HomeMy WebLinkAboutOrdinance 146801
Ordinance No ~ '
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
CAPITAL PROJECTS RESERVE FUND IN THE AMOUNT OF $30,000 FROM AVAILABLE FUNDS
FOR THE PURPOSE OF FUNDING A CONTRACT WITH HVS INTERNATIONAL TO CONDUCT
AN ANALYSIS STUDY OF THE ECONOMIC VITALITY OF THE CONVENTION CENTER HOTEL
AND T&P PROJECT, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND
REPEALING ALL 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 vanous City departments for the Fiscal Year 2000-01 and in the Budget of
the City Manager, there shall also be increased estimated receipts and appropriations in Capital Projects Reserve Fund in the
amount of $30,000 from available funds for the purpose of funding a contract with HVS International to conduct an analysis
study of the economic vitality of the Convention Center Hotel and T&P 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. 14286 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, inwhich 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repealed.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
~SG,//r~~ ,~ ~--
Assistant City Attorney
ADOPTED AND EFFECTIVE.
City of Fort Worth, Texas
~1-~A~ jar And Caunc~i( C,ain~rtun~cAt~ian
DATE REFERENCE NUMBER LOG NAME PAGE
6/26/01 **C-18639 13HOTELS 1 of 2
suB~ECT APPROVAL OF AGREEMENT WITH HVS INTERNATIONAL TO CONDUCT AN
ECONOMIC ANALYSIS STUDY REQUIRED FOR FINANCING HOTELS
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Capital Projects Reserve Fund by $30,000 from available funds, and
2 Authorize the transfer of $30,000 from the Capital Projects Reserve Fund to the General Fund/Non-
Departmental Department; and
3 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
General Fund/Non-Departmental, and
4 Authorize the City Manager to enter into an agreement with HVS International for a fee not to
exceed $30,000 to conduct an economic analysis study required for the potential financing of a
proposed Convention Center Headquarters Hotel and the proposed T&P Hotel
DISCUSSION
With the Convention Center currently undergoing a $75 million renovation and expansion, the purpose
of this study is to examine the overall economic viability of two hotel projects, the proposed Convention
Center Headquarters Hotel and the proposed T&P Hotel, both collectively and individually, and their
economic interaction with the Convention Center expansion The study will provide complete cash flow
projections for both hotel projects fora 15-year period, and will be referenced in the offering documents
of the two potential financings It will not be possible to issue debt for one or both of the projects
without the study
The consultant selected is a national firm whose projections are accepted by investors in hotel projects
The reports will be delivered in two phases
• Phase I Market analysis of the two projects with a complete draft report to be completed
within four weeks from the date of engagement.
• Phase II Updated report(s) for inclusion in offering documents for the financings)
City of Fort Worth, Texas
~1-~a~ar And ~aunc~( ~,am~rtun~cAt~ian
DATE
6/26/01 REFERENCE NUMBER
**C-18639 LOG NAME
13HOTELS PAGE
2 of 2
SUBJECT APPROVAL OF AGREEMENT 1N1TH HVS INTERNATIONAL TO CONDUCT AN
ECONOMIC ANALYSIS STUDY REQUIRED FOR FINANCING HOTELS
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval of the above recommendations and adoption of the
attached appropriation ordinances, funds will be available in the current operating budget, as
appropriated, of the General Fund The cash balance in the Capital Projects Reserve Fund after this
transfer will be $1,217,365
CB k
Submitted for City Manager`s FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
office by: (ta> APPRO~JED
Charles Boswell 8511 CfTY COUN.CiL
Originating Department Head:
JUN 2& 2001
Jim Keyes 8517 (from) yy
~~
GG01 539120 0905500 $30,000 00 ~~ ''
.. lx"ru,«..,~
Additional Information Contact: ta
ry of the
City Serae
y~
~
Cft } Cf Foit ~Yai tff, 'rR?:{~fJ
Jim Keyes 8517
Adopted Ordnance ~o~ l~ Adopted Ordit~a~ce No. ~~