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Home My WebLink About2007/04/03-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 3,2007 Present: President Wendy Davis Treasurer Salvador Espino Director Mike Moncrief Director Jungus Jordan Director Carter Burdette Director Kathleen Hicks Director Danny Scarth (arrived at 12:45 p.m.) Absent: Vice President Chuck Silcox Director Donavan Wheatfall City staff: Dale Fisseler, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Cynthia Garcia, Senior Assistant City Attorney Marty Hendrix, City Secretary Doug Rademaker, Director of Engineering Tom Higgins, Economic and Community Development Director Jay Chapa, Assistant Director of Economic and Community Development Ardina Washington, Business Development Coordinator Henry Day, Senior Management Analyst Other City staff in attendance included: Charles Boswell, City Manager Joe Paniagua, Assistant City Manager (arrived at 12:43 p.m.) David Yett, City Attorney Call to Order (Agenda Item I) With a quorum of the Board Members present, President Davis called the meeting to order for the Board of Directors of the Fort Worth Local Development Corporation at 12:39 p.m. on Tuesday, April 3, 2007, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton. Dort Worth. Tcxas. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 3,2007 Page 2 Election of Secretary (Agenda Item II) President Davis opened the floor for a motion on the election of the Secretary to the Board. MOTION: Upon a motion made by Director Moncrief and seconded by Treasurer Espino, the Board of Directors of the Fort Worth Local Development Corporation voted six (6) "ayes" and zero (0) "nays", with Directors Silcox, Wheatfall, and Scarth being absent, to elect by acclamation Director Carter Burdette as the Secretary to the Fort Worth Local Development Corporation Board of Directors. The motion carried. Approval of Minutes of October 31, 2006 (Agenda Item III) President Davis opened the floor for a motion on the approval of the minutes. MOTION: Upon a motion made by Treasurer Espino and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted six (6) "ayes" and zero (0) "nays", with Directors Silcox, Wheatfall, and Scarth being absent, to approve the minutes of the called —special session held on Tuesday, October 31, 2006. The motion carried. In accordance with the provisions of the Texas Open Meetings Act, President Davis adjourned the called —special session of the Board of Directors of the Fort Worth Local Development Corporation into Executive Session at 12:40 p.m., on Tuesday, April 3, 2007. Executive Session (Agenda IV) In accordance with Chapter 551 of the Texas Government Code, the Fort Worth Local Development Corporation Board of Directors convened into the Executive Session at 12:40 p.m. in the Pre-Council Chamber of the Fort Worth City Hall, 1000 Throckmorton, in order to deliberate the purchase, sale, lease or value of real property in accordance with Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the City in negotiations with a third party. (Director Scarth arrived at the meeting.) The Executive Session was adjourned at 12:50 p.m. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 3, 2007 Page 3 President Davis reconvened the called —special session of the Board of Directors of the Fort Worth Local Development Corporation at 12:50 p.m. Consideration of Amendment to Purchase Contract for 21.55 Acres of Property Owned by the Fort Worth Local Development Corporation Located at the Southwest Corner of South Riverside Drive and glen Garden Drive to Vertex Asset Partners, L. P., for a Commercial or Mixed-Use Development (Agenda Item V-A) Cynthia Garcia, Senior Assistant City Attorney, presented a PowerPoint Presentation to the Board of Directors on the amendment to the purchase agreement with Vertex Asset Partners, L.P. She referenced the site location using an overhead map. She advised of the contract terms as follows: • Effective: November 15, 2005 • Sale of 21.541 acres of land located at the southeast corner of S. Riverside Drive and Glen Garden Drive • Purchase price of$194,000.00 • Closing—not later than June 30, 2007 • Requires—Planned Development Specific Use (PDSU) with site plan • Easements granted to the City at no cost • LDC retains mineral interest She presented the amendment request as follows: Delete the PDSU with site plan requirement Rezone PD/SU—Planned Development/Specific Use Exclude: • Stealth Communication Towers • Outdoor amusement • Tattoo Parlor • Taxidermist Shop • Liquor Package Store • Sexual Oriented Business • Hotel or Motel • Sale ot'Liquor restricted CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,APRIL 3,2007 Page 4 Consideration of Amendment to Purchase Contract for 21.55 Acres of Property Owned by the Fort Worth Local Development Corporation Located at the Southwest Corner of South Riverside Drive and glen Garden Drive to Vertex Asset Partners, L. P., for a Commercial or Mixed-Use Development (cont'd) (Agenda Item V-A) • Signage—maximum of two (2) marquee pole signs • Landscaping all parking areas significantly screened from public view(discussing) • Structures may not exceed 220,000 square feet • Height—buildings may not exceed 60 feet • Loading zones substantially screened from the public • Waive surface rights • Designate purchaser as representative for zoning purposes. Mrs. Garcia advised that the City staff s recommendation was to approve the amendment and move forward with the sale. Director Burdette indicated that he was in favor of the item; however, he wanted to emphasize that before any of the surface rights are waived that the City staff is satisfied with that request and that the minerals will still be recoverable. Director Hicks spoke to the issue of the landscaping. She stated that it was a very important issue and that it be in keeping with the requirements of the 200 acre site at the Masonic Home and the $1,000,000 that as been approved through the urban village dollars at Berry and Riverside. She added that also important to the community are the caveats in the zoning requirements. She stated that all of those items listed have been detrimental to the community in that area. She spoke about the importance of moving forward with the Tax Increment Finance District. MOTION: Upon a motion made by Secretary Burdette and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted seven (7) "ayes" and zero (0) "nays", with Directors Silcox and Wheatfall being absent, to approve the Amendment to Purchase Contract for 21.55 acres of property owned by the Fort Worth Local Development Corporation located at the southwest corner of South Riverside Drive and Glen Garden Drive to Vertex CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 3, 2007 Page 5 Asset Partners, L.P., for a commercial or mixed-use development. The motion carried. Consideration of Approval to Commence Negotiations for a Contract to Extract Natural Gas from Below the Surface of 50.43 Acres of Property Located at the Northeast Corner of Blue Mound Road and Meacham Boulevard Owned by the Fort Worth Local Development Corporation (Agenda Item V-B) Doug Rademaker, Director of Engineering, presented a PowerPoint Presentation to the Board of Directors on 4600 Blue Mound Road. He advised that this was the former "Fruehauf Property." He stated that the property was approximately 50 acres and the current surface lease is to American Ironhorse, Wackenhut, Building Specialties and Charter Communications. He added that XTO has drill sites in the surrounding area and lease for Meacham Airport. He stated that Keystone Exploration has expressed interest in leasing the mineral estate. Mr. Rademaker stated that the two key players are: XTO and Keystone Exploration. Mr. Rademaker reviewed an aerial map of the City and identified the location of the subject property. The map also showed other XTO gas drilling locations located throughout this area. Mr. Rademaker advised that the recommendation was to: • Authorize the Department of Engineering to initiate process to lease property through advertisement for bids to negotiation • Use standard City lease form and requirements • Minimum $10,000/acre bonus (could be higher based upon the market) • Minimum 26% royalty • No surface use in order to maximize the future development capability. Mr. Rademaker clarified that the City staff would act as the agent for the LDC and negotiate the particular leases and the savings of the lease bonus fees that are normally paid to an outside entity. That savings will be retained by the LDC and all proceeds will go to the LDC for future uses. MOTION: Upon a motion made by Director Moncrief and seconded by Director Hicks, the Board voted seven (7) "ayes" and zero (0) "nays" to authorize the Department of Engineering to initiate the process to contract to extract natural gas from below the surface of' 50.43 acres of property located at the northeast corner of Blue CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 3, 2007 Page 6 Mound Road and Meacham Boulevard owned by the Fort Worth Local Development Corporation. The motion carried. Adiourn (Agenda Item VI) With no further business before the Board, President Davis adjourned the called— special session of the Fort Worth Local Development Corporation at 12:55 p.m. on Tuesday, April 3, 2007. These minutes approved by the Fort Worth Local Development Corporation on the 1st day of May, 2007. APPROVED: W&I-A 1 /11) - Wendy R. Davi President ATTEST}}: l Carter Burdette Secretary Prepared and respectfully submitted by: LUX 1 Marty Hendrix, MC/MMC City Secretary