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Home My WebLink About2012/03/06-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, MARCH 6, 2012 Present: President Frank Moss Vice President Danny Scarth Treasurer W. B. "Zim" Zimmerman Trustee Betsy Price Trustee Salvador Espino Trustee Jungus Jordan Trustee Dennis Shingleton Trustee Kathleen Hicks Trustee Joel Burns City staff: Fernando Costa, Assistant City Manager Vicki Ganske, Senior Assistant City Attorney Ron Gonzales, Assistant City Secretary Jay Chapa, Director, Housing & Economic Development Department Avis Chaisson, Community Development Coordinator, Housing & Economic Development Dept. Other staff: Tom Higgins, City Manager Cynthia Garcia, Administrator Horatio Porter, Budget Officer, City Manager's Office Henry Day, Senior Management Analyst, Housing & Economic Development Department LeAnn Guzman, Senior Assistant City Attorney 1. Call to Order. With a quorum present, President Moss called the meeting to order for the Board of Directors of the Fort Worth Local Development Corporation (Corporation) at 2.20 p.m. on Tuesday, March 6, 2012, in the Pre - Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton Street, Fort Worth, Texas. 2. Approval of Minutes of the December 6, 2011, Meeting. President Moss opened the floor for a motion on the approval of the minutes of the Tuesday, December 6, 2011, meeting. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, MARCH 6, 2012 PAGE 2 MOTION: Upon a motion made by Director Price and seconded by Director Hicks, the Board of Directors voted unanimously 9 ayes and 0 nays, to approve the Tuesday, December 6, 2011, minutes of the Corporation as presented. The motion carried. NOTE. Written Reports, draft resolutions, PowerPoint presentations and other documents prepared by staff for this meeting are not detailed in these minutes; the information is summarized. Complete documents are on file in the City Secretary's Office. 3. Executive Session. President Moss stated that he had been advised that an Executive Session was not necessary on the following items: A. Seek the advice of its attorneys concerning the following items that are exempt from public disclosure under Article X, Section 9, of the Texas State Bar Rules, as authorized by Section 551.071 of the Texas Government Code: (i) legal issues concerning any current agenda item; and B. Discuss the purchase, sale, lease or value of real property, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Corporation in negotiations with a third party; and C. Discuss or deliberate negotiations related to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. This agenda item was passed over. 4a. Written Reports: Fort Worth Housing Finance Corporation Financial Report through January 31, 2012. President Moss referenced the Financial Report through January 31, 2012, and opened the floor for discussion on the report. He referenced the Statement of Revenues and Expenditures and asked why the statement covered a 16 -month period rather than a 12 -month period. Mr. Henry Day, Senior Management Analyst, Housing and Economic Development Department, advised that the date was a typographical error and should have actually reflected the date of October 1, 2011. The written report was provided to the Board as a matter of information. There was no formal action taken on the report. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, MARCH 6, 2012 PAGE 3 5. Discussion and Consideration to Amend the TIF Agreement for Missouri Streetscape Improvements to Include Utility Relocation in Addition to Design and Adopt a Resolution to Enter into an Agreement with Cypress Equities to Reimburse for TIF eligible Expenses Related to Utility Relocation in the Evans and Rosedale Urban Village. Ms. Avis Chaisson, Community Development Coordinator, Housing and Economic Development Department, addressed the Corporation regarding the proposed resolution. She explained that the area form Terrell to Rosedale and from Dashwood to Missouri to the frontage road. She added this occurred in order to have the Jack `N the Box ready for construction. She provided the current status of the project as follows: • Project is substantially complete. Preliminary request has been submitted for City to accept improvements • Once project accepted by City, LDC will be reimbursed for expenses incurred • AT &T line located in an abandoned alley across site for proposed 7 -11 is delaying closing of property and the start of construction • This utility relocation is a TIF eligible expense since AT &T line serves the area and not an individual site (cost of relocation to be up- fronted by Cypress Equities approximately $20,000) She advised of the next steps as reflected below: • Staff submit a request to the Southside TIF to amend the existing agreement to include reimbursement for design and construction of the utility relocation in a public right of way • Authorize execution of the amended agreement if approved by the TIF Board • Authorize execution of an agreement with Cypress Equities to reimburse for TIF eligible expenses related to utility relocation not to exceed $20,000 President Moss opened for the floor for discussion on this issue. There being no discussion, President Moss opened the floor for a motion. MOTION: Upon a motion made by Director Hicks and seconded by Director Price, the Board voted unanimously 9 ayes and 0 nays, to approve Resolution No. FWLDC 2012 -01. The motion carried. 6. Discussion and Consideration of Resolutions Associated with the Lancaster Mixed -Use Project. a. Adopt a Resolution Authorizing the Assignment of Purchase Agreement with the City of Fort Worth for Property on Lancaster to the Lancaster Corridor Redevelopment, LLC CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, MARCH 6, 2012 PAGE 4 b. Adopt a Resolution Authorizing Extension of Current Development Management Agreement with L2L for the Lancaster Mixed -Use Project and Assignment to the Lancaster Corridor Redevelopment, LLC Mr. Jay Chapa, Director, Housing and Economic Development Department, addressed the Corporation regarding the proposed resolutions. He advised that staff recommended that the Corporation Board authorize the two resolutions to have the Lancaster LLC to take control of the project to move forward with the financing to be followed by the execution of the construction contract. He added that the goal was to begin construction by July 2012 and to secure financing by the end of March or early April 2012. President Moss opened for the floor for discussion on this issue. There being no discussion, President Moss opened the floor for a motion. MOTION: Upon a motion made by Director Shingleton and seconded by Director Price, the Board voted unanimously 9 ayes and 0 nays, to approve Resolution Nos. FWLDC 2012 -02 and FWLDC- 2012 -03. The motion carried. 7. Requests for Future Agenda Items. President Moss opened the floor on requests for future agenda items. No requests were made by Board members. 8. Adjourn. With no further discussion, President Moss adjourned the called — special session of the Fort Worth Local Development Corporation Board at 2:28 p.m. on Tuesday, March 6, 2012. These minutes approved by the Fort Worth Housing Finance Corporation Board of Directors on the 3rd day of April, 2012. APPROVED: '��Jt zrq/k�� rank Moss President ATTEST: Dennis Shingleton Secretary