-acre site at the intersection of Magnolia
Avenue and Hemphill Street. This new multi-story mixed-use anchor will have ground floor retail and
residential fronting West Magnolia Avenue with above-story market rate housing and office
Commercial and housing development on the site will be supported with structured parking and a park
feature interior to the structures The developer, Pennsylvania Avenue LP, is partnering with the City
and Fort Worth South in this development effort.
These EDI -Special Project funds will be used for site preparation, utilities and infrastructure, park and
landscaping amenities, master planning, and to share in underwriting the cost of structured parking
The EDI funds do not have a matching requirement, nor is the City required to apply for Section 108
loan funds as in previous EDI applications The project is expected to be completed in May 2004
City of Fort Worth, Texas ,
Mayor and Council Communication
DATE REFERf=NGE NUMtitK LVh IVHIVIC rrw~
2/26/02 **G-13537 22MAGNOLIA 2 of 2
SUBJECT AUTHORIZATION TO APPLY FOR AND ACCEPT AN ECONOMIC DEVELOPMENT
INITIATIVE -SPECIAL PROJECT GRANT FOR THE MAGNOLIA VILLAGE PROJECT
ON HEMPHILL STREET AND TO EXECUTE RELATED GRANT AGREEMENT
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval of the above recommendations, receipt of the grant,
and adoption of the attached appropriation ordinance, funds will be available in the current operating
budget, as appropriated, of the Grants Fund
CB•k
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
3) GR76 451727 022206766000 $1,000,000.00
Charles Boswell 8511 3) GR76. Various 022206766010. $1,000,000.00
Originating Department Head:
Fernando Costa 8042 (from) APPROVED 02/26/02
ORD.# 14990
Additional Information Contact:
Chris Maguire 8187