HomeMy WebLinkAboutIR 8709INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 8709
August 23, 2005
Page 1 of 2
Update of Fort Worth Partnership for Community Development and
Notice to Issue a Request for Proposals (RFP) for the Sale of City -
Owned Property Located at 700 W. Rosedale.
The Fort Worth Partnership for Community Development is a funding collaboration between the
City, Sid Richardson Foundation, Amon Carter Foundation and the corporate community to support
community development initiatives in Fort Worth. The Foundations have committed $425,000 over
two years, contingent on the City's financial participation. On March 1, 2005, City Council approved
a staff recommendation to pursue the use of proceeds from the sale of surplus City -owned property
toward the City's Year 1 funding commitment of $250,000 in order to initiate the Partnership.
Staff has identified City -owned property at 700 W. Rosedale, the northwest corner of Hemphill and
W. Rosedale Street, as appropriate surplus property that can be sold to the benefit of this program.
The City purchased the property in 1990 to facilitate the widening of W. Rosedale Street. The Texas
Department of Transportation (TxDOT) purchased a portion of the property. The remaining surplus
parcel, just less than half an acre, is an attractive parcel for development. Consequently, staff will
initiate a direct sale of the property through a competitive process.
According to Chapter 272.001 of the Local Government Code, the City can utilize the direct sale
process in a reinvestment zone. Since the property is located in Tax Increment Reinvestment Zone
Number #4, the City will sell the property for a minimum of fair market value. Additionally, the
property is located in the Magnolia Village Neighborhood Empowerment Zone.
The competitive process of selecting an appropriate purchaser will commence with the issuance of a
Request for Proposals (RFP) on August 25, 2005. The direct sale process will involve the solicitation
of responses to the RFP with approximately 30 days to submit a proposal. An evaluation team to
review all the responses will consist of members from each of the following: Real Property,
Housing, Planning, ECD and Fort Worth South.
Criteria that respondents will be evaluated on include:
• Site plan that is compatible with the City's comprehensive plan, Fort Worth South design
guidelines, Urban Village plan, TIF, other widely accepted redevelopment plans, and
surrounding development;
• Capacity /experience of the development team to carry out the project;
• Agreement to rezone the property to MU/PDSU with site plan before closing on the property;
• Development time table; and
• Evidence of financial capacity to close by the target date and to reach completion of their
proposed project.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
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Update of Fort Worth Partnership for Community Development a
Notice to Issue a Request for Proposals (RFP) for the Sale of Ci
*wned Property Located at 700 W. Rosedale.
Following the selection of a purchaser from review of the proposals, a recommendation will be made
to Council that spells out the terms of the sale. It is anticipated that the closing of the sale will occur
no later than January 2006.
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS