HomeMy WebLinkAboutIR 10590 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 21-10590
To the Mayor and Members of the City Council June 8, 2021
WIVIA
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SUBJECT: ACCEPT DONATION FROM THE FORT WORTH LOCAL DEVELOPMENT
CORPORATION OF A PORTION OF NET PROCEEDS FROM SALE OF
BLUE MOUND ROAD COMPLEX, FORT WORTH, TEXAS TO FURTHER
FUND THE ECONOMIC DEVELOPMENT FUND AND ADOPT
APPROPRIATIONS ORDINANCES
The Fort Worth Local Development Corporation (LDC) was the owner of a 50+ acre industrial
complex located at the northeast corner of Blue Mound Road and Meacham Boulevard, Fort
Worth, Texas (Blue Mound Road Complex). On September 25, 2018, the Board of Trustees of
the LDC approved a resolution to authorize the sale of Blue Mound Road Complex to two existing
tenants, CHM Industries, Inc, and Anchor Fabrication, LLC, and/or their affiliates. On February
25, 2021 , the sale of 4600 Blue Mound Road and 1401 Meacham Boulevard was closed and the
property conveyed to Anchor Fabrication and 1401 Meacham Partners, respectively. On March 5,
2021 , the sale of 4700 Blue Mound Road and 1035 Meacham Boulevard was closed and the
property conveyed to CHM industries, Inc.
On May 18, 2021 , the LDC adopted a resolution authorizing the transfer of a portion of net
proceeds from the Blue Mound Road Complex sale in the amount of$1 ,000,000.00 to the City of
Fort Worth to provide additional funding to the Economic Incentives Fund. The
Economic Incentives Fund was started with an initial deposit of $4,575,896.00, which was
transferred to the City from the LDC following the sale by the LDC of the 250 Lancaster project
(Mayor and Council Communication (M&C) G-19419), and a second deposit of $400,000.00 also
from the LDC from 250 Lancaster sales proceeds (M&C G-19565, Resolution No. 5039-01-2019).
The Economic Incentives Fund is utilized to support projects that meeting eligibility under Section
9, Technology Company Projects, and Section 14, Employment Designated Project Fund, in the
Economic Development Program Policy for Grants Authorized by Chapter 380, as approved by
City Council on January 26,2021 (M&C 21-0072, Resolution No. 5338-01-2021).
A M&C will be placed on the June 15, 2021 for City Council consideration with the
recommendation to:
1 . Accept a donation in the amount of $1,000,000.00 of a portion of net proceeds from the
sale of the Blue Mound Road Industrial Complex, Fort Worth, Texas for certain economic
development activities from the Fort Worth Local Development Corporation for deposit into
the Economic Development Fund; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and
appropriations in the amount of $1 ,000,000.00 in the Economic Incentives Fund from
additional net proceeds.
For further questions, please contact Robert Sturns, Director of the Economic Development
Department, at 817-392-2663.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS