HomeMy WebLinkAboutResolution 628 I
A EesOlUtiO RESOLUTION FILE NO.
OF
THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, APPROVING AND AUTHORIZING
THE EXECUTION OF A DEVELOPER'S
CONTRACT BETWEEN THE CITY OF FORT WORTH AND THE
HUNT INVESTMENT CORPORATION
WHEREAS, the City of Fort Worth, Texas, has adopted a Comprehensive
Economic Development Strategy to improve the economic health of the City,
and to remove barriers to economic development, especially in the downtown
and inner city area of Fort Worth, Texas; and
WHEREAS, as part of the implementation of that strategy, the City of
Fort Worth has submitted an application to the United States Department of
Housing and Urban Development for a grant under the Urban Development Act-
ion Grant Program to fund needed improvements to the downtown area of the
City for the use, benefit, and enjoyment of the general public, such improve-
ments to include construction of an underground public parking garage, land-
scaped pedestrian plaza/public square and street and sidewalk improvements;
and
WHEREAS, in conjunction with, and as a prerequisite imposed by the
Department of Housing and Urban Development to the approval of said grant
application, the Hunt Investment Corporation proposes to expend or cause to
be expended not less than $31,470,000 in private funds for the acquisition,
conversion and renovation of certain property located in the downtown area
of the City of Fort Worth and known as the Hotel Texas, into a Hyatt Regency
Hotel offering first class accommodations to the general public of 528 guest
rooms, and other related activities; and
WHEREAS, under the grant agreement between the City of Fort Worth and
the United States Department of Housing and Urban Development for the fund-
ing of the underground public parking garage, landscaped pedestrian plaza-
public square and street and sidewalk improvements, the City is required
to enter into an agreement with Hunt Investment Corporation, providing that'
in consideration for the City's construction and maintenance of the land-
scaped pedestrian plaza/public square and street and sidewalk improvements,
and in consideration for the City's construction of the public subsurface
parking garage and the making accessible parking spaces therein for the
operations of the Hyatt Regency Hotel, Hunt Investment Corporation will
invest or cause to be invested $31,470,000 in private funds for the purposes
set forth above; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF FORT WORTH, TEXAS;
CITY OF FORT WORTH
SECTION 1.
That the form and substance of the Developer's Contract and Agree-
ment Between the City of Fort Worth, Texas and Hunt Investment Corporation,
which is attached hereto and incorporated herein, be and the same hereby
is in all respects approved.
SECTION 2. ,
That the City Manager be and is hereby authorized and directed to
execute the Developer's Contract and Agreement Between the City of Fort
Worth, Texas and Hunt Investment Corporation, a copy of which is attached
hereto.
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