HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2020-07RESOLUTION NO. FWHFC-2020-07
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FIVE LOTS LOCATED AT 5401
TURNER STREET AND 2803, 2805, 2929, AND 2933 MOUNT HORUM WAY IN THE
STOP SIX NEIGHBORHOOD TO JEREMIS SMITH INVESTMENTS, LLC FOR THE
DEVELOPMENT OF 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 on behalf of Jeremis Smith Investments, LLC has asked to
purchase 5 lots located at 5401 Turner Street and 2803, 2805, 2929, and 2933 Mount Horum
Way in the Stop Six Neighborhood in order to build single family residences; and
WHEREAS, the Board desires to approve the sale of the 5 lots to Jeremis Smith
Investments, LLC for a total amount of $167,000.00 for the purpose of single family
development, with proceeds of the sale to be used in furtherance of the Corporation's purposes.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the sale of 5 lots more particularly described on the attached
Exhibit "A" (the "Property") to Jeremis Smith Investments, LLC for the negotiated
price of $167,000.00, 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) one or more sale and purchase agreements with Jeremis Smith Investments,
LLC, (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.
RESOLUTION NO. FWHFC-2020-07
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 October 27, 2020.
FORT WORTH HOUSING FINANCE CORPORATION
Kell, Al/en.....G qu.............................................
By:
Kelly Allen Gray, President
RESOLUTION NO. FWHFC-2020-07
PAGE 3
EXHIBIT A
ADDRESS
LEGAL DESCRIPTION
SALES
RESERVATION
PRICE
5401 Turner Street
Lot 6, Block 10, Sunrise Addition,
$67,000.00
FWHFC retains mineral
AN ADDITION TO THE CITY OF
rights
FORT WORTH, TARRANT
COUNTY, TEXAS, AND
LOCATED WITHIN THE FORT
WORTH INDEPENDENT SCHOOL
DISTRICT
2803 Mount Horum
South 50' North 100' Lot 5, Block 1,
$25,000.00
FWHFC retains mineral
Way
Sunrise Addition, an addition to the
rights
City of Fort Worth, Tarrant County,
Texas and located within the Fort
Worth Independent School District
2805 Mount Horum
South 50' North 150' Lot 5, Block 1,
$25,000.00
FWHFC retains mineral
Way
Sunrise Addition, an addition to the
rights
City of Fort Worth, Tarrant County,
Texas and located within the Fort
Worth Independent School District
2929 Mount Horum
LOT 6B1, BLOCK 4, SUNRISE
$25,000.00
FWHFC retains mineral
Way
ADDITION, AN ADDITION TO
rights
THE CITY OF FORT WORTH,
TARRANT COUNTY, TEXAS,
ACCORDING TO THE PLAT
RECORDED IN CABINET B,
SLIDE 3015, PLAT RECORDS,
TARRANT COUNTY, TEXAS
2933 Mount Horum
LOT 6132, BLOCK 4, SUNRISE
$25,000.00
FWHFC retains mineral
Way
ADDITION, AN ADDITION TO
rights
THE CITY OF FORT WORTH,
TARRANT COUNTY, TEXAS,
ACCORDING TO THE PLAT
RECORDED IN CABINET B,
SLIDE 3015, PLAT RECORDS,
TARRANT COUNTY, TEXAS