‘YOUR SPEED’ SIGNS
The council authorized the purchase of 60 driver speed feedback signs from Paradigm Traffic Systems Inc. for $167,100. Known as “your speed” signs, they will be set up citywide to control vehicle speeds.
City officials noted that these signs have been shown to increase driver compliance with posted speed limits. The portable signs will be moved around the city as requests arise.
Council authorized a similar request in March, but a second request was necessary because the previous vendor was unable to honor the quoted price.
STOCK SHOW LEASE OK’D
The council approved a continuation of the annual lease agreement with the Southwestern Exposition and Livestock Show, allowing the organization to continue with full use of the entire Will Rogers Memorial Center during its annual Stock Show.
The Stock Show organization assists the city in maintaining and updating the facilities and the Stock Show gifts improvements to the city.
Offices on the premises need updating and the Stock Show has agreed to do the design and construction of changes to the entry, workroom, offices, boardroom and dining area. It agreed to donate half of the final cost of the project, estimated to be up to $600,000.
In return, the council approved a rent credit to the Stock Show organization for half the final project cost, not to exceed $300,000. The rent credit will be applied in amounts up to $50,000 per year based on the invoice for each Stock Show for six years, beginning in 2018.
NEW HANGAR AT SPINKS
The council approved construction of a 16,000-square-foot hangar at Spinks Airport. The project is part of a 30-year ground lease agreement approved in September 2016.
The hangar will provide storage for based aircraft. Lease Site W3 already consists of 42,992 square feet of land, 49,992 square feet of shared aircraft parking and 3,923 square feet of shared access easement.
The land will be leased at a rate of 29 cents per square foot annually and the shared aircraft parking and access easement at 14.5 cents per square foot. Revenue from the lease is expected to exceed $20,000 annually. Rental rates are subject to an increase each Oct. 1.
BUSINESS TAX ABATEMENT
The council approved a tax abatement for Smith & Nephew Biotherapeutics, a British-based multinational firm with 15,000 employees worldwide and sales of over $4.6 billion in 2016.
Smith & Nephew provides advanced medical products and health care services for orthopedics reconstruction, advanced wound management, sports medicine and trauma and extremities applications.
The company is looking for expansion of an existing site at 4900 W. Vickery Blvd.
The tax abatement is for up to 55 percent over five years, along with
the company being nominated for Texas Enterprise Designation in the September round of applications.
In return, Smith & Nephew would make a capital investment of about $25.7 million by Dec. 31, 2018, for expansion, retain about 83 jobs and hire up to 100 more people with an average wage of $64,000 by 2022. Of these employees, at least 40 percent would be Fort Worth residents and at least 30 percent would be central city residents.
In addition, the company agreed to spend 35 percent or $1.225 million of hard construction costs with Fort Worth minority/women-owned businesses, 35 percent or $5 million annually with Fort Worth companies, and 25 percent or $3.57 million annually with Fort Worth minority/women-owned businesses.
Fort Worth’s director of economic development, Robert Sturns, said the project could bring revenue of about $715,000 to the city.
The project is still very much competitive, Sturns said. The company is looking at two other possible locations in New Jersey and one in Curacao.
PUBLIC ART MASTER PLAN
In the work session, the council heard a draft report on the Fort Worth Public Art Master Plan by Barbara Goldstein and Jessica Cusick, project consultants.
The report included results of a recent survey of over 2,000 people in the city and nearly 400 online showing that respondents prefer iconic and temporary art projects from a broad section of artists, including local artists. The top four places where they’d like to see more art are the Cultural District, Stockyards, downtown and the Trinity River.
