The purpose of this Mayor and Council Communication is to create an appropriation that allows the proper recording of the 2% administrative fee charged to the Fort Worth Public Improvement District No. 18 - Tourism PID per the City's agreement with the Fort Worth Tourism Public Improvement District Corporation (FWTPIDC) and the Fort Worth Convention and Visitors Bureau (CVB) and the 2018 budget and ten-year service and assessment plan adopted by the City Council on August 29, 2017 (BH-367).
On August 29, 2017, the Mayor and City Council adopted Resolution No. 4837-08-2017 establishing the Tourism PID. The City Council, through separate action, also authorized an agreement with the FWTPIDC and CVB to manage the operations of the Tourism PID (Agreement) (M&C BH-367; CSC No. 50298). The Agreement sets forth the City's administrative fee structure, which entitles the City to retain two percent (2%) of special assessment revenues to cover the City's costs related to the Tourism PID operations, including, but not limited to, staff time and expenses related to the assessment collections, costs for publication and mailing of legal notices required for the Tourism PID, review of reports and audits, and preparation of tax rolls and City Council documents related to the Tourism PID.
At the City's election, the City will have the right to collect this administrative fee either annually by deducting the full amount of the fee from the special assessments collected for the month of October or monthly by deducting one twelfth (1/12) of this administrative fee from each month's collection of assessments. The administrative fee is capped at fifty-five thousand dollars ($55,000.00) on an annual basis
This M&C does not request approval of a contract with a business entity.