HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-32RESOLUTION NO. FWHFC-2016-32
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FOURTEEN LOTS LOCATED
BETWEEN MISSOURI AVENUE AND EVANS AVENUE AND SOUTH OF TERRELL
AVENUE IN THE EVANS AND ROSEDALE URBAN VILLAGE TO Q HOTELS, LLC
FOR THE DEVELOPMENT OF A HOTEL
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 1999, the City began purchasing properties for the Evans and Rosedale
redevelopment project with Community Development Block Grant ("CDBG") funds which
included a requirement that 108 jobs be created for low- to moderate -income individuals. In
2007 the City Council selected Cypress Equities I, LP ("Cypress") as the Master Developer for
the project and authorized the sale of 6.9 acres, more or less, of City -owned property to Cypress
under the terms of two Purchase Contracts (collectively, the "Purchase Contracts");
WHEREAS, Cypress acquired and sold certain of the City properties to businesses
which created approximately 25 jobs to fulfill the job requirement, but because the total
requirement was not met, the City was required to repay $1,449,290.17 of the CDBG funds to
the United States Department of Housing and Urban Development ("HUD");
WHEREAS, on March 4, 2014 the Board of Directors adopted a resolution to approve an
assignment to the Corporation of Cypress's rights under the Purchase Contracts with the City for
the remaining land and agreed to an amended purchase price of $1,449,290.17, the amount
needed to repay HUD and eliminate any further job requirement tied to the land due to the use by
City of CDBG funds for the original acquisition;
WHEREAS, on October 27, 2015, the board approved the sale of sixteen lots located
south of Terrell Street and north of Dashwood Street between the Interstate 35 W frontage road
and Missouri Avenue to Q Hotels, LLC for $1,000,000.00 in order to build a limited service
hotel;
WHEREAS, the Board has since determined that the sixteen previously approved lots
are best suited for retail or office development;
WHEREAS, Q Hotels, LLC now wishes to purchase fourteen lots located between
Missouri Avenue and Evans Avenue and South of Terrell Avenue in the Evans and Rosedale
Urban Village for the development of a hotel;
RESOLUTION NO. FWHFC-2016-32
PAGE 2
WHEREAS, Q Hotels, LLC has agreed to ensure that the proposed hotel will provide
connectivity to any future development along the frontage road to the Historic Southside
neighborhood;
WHEREAS, the Board desires to approve the sale of the fourteen lots to Q Hotels, LLC
or one of its affiliates for $450,000.00 for use as a limited service hotel.
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 fourteen lots more particularly described on the
attached Exhibit "A" (the "Property") to Q Hotels, LLC for $450,000.00 plus the
payment of common and customary seller 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 Q Hotels, LLC or an affiliate, (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 Aubrey Thagard, the
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, 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 October 18, 2016.
FORT ORTH HOUSING FINANCE CORPORATION
By:
onald P. Gonzales, As ' tant Secretary