HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2021-11RESOLUTION NO. FWHFC-2021-11
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF THIRTY LOTS LOCATED IN AND
NEAR THE EVANS AND ROSEDALE URBAN VILLAGE TO THE CITY OF FORT
WORTH FOR THE DEVELOPMENT OF MIXED -USE URBAN DEVELOPMENT
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low and
moderate -income individuals and families;
WHEREAS, in 2018, the Corporation, the City of Fort Worth ("City"), and the City of
Fort Worth Local Development Corporation ("LDC") issued a Request for Expressions of
Interest ("RFEI") seeking redevelopment proposals for the Evans and Rosedale Urban Village
area that maximized the use of the property for the current market while respecting the area's
history;
WHEREAS, the area includes a total of 36 properties, consisting of one City -owned
property, five LDC-owned properties, and thirty HFC-owned properties;
WHEREAS, after significant community engagement and feedback, review of submitted
proposals, and negotiation, staff for the Corporation, the City, and the LDC are recommending
that Hoque Global Properties, LLC ("Hoque") be selected to redevelop the area;
WHEREAS, Hoque is proposing a two -phased approach that will result in a total of at
least $70 million worth of investment; approximately 292 multifamily units, 20 townhomes, and
28 live -work units, with a portion being affordable units; a cultural square; parks, and other
public spaces;
WHEREAS, due to market considerations, in order for the development to be financially
feasible, Hoque must be able to purchase the properties at a value less than fair market value;
WHEREAS, the City has received American Rescue Plan Act funds that can be used for
certain government functions, and it has been determined that the purchase of the Corporation's
properties is an eligible use of these funds; and
WHEREAS, it is recommended that the Corporation sell the properties identified in
Exhibit "A" to the City for fair market value so that the City can then convey the properties to
Hoque in an amount less than fair market value, as allowed by state and local law.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
I THAT the Board approves the sale of 30 lots more particularly described on the attached
Exhibit "All (the "Property") to the City as -is for the fair market value price of
$3,595,977.13, plus the payment by the City of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) one or more sale and purchase agreements with the City, (ii) all necessary
deeds, and (iii) closing statements and other related documents necessary to complete the
sale of the Property (the "Closing Documents").
3. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Closing Documents for and on behalf of the Corporation along with any
related documents necessary to sell the Property.
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted September 21, 2021.
FORT WORTH 1101f ING��,,INAN CO RPORATION
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.... . ... ..
... . . ...... .
By:
Carlos Flores, President . . ...... .....
10.14 C 1011
City of Fort Worth Housing Finance Corporation Property
NO.
CFW ID
ADDRESS PARCEL LEGAL DESCRIPTION Area s.f. Value x $21.27/s.f.
1
125739
924 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 7
6530.439453
$ 138,902.45
2
125098
916 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 5
6769.264648
$ 143,982.26
3
125264
920 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 6
8766.886719
$ 186,471.68
4
126389
1000 EVANS AVE
EVANS SOUTH ADDITION Block 3 Lot 1 & 2
5069.969727
$ 107,838.26
5
125304
920 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 6
5913.998047
$ 125,790.74
6
124251
904 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 2
7039.71875
$ 149,734.82
7
125104
917 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 12
5146,254883
$ 109,460.84
8
124500
901 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 14
THRU 16
5148.732422
$ 109,513.54
9
126163
810 MISSOURI AVE
EVANS SOUTH ADDITION Block 3 Lot 12
6047,929688
$ 128,639.46
10
125957
928 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 8
7118.005859
$ 151,399.98
11
123988
900 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 1
8071.225586
$ 171,674.97
12
125737
924 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 7
7644,488281
$ 162,598.27
13
125946
928 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 8
7592.90625
$ 161,501.12
14
126155
1000 EVANS AVE
EVANS SOUTH ADDITION Block 3 Lot 1 & 2
4088,458984
$ 86,961.52
15
125045
916 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 5
7523.294922
$ 160,020.48
16
125314
921 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 11
5135.705078
$ 109,236.45
17
124006
708 E TERRELL AVE
SCHLATERS SUBDIVISION Block 1 Lot 1 W43'
LOT 1
2835.770508
$ 60,316.84
18
124006
710 E TERRELL AVE
SCHLATERS SUBDIVISION Block 1 Lot 1
W41'E82' LOT 1
3270.558594
$ 69,564.78
19
124006
900 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 1 E41'
LOT 1
2659.220703
$ 56,561.62
20
124003
901 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 14
THRU 16
6964.4375
$ 148,133.59
21
124258
901 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 14
THRU 16
5138.206055
$ 109,289.64
22
124888
915 MISSOURI AVE
EVANS SOUTH ADDITION Block 1 Lot 4 W
65'4 BLK 1
7413.944336
$ 157,694.60
23
124888
912 EVANS AVE
EVANS SOUTH ADDITION Block 1 E 86'LOT 4
Included in 915
Missouri parcel
-
24
125967
759 E DASHWOOD ST
SCHLATERS SUBDIVISION Block 1 Lot 9
5860.902344
$ 124,661.39
25
124396
900 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 3 E 84'3
BLK 1
7895.463867
$ 167,936.52
26
124536
908 MISSOURI AVE
SCHLATERS SUBDIVISION Block 1 Lot 3
6018.348633
$ 128,010.28
27
124536
913 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 13
5135.777344
$ 109,237.98
28
124917
925 SOUTH FWY
SCHLATERS SUBDIVISION Block 1 Lot 10
5130.567383
$ 109,127.17
29
125770
900 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 2
7132.858398
$ 151,715.90
30
124170
900 EVANS AVE
EVANS SOUTH ADDITION Block 1 Lot 3 W
67'3 BLK 1
included in 900
Evans parcel
124396
-
169,063.33 1 $ 3,595,977.13