HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2020-03RESOLUTION NO. FWHFC-2020-03
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF TWO LOTS LOCATED AT 5400
AND 5402 COTTEY STREET IN THE STOP SIX NEIGHBORHOOD TO JEREMIS
SMITH AND MARISSA SMITH FOR THE DEVELOPMENT OF TWO SINGLE
FAMILY RESIDENCES
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, between 1998 and 2008 the Corporation acquired various residential lots
for future affordable housing development as part of its Infill Housing Development program,
and has constructed single family houses and developed subdivisions especially in targeted areas
of the City;
WHEREAS, Jeremis Smith and Marissa Smith have asked to purchase 2 adjacent lots
located at 5400 and 5402 Cottey Street in the Stop Six Neighborhood in order to build two single
family residences; and
WHEREAS, the Board desires to approve the sale of the 2 lots to Jeremis Smith and
Marissa Smith for a total amount of $74,800.00 for the purpose of single-family development.
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 2 lots more particularly described on the attached
Exhibit "A" (the "Property") to Jeremis Smith and Marissa Smith for the negotiated
price of $74,800.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) sale and purchase agreement with Jeremis Smith and Marissa Smith, (ii) the
deed, and (iii) the closing statement and any 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.
RESOLUTION NO. FWHFC-2020-03
PAGE 2
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 August 4, 2020.
FORT WORTH HOUSING FINANCE, CORPORATION
By:
Jun s Jor a , Vic resident
EXHIBIT "A"
JEREMIS SMITH AND MARISSA SMITH
PROPERTY ADDRESS LEGAL DESCRIPTION SALES PRICE
5400 Cottey Sunrise Addition Blk 5 Lot 5 $49,909.30
5402 Cottey Sunrise Addition Blk 5 Lot 5A $24,890.70