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Home My WebLink About2014/02/04-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPM�NT CORPORATION TUESDAY, FEBRUARY 4, 2014 Present: President Danny Scai�th Vice President Gyna Bivens Treasurer W. B. "Zim" Zimznerman Trustee Betsy Pz•ice Trustee Salvador Espino Trustee Jungus Jordan Trustee Dennis Shingleton Trustee Kelly Allen Gray Trustee Joel Burns Ci staff, Fernando Costa, Assistant City Manager Peter Vaky, Deputy City Attorney Mary J. Kayser, City Secretaty 1. Call to Order. With a quorum pxesent President Scarth called the meeting to order for the Board of Directors oi the Fort Worth Local Development Corporation (Co�po�•ation) at 3:38 p.m. on Tuesday, February 4, 2014, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton Street, Fort Woi�th, Texas. 2. Approval of Minutes of the November 5, 2013, Meeting. President Scat�th opened the floor for a motion on the approval of the minutes of the November 5, 2013, meeting. Motion was made by Trustee Price and seconded by Trustee Bivens to approve the November 5, 2013, minutes of the Coiporation as presented. The motion passed 9-0, 3. Written Reports: Fort Worth Local Development Corpo��ation Financial Report through December 31, 2013. There was no action or discussion on this item. CITX OF rORT WORTH, T�XAS rORT WORTH LOCAL D�V�LOPM�NT CORPORATION TU�SDAY, FEBRUARY 4, 2014 PAG�2 4. Consider and Adopt Resolution to Approve Acquisition of Southwest Municipal Courthouse at 3741 SW Loop 820, Accept Assignment of Lease and Other Relaied Documents from 3741 SW Loop 820, LLC, and Approve Assumption of a Related Loan with Southwest Bank. Jay Chapa, Administrator, presented an overview of the current lease purchase agreement with 3741 SW Loop820, LLC. Mr. Chapa presented the staff recorrunendation: Owner of the building will: Deed the property to the LDC Assign the loan with Southwest Bank to the LDC Assign the lease with the City to LDC (all tei•ms and conditions to remain the same) Motion was made by Trustee Jordan and second by Trustee Shingleton to adopt Resolution No, FWLDC-2014-01 Approving Acquisition of Southwest Municipal Courthouse at 3741 SW Loop 820, Accepting Assignment of Lease and Other Related Documents from 3741 SW Loop 820, LLC, and Approving Assumption of a Related Loan with Southwest Banlc. The motion passed 9-0. 5. Update on Lancaster Place Project — Jay Chapa, Administrator Project Background and Updates: •Approximately $25M in real property improvements on Lancaster • 158,000+ SF mixed-use development 130 residential units (including �15% workforce housing) Approximately 29,000+ SF retail space • Approximately 450 spaces in parking garage •Funds derived from the project will support other economic development oppoi�tunities •Pursuit of HUD 221(d)(4) loan • Invitation to Submit Firm Application • Full design and engineering underway Process Next Steps: •October 18, 2013 — Pre-Application submitted to HUD •December 18, 2013 — LDC in Receipt of HUD Invitation for Firm Application Submission • Submit Final Architectural & Construction Plans, General Contractor Bids Plans & Specifications, Underwriter Review of Costs, Firm Application Submitted • HUD Firm Application fee • Deadline July 17, 2014 •September 2014 — Expected HUD k'irm Comrnitment CITX OF FORT WORTH, T�XAS rORT WORTH LOCAL DEV�LOPM�NT CORPORATION TUCSDAY, I'�BRUARY 4, 2014 PAGE 3 •October 2014 — Loan closing and rate locic �November 2014 — Begin construction There was no action on this item. 6. Presentation on Proposed Non Profit Economic Development Organizations Initiative Funding — Jay Chapa, Administrator Mr. Chapa presented some background information on the economic development strategies for the Northside and Northeast Fort Worth, In October 2010, a Northside Economic Development Strategy Worlcshop was sponsored by the Fort Worth Hispanic Chamber of Comnnez�ce and the City of Fort Worth to develop an economic development strategy for the Noi-thside. In fall 2012, the Northeast Fort Woi�th Summit commenced running through spring 2013, which developed a cohesive economic development strategy for northeast Fort Worth. Both the Northside Economic Development Strategy Workshop and the Northeast Fort WoY�th Summit recommended the need for a group focused on the specific area to lead overall redevelopment efforts. In an effoi�t to kick-start fund raising for the organizations, Staff recommends the Fort Worth LDC: • provide a challenge grant to the two organizations; • provide funding for a City staff position to support the organizations and projects once established Next Steps: Staff will present a policy and resolution at the next FWLDC meeting to set out; • Eligibility requirements of non-profit economic development organizations; • Grant match funding levels; • Match requirements by grantee; • Eligible use of funds; • Costs associated with City staff position There was no action on this item, 7. Executive Session — President Scarth stated that he had been advised that an Executive Session was not necessary to discuss the following items: A. Seek the advice of its attorneys concerning the following items that are exexnpt from public disclosure under A�-ticle X, Section 9, of the Texas State Bar Rules, as authorized by Section 551.071 of the Texas Government Code; (i) legal issues concerning any current agenda item; and B. Discuss the purchase, sale, lease or value of real pr�operty, as authorized by Section 551.072 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the Coi�poration in negotiations with a third party; and CITY OI' FORT WORTH, T�XAS I'ORT WORTH LOCAL D�V�LOPM�NT CORPORATION TU�SDAY, F�BRUARY 4, 2014 PAG�4 C. Discuss or deliberate negotiations related to any economic development negotiations, as authorized by Section 551.087 of the Texas Goveriunent Code. 8. Requests for Tuture Agenda Items. President Scarth opened the floor on requests for future agenda items. No requests were made. 9. Adjourn. With no fui�ther discussion, President Scai�th adjourned the meeting of the Foi�t Worth Local Development Coiporation Board at 3:57 p.m. on Tuesday, February 4, 2014. These minutes approved by the Fort Woi�th Housing Finance Coiporation Board of Directors on the 6��' day of May, 2014, (� \ ATTE : Dennis ingle n Secretary Prepared and respectfu113�-s�bmitted by: Mary J. K�r'�MC/i�OtMC City Secret ry