HomeMy WebLinkAbout2002/10/22-Minutes-Fort Worth Local Development Corporation (FWLDC) FORT WORTH LOCAL DEVELOPMENT CORPORATION MINUTES
Tuesday, October 22, 2002
Pre-Council Chamber
The Board of Directors of the Fort Worth Local Development Corporation met at
1:20 p.m. on Tuesday, October 22, 2002 in the Pre-Council Chambers of the Fort
Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. The following
persons were in attendance:
Jeff Wentworth, President; Directors Kenneth Barr, Jim Lane, Chuck
Silcox, Becky Haskin, Frank Moss, Clyde Picht, and Wendy Davis.
Director Ralph McCloud was absent.
Approval of Minutes
Director Davis made a motion, seconded by Director Silcox, that the minutes of
July 16, 2002 be approved as written. The motion carried unanimously.
Action Items
Assistant City Attorney Peter Vaky presented a brief staff report detailing the
history of the Corporation's purchase of the property containing the former Ripley
Arnold public housing complex and a request by RadioShack that the
Corporation also take title to the adjacent Tandy parking lot. In the event of such
a transfer, the Corporation and RadioShack would have the same rights and
obligations with regard to the Tandy parking lot as they do with the Ripley Arnold
property under various contracts entered into by the two parties on October 30,
2001. However, a number of amendments to those contracts would need to be
executed.
Director Lane made a motion, seconded by Director Moss, that the following
resolution A. 1, 3-6 be adopted subject to review by outside counsel and that
RadioShack make payments to the other taxing entities in lieu of taxes on the
property.
A. Resolution Approving and Authorizing Execution of the Following:
1. Special Warranty Deed between Fort Worth Local
Development Corporation and RadioShack Corporation
Conveying Tandy Parking Lot to Fort Worth Local
Development Corporation
3. Amendment to Purchase Option and Put Option Agreement
Pursuant to which RadioShack Corporation May Purchase
Tandy Parking Lot in Addition to Ripley Arnold Place, Ripley
Arnold Apartment and Surrounding Improved Land
4. Amended and Restated Deed of Trust and Security
Agreement Conveying Tandy Parking Lot (in addition to
Ripley Arnold Place, Ripley Arnold Apartments and
Surrounding Improved Land) to Trustee for Benefit of
RadioShack Corporation
5. Amended and Restated Assignment of Leases and Rents by
Fort Worth Local Development Corporation to RadioShack
Corporation in Regard to Tandy Parking Lot
6. Other Instruments, Documents and Agreements Required to
be Executed or Delivered in Connection with the Above
Transactions
The motion carried unanimously.
Director Moss made a motion, seconded by Director Haskin that resolution A 2
be approved.
2. Amendment to Purchase Option and Put Option Agreement
Pursuant to which RadioShack Corporation May Purchase
Ripley Arnold Place, Ripley Arnold Apartments and Surrounding
Improved Land by Extending Designated Sale Date from
October 30, 2002 to June 30, 2005.
The motion carried unanimously.
Director Davis made a motion, seconded by Director Moss that the following
resolution be adopted and that the City Manager designate a member from the
City Staff accompany the Fort Worth Housing Authority staff on a final walk
through of the property:
B. Resolution Approving Termination of Lease by Fort Worth Local
Development Corporation of Ripley Arnold Place, Ripley Arnold
Apartments and Surrounding Improved Land to Fort Worth Housing
Authority and Execution of Other Instruments, documents and
Agreements to be Executed or Delivered in Connection with that
Transaction.
The motion carried unanimously.
Director Moss made a motion, seconded by Director Lane that the following
resolutions be adopted.
C. Resolution Authorizing Execution of Discretionary Service Agreement with
Oncor Electric Delivery Company and RadioShack Corporation for
Relocation of Electric Facilities on Site of Ripley Arnold Place, Ripley
Arnold Apartments and Surrounding Improved Land.
D. Resolution Authorizing Execution of Agreement with Southwestern Bell
Telephone Company and RadioShack Corporation for Relocation of Fiber
Optic Lines on site of Ripley Arnold Place, Ripley Arnold Apartments and
Surrounding Improved land.
The motion carried unanimously.
Assistant City Attorney Peter Vaky advised the Corporation that City staff was
addressing security issues that would need to be addressed once the Housing
Authority vacated the Ripley Arnold property. Mr. Vaky and Economic and
Community Development Department director Tom Higgins advised that they
would keep the Corporation informed in that respect.
Deputy City Attorney Marcia Wise advised the Corporation that it would not be
necessary to hold an executive session.
Adjourn
There was no further business and he meeting was adjourned at 1:53 p. m.
Jeff\MenUorth, President