HomeMy WebLinkAboutOrdinance 11822~ .S '~a ~.
f ~
ORDINANCE NO,/ ~~~
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GRANTS FUND IN THE AMOUNT OF
$26,667.00 FOR THE PURPOSE OF CONTRACTING WITH FORT
WORTH ECONOMIC DEVELOPMENT CORPORATION FOR THE
ADMINISTRATION OF THE REVOLVING LOAN FUND PROGRAM,
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
T994-95 and in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Grants Fund in the amount of $26,667.00 for the purpose of contracting with the
Fort Worth Economic Development Corporation for the administration of the Revolving Loan Fund
Program.
SECTION 2.
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. 11645 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provisions of said prior ordinances and appropriations are hereby expressly repealed.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 from and after the date of its passage,
and it is so ordained.
APPROVED AS TO FORM AND LEGALITY
,~~~City Atto e ~ ~~~,~.
Date '
/-,~ / - ~~
Adopted s
Effective
City of Fort T~orth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
01 /31 /95 **C-14676 131X 1 of 2
SUBJECT CONTRACT WITH FWEDC FOR THE ADMINISTRATION OF THE RLF FUND
RECOMMENDATION•
It is recommended that the City Counc+l authorize the C+ty Manager to
1 Execute a contract w+th the Fort Worth Econom+c Development Corporation (FWEDC) to
admin+ster the RLF Program, from RLF +nterest repayments, in an amount not to exceed
526,667 00 for the per+od January 1, 1995, to May 31, 1995, and
2 Adopt the attached appropr+at+on ordinance increasing estimated rece+pts and
appropriat+ons +n the Grants Fund by 526,667 00 from increased revenue, and
3 Authorize the transfer of RLF Program interest income in the ,Grant Fund to the FWEDC RLF
Administration project, and
4 Authorize the use of Revolving Loan Fund Program (RLF) proceeds earned for the period
of January 1, 1995, to May 31, 1995, to fund loans and administer the RLF Program
DISCUSSION
On September 30, 1980, the Economic Development Administration awarded 51 million Title IX
Economic Adjustment Grant to the City of Fort Worth, to establ+sh a Revolving Loan Fund (RLF)
The purpose of the funds was to strengthen the economic base of four Coordinated
Neighborhood Revitalization (CNR) areas (Mid-South, Near Southeast, Northside, and Riverside)
within the City of Fort Worth by providing a source of financing for small business loans ~ The
grant required that the City provide a 5490,000 00 matching share, which was provided through
the City's Community Development Block Grant (CDBG) funds, banging the total authorized
budget for the protect to 51,490,000 00
The grant mandated that the funds be administrated by an independent, not-for-profit corporation
composed of a board of directors and staff separate from the City of Fort Worth This
requirement was initially satisfied by contracting with the Fort Worth Economic Development
Corporation
FWEDC operated the fund from its inception through May 31, 1991 , when +ts contract exp+red
and was not renewed based on directions from the U S Department of Hous+ng and Urban
Development (HUD) HUD's direction was based on its find+ng that FWEDC had shown a tow
achievement of goals over a significant period of time From June, 1991 until January, 1994
the City serviced the loans that had been made to small businesses
spi Printed on recycled paper
City of Fort Worth, Texas
Mayor and Council Communication
DATE
01 /31 /95 REFERENCE NUMBER
**C-14676 LOG NAME PAGE
131X 2 of 2
suJ3JECT CONTRACT WITH FWEDC FOR THE ADMINISTRATION OF THE RLF FUND
The City executed a contract with FWEDC to administer the RLF Program from January 31,
1994, to September 30, 1994 The contract was extended from September 30, 1994, to
December 31, 1994 because the City's economic development initiative was being evaluated by
staff During the evaluation period staff has determined that the continued operation of the RLF
Program by FWEDC will benefit the City's overall strategy to assist businesses and create jobs
in the four CNR coordinated areas
This project will service COUNCIL DISTRICTS 2, 4, 8, and 9
FISCAL INFORMATION/CERTIFICATION
The Fiscal Services Director certifies that upon the approval of the above recommendations, teh
funds will be available in the current operating budget, as approved in the Grant Fund
CB w
Submitted for City Manager's FUND A(.000\'T C.11'1'LR AN10UN1' CITY SECRETARY
Oftice by: (t~)
(2) GR76 53J12U 013206100890 S26 667 00
Charles Boswell 8500 (2)(3) GR76 451685 013?06100000 $26 667 00 APPROVED
Originating Department Head: rJ~ ! ~ ~®1 I@~
Jirn Keyes 8517
(
from)
! ~tt ~~
~~~
i r'li~l
For Additional information (3)GR76 451524 005206060000 826 667 00 ~ w4s.th~+..~,,,~
Contact: :ihr ~e:Crelstrq o! thQ
,uv of ort C~Vort~t
':'
s
s
Jim Kayes 8517 ,
e
a
~~~ Printed on recycled paper