The update in the development agreement sets out land use and development standards for the 522 acres. Proposed updates to additional agreements concern infrastructure and utilities.
The city council will vote on other matters of import to the Fort Worth business community during its upcoming meeting, listed below. . Transportation impact fees are, as defined by the city, charges assessed by local governments on new development projects that help fund transportation improvements that become necessary as new development occurs. Simply put, they’re a vehicle the city uses to pay for infrastructure worn down by new development.
The fees are assessed every five years. City staff is recommending new collection rates well above what developers are currently paying.The city council will consider a measure to authorize a construction manager at risk contract to Hunt/Byrne/Smith, a joint venture, for phase one of the Fort Worth Convention Center renovation and expansion project.
The amount specified in the contract is capped at $30 million, according to the documents. With this contract, the JV will be able to get underway with construction. Overall, the project is expected to cost about $52 million.
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