The purpose of this M&C is to change the public partner for the Project from Trinity Metro f/k/a Fort Worth Transportation Authority, authorized by M&C C-27938 on September 20, 2016, to Fort Worth Housing Solutions. This change also reflects the revised scope of the project and provides direct capital funding for a parking garage and streetscape improvements to improve accessibility to the T&P rail station.
The 2014 Capital Improvement Program includes $4.5 million for the construction of public infrastructure to support Transit Oriented Development (TOD) projects. Fort Worth Housing Solutions and Trinity Metro are working in partnership with private development interests to construct a mixed use development with mixed income housing and other commercial uses at the corner of West Vickery Boulevard and South Main Street. The project is known as the Katy Station Lofts. The total residential development value is estimated to be $75,000,000 and the hotel development is expected to be $20,000,000. All of the hotel development will be taxable and approximately $2,000,000 of the residential development will be taxable.
The City's contribution to the first phase of the project is to provide $4.5 million in 2014 CIP funding to Fort Worth Housing Solutions for construction of a shared parking garage and parking improvements integrated with the TOD project. This first phase of the project may also use the funds for streetscape improvements on South Main and West Vickery.
The basic terms of the Agreement are as follows:
1) City will reimburse Fort Worth Housing Solutions for capital costs associated with the design and construction of the Project (Cost) up to the amount of the $4.5 Million in 2014 CIP Transit Oriented Development bond funds as its share for design and construction of a shared parking garage in the Katy Lofts Station TOD project.
2) The City funded portion of the Project will provide parking for commuters who use the Trinity Railway Express and the future TEX Rail at the T& P Rail Station. Work related to the project will include construction of a parking garage which will be shared between the transit users and the mixed use development. It may also include grading, drainage, pavement, structures, vehicular and pedestrian access to South Main Street, signs, markings, fencing, lighting, security surveillance, and landscaping.
3) The Fort Worth Housing Solutions project will create a minimum of 300 new parking spaces dedicated for use by transit users.
4) Fort Worth Housing Solutions shall be responsible for the design, construction, and maintenance of the project.
5) If the Cost is less than the available TOD funds, Fort Worth Housing Solutions agrees to use the remainder of the TOD funding on pedestrian and or parking enhancement solutions related to the proposed Katy Station Lofts TOD on land owned by Trinity Metro at or around the T&P Rail Station.
6) Construction of the new parking structure shall meet the competitive procurement rules related to the 2014 City Capital Bond Program of the City of Fort Worth.
7) Fort Worth Housing Solutions may levy fees for the use of the parking and all proceeds of the fees must be used for operations and maintenance of the parking garage and associated pedestrian routes to the T&P Rail Station or the TOD.
8) Fort Worth Housing Solutions shall utilize a DBE goal of 25 percent, for the construction of the new parking garage and associated infrastructure.
9) Fort Worth Housing Solutions shall provide the City a monthly progress report on the Project including updated Cost information.
10) Fort Worth Housing Solutions shall invoice the City monthly for Project Cost and reimbursement will be based on actual costs incurred for the design and construction.
This contract will be with a governmental entity, state agency or public institution of higher education: Fort Worth Housing Solutions. This project is located in COUNCIL DISTRICT 9 and serves the T&P Rail Station and the entire City.
This project is included in the 2014 Capital Improvement Program. Available resources within the General Fund will be used to provide interim financing for these expenses until debt is issued. Once debt associated with this project is sold, bond proceeds will reimburse the General Fund, in accordance with the statement expressing official Intent to Reimburse that was adopted as part of the ordinance canvassing the bond election - Ordinance No. 21241-05-2014.
The proposed transit oriented development anticipates a mixed use with a combination of housing, retail and a hotel. Preliminary conceptual estimates place the new private investment in the transit oriented development in excess of $80 million dollars.
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