HomeMy WebLinkAboutOrdinance 13216Ordinance No. ~ ~ ~. ~ ~ _
AN ORDINANCE APPROPRIATING $52,000 00 TO THE GENERAL FUND, AND DECREASING THE
UNRESERVED, UNDESIGNATED GENERAL FUND BALANCE BY THE SAME AMOUNT FOR THE
PURPOSE OF PROVIDING FUNDING FOR THE PURCHASE OF THE TARRANT COUNTY CONVENTION
CENTER AND ASSOCIATED PROPERTIES, 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 the Fiscal Year 1997-98 and in the Budget of the City
Manager, there shall also be increased appropriations in the General Fund, in the amount of $52,000 00; thereby decreasing the
unreserved, undesignated Fund balance by the same amount for the purpose of providing funding for the purchase of the Tarrant County
Convention Center and associated properties.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of
competent jurisdiction, such decision, opinion or judgement shall in no way impair the remaining portions, sections, or parts of sections of
this ordinance, which said remaining provisions shall be and remain in full force and effect.
SECTION 3
That this ordinance shall be cumulative of Ordinance No. 13111 and all other ordinances and appropriations amending the same except in
those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which
instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4
This ordinance shall take effect and be in full force and effect and after the date of its passage, and it is so ordained.
APP VED AS TO FORM AND LEGALITY
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Assistant City Attorney
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Date
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Adopted
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Effective
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City of Fort Worth, Texas
Mayor and Council Communication
10/28/97 C-16410 12CONV 1 of 2
sIISS$cT ADOPTION OF RESOLUTION AUTHORIZING THE PURCHASE OF THE TARRANT
COUNTY CONVENTION CENTER AND ASSOCIATED PROPERTIES FROM TARRANT
COUNTY AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED LEGAL
INSTRUMENTS INCLUDING AN INSTALLMENT SALE CONTRACT, REAL ESTATE LIEN
NOTE, DEED OF TRUST, SPECIAL WARRANTY DEED WITH VENDOR'S LIEN,
ASSIGNMENT AND BILL OF SALE, PERSONAL PROPERTY PURCHASE AGREEMENT,
MANAGEMENT AGREEMENT FOR TEMPORARY MANAGEMENT OF THE CENTER BY
THE COUNTY, AND OTHER NECESSARY AND RELATED LEGAL INSTRUMENTS AND
ACTIONS
RECOMMENDATION ~ ~ `;
It is recommended that the City .Council
1 Adopt the attached ,Joint Resolution and Order authorizing the. purchase of the Tarrant
County Convention Center and associated properties from Tarrant County, and
2 Authorize the City Manager or Assistant City Manager to execute an installment sale
contract, real estate lien:note, deed of trust, special warranty deed with vendor's lien,
assignment and bill of sale; .personal property agreement and management agreement and
all other necessary documents related to the such matter, and
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3 Adopt the' attached,. supplemental appropriation ordinance ncreasing General Fund
.. appropriations by-552;000:00 and decreasing the unreserved,-undesignated fund balance
by the same amount
DISCUSSION - ~_.~.
The attached .Joint ~Resolutionand Order is scheduled for consideration. byahe,.Citjr-Council and
the Tarrant County Commissioners Court today ;"' °+
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T.he Tarrant County Convention Center is owned by Tarrant County, which operates the Center
at a significant annual loss which must be subsidized by County taxpayers The Center is in
need of renovation and improvement which would be better accomplished byia sale to the City
The purchase price is S 10,000,000, payable over twenty years in semia--n``n~--a~--l _o___soallments as set
forth in Exhibit C to the installment sale contract Payments will total $-per year for the
first two years of the note, with the first payment to be on August 15, 1998 Thereafter, the
City will make principal and interest payments as set forth in the Schedule each February and
August 15 Total payments, including principal and interest, will amount to ,
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Closing costs area estimated at $52,000
Printed on Recyded Paper
City of Fort Worth Texas
Mayor and Council Communication
DATE REFERENCE NUNIDER LOG NA148 PAGE
10/28/97 C-16410 12CONV 2 of 2
sIISJECT ADOPTION OF RESOLUTION AUTHORIZING THE PURCHASE OF THE TARRANT
COUNTY CONVENTION CENTER AND ASSOCIATED PROPERTIES FROM TARRANT
COUNTY AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED LEGAL
INSTRUMENTS INCLUDING AN INSTALLMENT SALE CONTRACT, REAL ESTATE LIEN
NOTE, DEED OF TRUST, SPECIAL WARRANTY DEED WITH VENDOR'S LIEN,
ASSIGNMENT AND BILL OF SALE, PERSONAL PROPERTY PURCHASE AGREEMENT,
MANAGEMENT AGREEMENT FOR TEMPQRARY MANAGEMENT OF THE CENTER BY
THE COUNTY, AND OTHER NECESSARY AND RELATED LEGAL INSTRUMENTS AND
ACTIONS
The purchase price is supported by a fair market value appraisal obtained by the City and County
In addition to the purchase of the real property, the Resolution authorizes the negotiation and
execution of an agreement for the purchase of certain machinery, equipment, furniture and
fixtures at the Center This Personal Property Agreement is in the process of negotiation and
once a final agreement is reached, staff will request City Council appropriation of funding for the
purchase
In order to provide for an orderly transition of management and operation of the Center to the
City, the Resolution authorizes a management agreement allowing for temporary management
of the Center by the County during the transition The County will operate the Center as the
City's independent contractor All revenues from the Center will go to the City, and the City will
,reimburse the County for the reasonable, customary and necessary expenses' of management and
operation This transit+on--period will not exceed ninety days, unless both parties agree
otherwise
FISCAL INFORMATION/CERTIFICATION.
The Director of Fiscal Services certifies that upon the adoption of the attached- appropriation
ordinance, funds for the closing of the transaction will be available in the .current .operating
budget, as appropriated, of the General Fund Upon completion of this recommendation, the
unaudited, unreserved, undesignated fund balance of the General Fuod will be.$29,395,093 00
CB•f
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CiPTY.SECRETARY
Office bp: (to)
GGOI 541100 0252000 $52,000.00 ®Y~Q
Charles Boswell 8511 t
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Originating Department Head:
OCT 213 197
Wade Adkins 7623 (from)
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For Additional Information ~',~$f ~'~
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Contact: ~~tq aY ~
Mike Groomer 8511
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Printed on Hecyded Paper