HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2018-03RESOLUTION NO. FWHFC 2018-03
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FOUR LOTS LOCATED IN THE
STOP SIX NEIGHBORHOOD TO RIVERSIDE HOMEBUILDERS, LTD. FOR THE
DEVELOPMENT 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 Board of Directors (the "Board") adopted a Policy for the Sale of
Single Family Lots to nonprofit organizations, individuals and developers at a negotiated price
for the construction of affordable single family housing;
WHEREAS, the Corporation acquired the following four lots more particularly
described in the attached Exhibit "A" during the course of the Program: 5401 Coffey St., 3101
Eastcrest Ct., 3109 Eastcrest Ct., and 3137 Eastcrest Ct. (collectively, the "Lots");
WHEREAS, Riverside Homebuilders, Ltd. ("Riverside") has asked to purchase the
Lots;
WHEREAS, the Board desires to approve the sale of the Lots to Riverside for $6,250.00
each for the development of affordable single family housing.
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 four lots to Riverside Homebuilders, Ltd.
("Riverside"), for $6,250.00 each as more particularly described on the attached Exhibit
"A" (the "Lots").
2. THAT the Board approves the execution and delivery of the following for the sale of the
Lots: (i) a purchase and sale agreement with Riverside, (ii) special warranty deeds from
the Corporation to Riverside, and (iii) the closing statements and any other related
documents necessary to complete the sale of the Lots (the "Closing Documents").
RESOLUTION NO. FWHFC-2018-03
PAGE 2
3. THAT Fernando Costa, General Manager of the Corporation, or Aubrey Thagard,
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 and further, they are each
authorized to take any other actions they may deem advisable, necessary, or desirable to
carry into effect the intent of this Resolution.
4. THAT to the extent any actions to sell the Lots authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Aubrey Thagard 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 May 1, 2018.
FORT WORTWHOUSING FINANCE CORPORATION
RESOLUTION NO. FWHFC-2018-03
PAGE 3 - EXHIBIT "A"
EXHIBIT "A"
Property Descriptions and Sales Prices
Address
Legal Description
Sales
Price
5401 Coffey St.
Lot 6B3, Block 4, Sunrise Addition
$6,250.00
3101 Eastcrest Ct.
Lot 6, Block 2, Eastcrest Addition -Fort Worth
$6,250.00
3109 Eastcrest Ct.
Lot 4, Block 2, Eastcrest Addition -Fort Worth
$6,250.00
3137 Eastcrest Ct.
Lot 1, Block 2, Eastcrest Addition -Fort Worth
$6,250.00
TOTAL
$25,000.00