HomeMy WebLinkAboutIR 8739NFORMAL REPORT TO CITY COUNCIL MEMBERS NO- 8739
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In February 2005, citing the rising cost of construction materials, the Youghal Corporation contacted the
City of Fort Worth about their plans to terminate their mixed-use project. In response, City staff contacted
Historic Handley Development Corporation, Inc. (HHDC) to see if they would be interested in providing the
I match for the Joint Venture funds so that the improvements could be constructed independently of the
development project. HHDC expressed interest in providing the match and explored ways to raise
sufficient funds. HHDC was able to raise money but their plans for those funds changed in the spring of
2005 when HHCD notified City staff that they were presented with an opportunity to buy the land and
architectural drawings for the mixed-use project from the Youghal Corporation. HHDC decided to
purchase the property and plans and to work to identify a suitable developer to move the project forward.
As a result, HHDC was not able at that time to provide the local match for the Joint Venture funds.
Should you have any questions, please contact Fernando Costa, Manning Director, at 81 -f-392-8042-
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS