HomeMy WebLinkAboutOrdinance 19060-03-2010Ordinance No 19060-03-2010
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE SPECIAL TRUST FUND IN THE AMOUNT OF $245,931 00 FROM AVAILABLE
FUNDS, TO FULLY FUND TWO POSITIONS AND PARTIALLY FUND TWO POSITIONS
IN THE HOUSING AND ECONOMIC DEVELOPMENT DEPARTMENT THAT ARE
RESPONSIBLE FOR THE ADMINISTRATION OF TAX INCREMENT FINANCING (TIF)
ZONES AND THE FORT WORTH LOCAL DEVELOPMENT CORPORATION•
PROVIDING FOR A SEVERABILITY CLAUSE, 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 various City departments for Fiscal Year 2009-2010 in the
Budget of the City Manager there shall also be increased estimated receipts and appropriations in the
Special Trust Fund in the amount of $245 931 00 from available funds, to fully fund two positions and
partially fund two positions in the Housing and Economic Development Department that are responsible
for the administration of Tax Increment Financing (TIF) zones and the Fort Worth Local Development
Corporation
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 18809 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ordinances and appropriations are hereby expressly repealed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.
APPROVED AS TO FORM AND LEGALITY
Assistant City Attorn
ADOPTED AND EFFECTIVE. March 2. 2010
City of Fort Worth, Texas
Mayor and Council Communication
s - ,. ~. ., ~ .. ~~ ss ~ - v~s e
COUNCIL ACTION: Approved on 3/2/2010 -Ord. No. 19060-03-2010'
DATE Tuesday March 02 2010 REFERENCE NO G-16862
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SUBJECT
Authorize the Transfer of Funds from Various Tax Increment Financing Funds and Accept Funds from the
Fort Worth Local Development Corporation into a Special Trust Fund for Fiscal Year 2009-2010
Administration by the Housing and Economic Development Department and Adopt Related Appropriation
Ordinance
RECOMMENDATION
It is recommended that the City Council
1 Transfer $219 931 00 from Tax Increment Reinvestment Zone Nos 7 8 12 and 13 (the North Tarrant
Parkway TIF the Lancaster Corridor TIF the East Berry Renaissance TIF and the Woodhaven TIF) to the
Special Trust Fund and accept $26 000 from the Fort Worth Local Development Corporation to the
Special Trust Fund to fully fund two positions and partially fund another two positions in the Housing and
Economic Development Department related to administration of Tax Increment Reinvestment Zones
(TIFs) and the Fort Worth Local Development Corporation and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Special Trust Fund by $245 931 00 from available funds
DISCUSSION
As the need for administration of the City's Tax Increment Reinvestment Zones (TIFs) and the Fort Worth
Local Development Corporation (LDC) has grown City staff was directed to pursue additional funding
sources to meet that need For Fiscal Year 2009-2010 operating expenses and two positions in the
Housing and Economic Development Department will be funded solely from five percent of the annual tax
increment generated by the North Tarrant Parkway TIF the Lancaster Corridor TIF the East Berry
Renaissance TIF and the Woodhaven TIF Two additional positions for TIF LDC and Public Improvement
District (PID) administration will be funded partially by the TIF and LDC revenues set forth in this M&C as
well as the PID administrative assessments previously approved by the City Council
In accordance with the process
September 1 2009 The LDC Board approved a transfer of $26 000 00 for administration expenses
September 9 2009 The East Berry Renaissance TIF Board approved a five percent increment transfer of
$7 094 00 for TIF administration expenses,
December 2 2009 The Woodhaven TIF Board approved a five percent increment transfer of $4 735 00
for TIF administration expenses
December 14 2009 The Lancaster Corridor TIF Board approved a five percent increment transfer of
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$153 550 00 for TIF administration expenses, and
January 19 2010 The North Tarrant Parkway TIF Board approved a five percent increment of
$54 552 00 for TIF administration expenses.
The attached appropriation ordinance will increase estimated receipts and appropriations in the Special
Trust Fund by $245 931 00 to ensure that funds are available for administration of the TIFs and the LDC
for the remainder of the Fiscal Year 2009-2010
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriation ordinance funds will be available in the current capital budget,
as appropriated of the Special Trust Fund
FUND CENTERS
TO Fund/Account/Centers
FE72 461813 017587001000
FE72 461813 017587001000
FE72 511010 017587001000
GS87 539120 002708005000
R152 539120 0171000
7 094.00
4 735.00
$54,552.00
$153, 550.00
$26,000.00
CERTIFICATIONS
Submitted for City Manager's Office by'
Originating Department Head.
Additional Information Contact:
FROM Fund/Account/Centers
$26,000.00 GS87 539120 002712006000
$219,931.00 GS87 539120 002713007000
$245,931.00 GS87 539120 002707004000
Thomas Higgins (6192)
Jay Chapa (5804)
Henry Day (6376)
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