HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2019-05RESOLUTION NO. FWHFC-2019-05
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF CERTAIN SINGLE-FAMILY LOTS
LOCATED IN THE STOP SIX NEIGHBORHOOD FOR THE DEVELOPMENT AND
IMPROVEMENT OF AFFORDABLE SINGLE-FAMILY HOUSING
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 1997and 2008 the Corporation acquired various residential lots for
future affordable housing development as part of its Infill Housing Development program (the
"Program"), and has constructed single family houses and developed subdivisions especially in
targeted areas of the City;
WHEREAS, the Corporation acquired the following two lots more particularly described
in the attached Exhibit "A" during the course of the Program: 3101 Eastcrest and 2805 Mount
Horum Way (collectively, the "Lots");
WHEREAS, Mount Tabor Christian Center ("Mount Tabor") has expressed an interest
in purchasing 3101 Eastcrest in order to build affordable housing for its members on lots
adjacent to property it already owns, and Alexia M. Bazarte and Humberto Bazarte Oliveri
(`Bazarte") have expressed interest in purchasing 2805 Mount Horum Way in order to have
additional yard space next to their family home;
WHEREAS, on September 1, 2015, the Board of Directors of the Corporation (the
"Board") approved a Policy for the Sale of Single Family Lots (the "Policy") which set out
different criteria for the sale of the Corporation's single family lots to nonprofit organizations, to
individuals and to developers. The Policy also provides that that the Board may consider
proposals to sell certain of the Corporation's single-family lots for purposQs other than single
family housing. The Policy requires that the sales price of the lots will be negotiated based on an
appraisal or a Broker's Price Opinion and purchasers will pay all closing costs;
WHEREAS, the Board desires to approve the sale of certain of its Lots to Mount Tabor
and Bazarte, respectively, as set out on Exhibit "A", for a negotiated price for the development
or improvement of affordable single-family housing.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
RESOLUTION FWHFC-2019-05
PAGE 2
1. THAT the Board approves the sale of 3101 Eastcrest to Mount Tabor Christian Center,
and 2805 Mount Horum Way to Alexia M. Bazarte and Humberto Bazarte Oliveri, as
more particularly described on the attached Exhibit "A" for a negotiated price and the
payment by purchaser of all common and customary closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Lots: (i) sale and purchase agreements with Mount Tabor Christian Center, and Alexia
M. Bazarte and Humberto Bazarte Oliveri for the respective Lots, (ii) the deeds to the
Lots, and (iii) the closing statements and any other related documents necessary to
complete the sales of the Lots (the "Closing Documents").
3. THAT Fernando Costa, General Manager of the Corporation, or Sonia Singleton,
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 Lots.
4. THAT to the extent any actions to sell the Lots authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, 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 15, 2019.
FORT NTH HOUSING FINANCE CORPORATION
t
RESOLUTION FWHFC-2019-05
PAGE 3 - EXHIBIT "A"
EXHIBIT "A"
Property Descriptions
Lots to be purchased by Mount Tabor Christian Center:
Address Le al Description
3 10 1 Eastcrest Lot 6, Block 2, Eastcrest Addition
Court
Lots to be purchased by Alexia M. Bazarte and Humberto Bazarte Oliveri:
Address Legal Description
2805 Mount Lot 5C, Block 1, Sunrise Addition
Horum Way