HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2015-16I pro] M maxon"I
A RESOLUTION AUTHORIZING THE SALE OF SIXTEEN LOTS LOCATED IN THE
EVANS 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
and foster the development of quality, accessible, affordable housing for low and
anoderate 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 1, 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, Q Hotels, LLC has offered to purchase sixteen lots located south of Terrell
Street and north of Dashwood Street between the Interstate 35 W frontage road and Missouri
Avenue for $ 1,000,000.00 in order to build a limited service hotel; and
WHEREAS, the Board desires to approve the sale of the sixteen lots to Q Hotels, LLC or
one of its affiliates for $1,000,000.00 for use as a limited service hotel.
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I THAT the Board approves the sale of sixteen lots more particularly described on the
attached Exhibit "A" (the "Property") to Q Hotels, LLC or an affiliate for $1,000,000.00
plus the payment of common and customary seller closing costs.
RESOLUTION
PAGE 2
Ft. THAT the Board approves th- execution and delivery of # #, for the sale of .r
Property: 1, • _ agreement # - or affiliate,
deed, and (iii) the closing statement and any other related documents necessary to
complete the sale of the Property (the "Closing Documents").
3. THAT Jesus J. Chapa, General Manager of the Corporation, or 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, Jesus J. Chapa, 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.
*• t•"0• #
By: AL .1
FWHFC RESOLUTION NO. FWHFC-2015-16
PAGE 3 (ATTACHMENT)
EXHIBIT "A"
Lots Addition, addition
accordingTexas r Plat Records,
County,Tarrant