HomeMy WebLinkAboutOrdinance 633 RES0;Ltj;1 'ILE NO. 3
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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
BASS BROTHERS DEVELOPMENT CORPORATION
WHEREAS , the City of Fort Worth, has adopted a Comprehensive
Economic Development Strategy to improve the economic health of
the City, and to remove barriers to economic development , espe-
cially 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 Action Grant Program to fund
needed improvements to Main Street in the downtown area of the
City for the use, benefit , and enjoyment of the general public,
such improvements to include construction or improvement of
brick streets and sidewalks , concrete curbs and gutters , pedes-
trian and street lights , landscaping, utility relocation, irri-
gation system and stormsewer; 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, Bass Brothers Development Corpora-
tion proposes to expend or cause to be expended not less than
$37 , 540 ,000 in private funds for the construction on certain
property located in the downtown area of the City of Fort Worth
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CITY OF FORT WORTH
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of the Tandy Center Hotel offering first class accommodations
Aw to the general public of 500 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 funding of the improvements to Main
Street, the City is required to enter into an agreement with
Bass Brothers Development Corporation, providing that in con-
sideration for the City' s construction and maintenance of the
Main Street improvements , Bass Brothers Development Corpora-
tion will invest or cause to be invested $37 ,540 ,000 in pri-
vate funds for the purposes set forth above; NOW, THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF FORT WORTH, TEXAS :
SECTION 1 .
That the form and substance of the Developer' s Contract
and Agreement Between the City of Fort Worth, Texas and Bass
Brothers Development 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 Bass Brothers Devel-
opment Corporation, a copy of which is attached hereto .
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CITY OF FORT WORTH