HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2022-17RESOLUTION NO. FWHFC-2022-17
FORT WORTH HOUSING FINANCE CORPORATION
AUTHORIZING THE SALE OF 831 E. ROSEDALE STREET (TWO LOTS),
800 VERBENA STREET, AND 1108 EVANSAVENUE TO EELLAPO, LLC TO
FACILITATE THE DEVELOPMENT OFMULTIFAMILYHOUSINGASPAR T OF
THE NATIONAL JUNETEENTH MUSEUMDEVELOPMENT PROJECT
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted
development and revitalization of the City's neighborhoods and affordable housing stock as a
strategic goal, and City residents and the City Council have determined that quality accessible
affordable housing is needed for moderate, low and very low-income City residents;
WHEREAS, the City Council created the Fort Worth Housing Finance Corporation (the
"Corporation") in 1979 pursuant to the Texas Housing Finance Corporations Act, Chapter 394
of the Texas Local Government Code, to facilitate neighborhood revitalization and housing
initiatives in the City, including but not limited to issuing tax exempt bonds; developing,
rehabilitating and promoting housing; and assisting low to moderate income City residents in
acquiring quality, accessible, affordable housing through lending and construction activities;
WHEREAS, the Corporation seeks to promote neighborhood revitalization and foster the
development of affordable quality housing throughout the City by developing partnerships
among the City, the Corporation, local governments, lenders, private industry and neighborhood -
based nonprofit housing organizations;
WHEREAS, the Corporation is the owner of certain real property known as 831 E.
Rosedale Street (2 lots), 800 Verbena Street, and 1108 Evans Avenue (Tarrant Appraisal District
Account Nos. 06930298, 04874323, 00880698, and 00880841, respectively) (collectively, the
"Property"); and
WHEREAS, the Property, approximately 0.4493 acres of vacant land, was acquired by
the Corporation from the City of Fort Worth on September 19, 2016; and
WHEREAS, on September 13, 2022, the City Council of the City of Fort Worth
approved a resolution supporting the development of a National Juneteenth Museum and related
structures, including multifamily housing, to increase tourism and educational opportunities and
to benefit the public by offering opportunities to address challenging parts of the City's and the
nation's past, to enhance understanding, and to further community healing; and
WHEREAS, the Corporation desires to sell the Property to Eellapo, LLC to facilitate the
development of multifamily housing in close proximity to the National Juneteenth Museum; and
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to
sell the Property to Eellapo, LLC, or an affiliate, ("Purchaser") for the amount of two hundred
thirteen thousand dollars ($213,000.00) in accordance with Broker's Price Opinions and with a
RESOLUTION NO. FWHFC-2022-17
PAGE 2
requirement that the Property may be repurchased by the Corporation in the event that the
Property is not developed solely for multifamily housing, which may include mixed -use
developments,
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
I THAT the Board authorizes the Corporation to sell 831 E. Rosedale Street (2 lots), 800
Verbena Street, and 1108 Evans Avenue to Eellapo, LLC for the amount of two hundred
thirteen thousand dollars ($213,000.00) in accordance with Broker's Price Opinions
and with a requirement that the Property may be repurchased by the Corporation in the
event that the Property is not developed solely for multifamily housing, which may
include mixed use developments.
2. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager of the Corporation, or their duly appointed successors, are each
authorized to execute and deliver all necessary documents for and on behalf of the
Corporation to effectuate such authorization, and each is authorized to extend, modify
and amend the documents, provided any such extensions, modifications and amendments
are within the scope of the Project, and in conformance with the goals and purposes of
the Corporation, as amended from time to time,
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted November 29, 2022,
FORT WORTH HOUSING FINANCE CORPORATION
By:
Carlos Flores
President
Attest:
Janette S. Goodall
Corporate Secretary