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Home My WebLink About2005/06/28-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,JUNE 28,2005 Present: President Wendy Davis Vice President Chuck Silcox Treasurer Salvador Espino Director Mike Moncrief Director Donavan Wheatfall Director Jungus Jordan Director Carter Burdette Director Kathleen Hicks Absent: Secretary Becky Haskin City staff. Assistant City Manager Dale Fisseler City Attorney David Yett Assistant City Attorney Peter Vaky City Secretary Marty Hendrix Economic and Community Development Director Tom Higgins Other City staff in attendance included: City Manager Charles Boswell Robert Stums, Business Development Coordinator Call to Order (Agenda Item 1) With a quo .nn of the Board Members present, President Davis called the meeting to order for the Board of Dlmctors of the Fort Worth 1,ocal Development Corporation at _21-40 p,rn, on Tuesday, June 28, 2005. in the Pre-Council Chamber of the Fort Worth Municipal Building-,', 1000 Throckmorton, Fort Worth, Texas. A roe alf Minutes ref the June IJ 200 Meti (Agenda Item 111 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,JUNE 28, 2005 Page 2 President Davis opened the floor for a motion on the approval of the minutes of the Tuesday, June 14, 2005 meeting. MOTION: Upon a motion made by Director Wheatfall and seconded by Director Espino, the Corporation Board voted eight (8) "ayes" and no (0) "nays", with Secretary Harkin being absent, to approve the June 14, 2005 minutes as presented. The motion carried. Approve Extension of Designated Sale Date and Authorize Amendment to that Certain Purchase Option and Put Option Agreement between RadioShack Corporation and the Fort Worth Local Development Corporation Dated October 30, 2001, as (Agenda Item III-A) Amended Assistant City Attorney Peter Vaky distributed to the Board of Directors a memorandum containing the press release information regarding the original action taken by the Local Development Corporation (LDC) Board regarding the purchase of property formerly known as the Ripley Arnold Apartments, which is now the location of RadioShack's new corporate headquarters campus. He added that the LDC has owned the property since October 30, 2001. He pointed out that since the property continued to be used as a public housing facility for at least one year following the sale, it was determined that the LDC would be a more appropriate owner of the property than RadioShack Corporation. Pursuant to legal documents executed by and between the LDC and RadioShack, funds for the purchase of the Ripley Arnold property were paid by RadioShack directly to the seller, the Fort Worth Housing Authority. In addition, the LDC subsequently took title to a portion of the former Tandy parking lot since that site and the Ripley Arnold property would be replated as a single parcel of land for RadioShack Corporation's new corporate campus. The LDC has the right to put all of this property to RadioShack at any time through June 30, 2005. Mr. Vaky explained that RadioShack does want to complete the property transfer and the deadline date to do so is June 30. 2005, He pointed out that most of the documents are ready or in the process of completion, He requested that the Board of Trustees grant an extension of the designated sale date and authorize an amendment to the contract to extend that deadline date front .tune 30, 2005 to July 31, 2005. MOTION: Upon a motion made by Director Moncrief and seconded by Director Burdette, the Com poratior Board voted eiguh, (81 --yes'" tand zero (0) "nays- to approve the CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,JUNE 2S, 2005 Page 3 extension of the designated sale date from June 30, 2005 to July 31, 2005 and authorize an amendment to that certain Purchase Option and Put Option Agreement between RadioShack Corporation and the Fort Worth Local Development Corporation dated October 30, 2001, as amended. The motion carried. Approve and Authorize Executive of Necessary Instruments, Documents and Agreements Related to Exercise of Purchase Option by RadioShack Corporation of Real Property Known as RadioShack Addition, Block 1, Lot 1, and Any Other Real Property Covered by that Certain Purchase Option and Put Option Agreement between RadioShack Corporation and the Fort Worth Local Development Corporation Dated October 30, 2001, as Amended (Agenda Item III-B) Assistant City Attorney Peter Vaky presented to the Board the action that was necessary for this agenda item. MOTION: Upon a motion made by Director Moncrief and seconded by Director Silcox, the Corporation Board voted eight (8) "ayes" and zero (0) "nays", with Secretary Raskin being absent, to approve and authorize execution of necessary instruments, documents and agreements related to exercise of Purchase Option by RadioShack Corporation of real property known as RadioShack Addition, Block 1, Lot 1, and any other real property covered by that certain Purchase Option and Put Option agreement between RadioShack Corporation and the Fort Worth Local Development Corporation dated October 30, 2001, as amended. The motion carried. Authorize Payment of Legal Fees to Kelly, Hart * Hallman, P. C. for Costs Associated with the Above-Referenced Matters (Agenda Item 111-C) Assistant City, Attorney Peter Vaky advised the Board of Directors of the need to authorize payment to Kelly, Hart., and Hallman for the work that they had done and will be doing on the subject pro ect, He advised that the cost would he not to exceed $5.,000 in legai fees, CITY OF FORT WORTH,TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,JUNE 28,2005 Page 4 MOTION: Upon a motion made by Director Moncrief and seconded by Director Jordan, the Corporation Board voted eight (8) "ayes" and zero (0) "nays", with Secretary Haskin being absent, to authorize the payment of legal fees in an amount not to exceed $5,000 to Kelly, Hart and Hallman, P. C., for costs associated with the above referenced matters. The motion carried. Executive Session (Agenda Item IV) President Davis passed over the Executive Session agenda item. Adiourn (Agenda Item V) MOTION: Upon a motion made by Director Moncrief and seconded by Director Jordan, the Board of Directors of the Fort Worth Local Development Corporation adjourned the called—special session at 2:48 p.m. on Tuesday, June 28, 2005. These minutes approved by the Fort Worth Local Development Corporation on the 16th day of August, 2005. APPROVED: Wendy R. Davis, P snt ATTEST: Becky L. Haskro, Secretary Prepared and respectfully submitted by-, IVA, Marty Hendrix, , MCICIMC City Secretary