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Speeding up the Panther Island Town Lake and Riverwalk Project with No New Taxes

In February of 2016 local partners communicated to the City that the drop in the price of natural gas was going
to deny TRWD the ability to finance the remaining outstanding local share of the TRV Project. Partners
reached out to the City to help figure out a way to deliver the remaining commitments of the 2009 cost
estimate of $422M which currently stands at $87M.
Local Project Funding 909 Budget from 2009 Estimated Actuals Remaining to Fund
through 2018
TRWD 64,400,000 64,400,000 0
City of Fort Worth 26,600,000 26,600,000 0
Tarrant County 11,000,000 11,000,000 0
TIF (TRWD Financed) 320,000,000 233,044,000 86,956,000
Subtotal 422,000,000 335,044,000 86,956,000

While attempting to work something out with the City, Congress fully authorized the TRV Project earlier this
year (January 2017.) As part of that accomplishment the Corps had to update their costs and we had to enter
into a new interlocal agreement with them to execute the project. Unfortunately, the new interlocal shifted
several work items to local partners which were previously believed to be a Corps responsibility.
To fully understand all local obligations the local partners updated our 2009 estimates. During this update
process the City asked all local partners to figure out, “How much more would it cost to add all of the interior
development costs to the project which the city may be asked to deliver in future years?”
The new Corps’ assumptions, updated local costs which were part of the original project and now expanded
scope to deliver city development infrastructure increased both Local and Federal costs.
2009 estimate New 2017 estimate with full Increase
interior Island city
development infrastructure
added to project costs
Local Share 422,0000,000 583,000,000 161,000,000
Federal Share 487,000,000 586,000,000 99,000,000
Total 909,000,000 1,169,000,000 260,000,000

As the chart above shows, the fully expanded project including interior city development infrastructure
increased the 2009 estimate of local cost $161M, from 422M – 583M.
Here is a breakdown of the 161M local cost share increase:
Category Total by
Original escalated and refined design scope items 28M
Reallocated items by Corps which were part of the original Project 95M
Identified items that should have been included in the 2007 original Project estimate 9M
Proposed City development infrastructure 29M
Total 161M

Note 1: As shown above the majority of the increased dollar obligations of 161M to the local
community is due to items being shifted to the local partners by the Corps in the amount of 95M.
Note 2: Of the 161M in increased dollar obligations only 29M relates to newly requested interior
development considerations to be shared among the partners that the City may be asked to deliver in
the future by themselves.
As shown in the first chart, the remaining outstanding local funding commitments today stand at 87M, and the
combined categories above for: updated costs, reallocated items to local partners and requested interior
infrastructure, in the new estimates add an additional 161M in local funding needs for a total remaining local
balance to finance of 248M.
Remaining local commitment to fund from 2007 project estimates 87,000,000
Local cost share increase based on 2017 estimates and expanded scope of interior 161,000,000
city development infrastructure
Total local funding remaining to fund 248,000,000

Understanding the need to identify financing options for the original 2009 commitment and any additional
needs that may have come out of the 2017 analysis, local partners have been working for months to identify
financing options that met the commitments we have all made to the community: No new taxes and nothing
more from any partners’ general funds.
Under any scenario the only way to address this remaining amount to finance is to issue bonds/debt.
However, issuing bonds will add debt service to the project for the first time. Local partners worked with our
bond partners and TIF estimators to identify how we could issue bonds with no new taxes. It has been
determined that debt could be issued for 250M with no new taxes if the TIF is extended the shorter of 10 years
or the when local partners have all been paid back with all partners being immediately reimbursed upon
execution of any contracts. If this were chosen taxpayers would be asked to:
1) approve a $250M TRWD bond program,
2) to deliver a $1.17B vision,
3) with No New Taxes,
4) which will speed up the delivery of the Panther Island Town Lake and Riverwalk Project and
Gateway Park.