HomeMy WebLinkAbout2001/10/18-Minutes-Fort Worth Local Development Corporation (FWLDC) FW LOCAL DEVELOPMENT CORPORATION MINUTES
October 18, 2001
{ The Board of Directors of the FW Local Development Corporation met at 3:12 p.m.
on Thursday, October 18, 2001 in the Pre-Council Chamber of the Fort Worth
Municipal Building, 1000 Throckmorton, Fort Worth, Texas. The following persons
were in attendance:
Jeff Wentworth, President; Kenneth Barr, Jim Lane, Chuck Silcox, Becky
Haskin, Frank Moss, Clyde Picht, Ralph McCloud and Wendy Davis.
Approval of Minutes
Mr. Ralph McCloud made a motion, seconded by Ms. Becky Haskin, that the
minutes of September 11 , 2001 , be approved as written. The motion carried
unanimously.
Executive Session
It was the consensus of the Board of Directors that they recess into Executive
Session at 3:14 p.m. to seek the advice of its attorneys concerning the posted
agenda items pursuant to Sec. 551 .071 of the Texas Government Code; deliberate
concerning real property matters pursuant to Section 551 .072 of the Texas
Government Code; and/or to discuss economic development negotiations pursuant
to Section 551 .086 of the Texas Government Code.
Reconvened
The Board of Directors reconvened into regular session at 3:30 p.m.
Action Items
Mr. Kenneth Barr made a motion, seconded by Mr. Ralph McCloud, that a
Resolution be approved authorizing execution of the following:
A. Assignment by Wolverine Asset Management, Inc. to Fort Worth Local
Development Corporation of Contract of Sale with Fort Worth Housing
Authority for Purchase of Ripley Arnold Place, Ripley Arnold Apartments
and Surrounding Improved Land.
B. Special Warranty Deed between Fort Worth Local Development
Corporation and Fort Worth Housing Authority Conveying Ripley Arnold
Apartments and Surrounding Improved Lane to Fort Worth Local
Development Corporation
C. Lease by Fort Worth Local Development Corporation of Ripley Arnold
Place, Ripley Arnold Apartments and Surrounding Improved Land to Fort
Worth Housing Authority
' D. Promissory Note by Fort Worth Local Development Corporation in Favor of
Fort Worth Housing Authority and Related Guaranty Agreement
E. Deed of Trust, Security Agreement and Financing Statement Conveying
Ripley Arnold Place, Ripley Arnold Apartments and Surrounding Improved
Land to Trustee for the Benefit of Fort Worth Housing Authority
F. Purchase Option and Put Option Agreement Pursuant to which Radio
Shack Corporation may Purchase Ripley Arnold Place, Ripley Arnold
Apartments and Surrounding Improved Land
G. Loan Agreement between Fort Worth Local Development Corporation and
RadioShack Corporation Financing Purchase of Ripley Arnold Place,
Ripley Arnold Place, Ripley Arnold Apartments and Surrounding Improved
Land by Fort Worth Local Development Corporation
H. Promissory Note by Fort Worth Local Development Corporation in Favor of
RadioShack Corporation
I. Deed of Trust and Security Agreement Conveying Ripley Arnold Place,
Ripley Arnold Place, Ripley Arnold Apartments and Surrounding Improved
Land to Trustee for Benefit of RadioShack Corporation
J. Assignment of Leases and Rents by Fort Worth Local Development
Corporation to RadioShack Corporation
K. Certification of Non-Foreign Status by Fort Worth Local Development
Corporation to RadioShack Corporation
L. Other Instruments, Documents and Agreements Required to be Executed
or Delivered in Connection with the Above Transactions
The motion carried unanimously.
President Wentworth expressed appreciation to Peter Vaky, Wendy Davis, Kenneth
Barr, and Ralph McCloud.
Adjourn
There being no further business the meeting was adjourned at 3:30 p.m.
Jeff Wen , President